Introduction:

In today's dynamic CRE market, success hinges on the seamless integration of leasing, customer success, and asset management teams. For these integrated teams, maximizing asset value and attracting top-tier customers requires a unified approach to customer acquisition and retention. This post explores how CRE teams can achieve true integration and collaboration, leveraging data and technology to deliver exceptional customer experiences and drive ROI (for both customers and investors).

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Guiding Principles for Achieving a Unified Approach

Today's successful CRE teams operate as a unified force, integrating the expertise of leasing, customer success, and asset management. This collaborative approach is essential for navigating the complexities of today’s occupier demand while also offering a more diverse set of products (conventional, flex, and amenity space offerings). However, working as a unit and being on the same page is easier said than done. Below, we outline some best practices observed from the field.

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Customer-Centric Mindset: A Collaborative Approach

Adopting a truly customer-centric mentality requires a collaborative effort. Much of the effort stems from the culture of the organization (i.e., folks being bought into the idea that customer needs should be the guiding principle). That said, from a practical sense, each department brings its own POV that should be represented on the team. Leasing teams provide insights into customer preferences. Customer success teams gather occupier feedback. Asset managers leverage data to understand how products and services impact utilization and ROI. By working together, the integrated CRE team can create a comprehensive strategy that attracts and retains top-tier customers, enhancing both the customer experience and asset value.

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Common Goals & New KPIs: Measuring Success Together

Defining shared goals and key performance indicators (KPIs) is crucial for aligning leasing, customer success, and asset management teams. While traditional metrics like Occupancy Rates and WALT are still relevant, we suggest adding some additional indicators to the mix to foster a sense of collective ownership. Here are some examples of metrics that can be used to measure the success of an integrated CRE team:

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• Customer Efficiency Rating: This rating measures how efficiently an occupier uses their current conventional leased space. This metric can be helpful in predicting future space and leasing needs.
• Customer Retention Rate: This metric reflects the team's ability to keep existing customers, a key indicator of customer satisfaction and value.
• Customer Engagement Score: Measure the frequency and value that occupiers (and their employees) are leveraging amenity offerings such as shared workspaces, lifestyle activities, and events available in their buildings. These stats can be useful in renewal discussions with existing customers and touring discussions with new prospects.
• Net Promoter Score (NPS) or Customer Satisfaction (C-Sat) Score: These scores measure customer loyalty and happiness, providing valuable feedback for continuous improvement.
• Lease Renewal Rate: Tracks the team's success in renewing existing leases, reflecting strong customer relationships and competitive offerings.
• Customer Churn Rate: Measures the rate at which customers leave, highlighting areas where the team needs to improve customer experience and retention strategies.

By tracking these shared KPIs, the integrated CRE team can monitor progress, identify areas for improvement, and celebrate collective successes.

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Data and Technology: The Foundation of Integration

Data and technology are essential for facilitating cross-communication and collaboration among team members. Shared platforms provide real-time access to key metrics, enabling leasing, customer success, and asset management to stay aligned. When leasing teams have access to utilization data, they can proactively tailor leasing strategies to anticipate necessary changes. When customer success teams have access to this data, they proactively address issues and ensure occupier engagement. When asset managers have visibility, they make informed business plan decisions and can address potential risks before they materialize.

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Tips to Actually Get There

Integration requires concrete actions. We suggest that teams:

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• Share Data Views: Implement systems that provide all team members with access to real-time data on space utilization, lease terms, customer feedback, and market trends.
• Establish Goals and KPIs: Align the team around shared objectives (examples above).
• Regular Communication and Collaboration: Establish regular meetings and communication channels to ensure alignment and effective teamwork.‍
• Cross-Training and Skill Development: Encourage team members to develop a broader understanding of each other's roles and responsibilities.