BANGKOK, 19 September 2023
REDPAPER, a real estate data and trend report by Frasers Property (Thailand) Public Company Limited (FPT), in collaboration with Numbers 10 Research Company Limited, reveals three essential factors for successful office building management in Bangkok's highly competitive office building rental market, amidst the anticipated increase in total office space supply of 11 million sq.m. over the next three years. Furthermore, it provides insights into addressing the evolving organisational dynamics and behaviour of office workers to enhance their competitive edge and effectively attract and retain tenants.
The fifth REDPAPER, ‘Unlocking Success for Tomorrow’s Office: Three Keys for Tenant Attraction and Retention’ closely studies crucial factors valued by both entrepreneurs and employees in Bangkok’s CBD for Tomorrow's Office, a workplace of the future that goes beyond mere office space and incorporates full services which accommodate and enhance the productivity of tenants. REDPAPER has identified three vital components that influence productivity for respondents: digital efficiency, innovation, and the working environment.
Key #1 Digital Connectivity: Strong, reliable, with seamless building-wide coverage
According to the survey, 95 percent of respondents value buildings that offer uninterrupted digital connectivity. They place significant value on seamless high-speed internet access, consistent internet, and telephone signals throughout the facility enabling uninterrupted work. This preference arises from evolving work patterns that rely heavily on online platforms, as well as the integration of AI, big data, IoT, and similar technologies, all of which require smooth, rapid, and reliable connectivity.
Leading organisations prioritise digital connectivity by selecting office buildings that adhere to world-class digital connectivity standards like WiredScore, ensuring reliable and seamless building-wide connectivity.
Key #2 Service-driven Innovation: Convenient, simplified, and flexible
Seventy-nine percent of respondents agreed that the development of modern office buildings should include a range of innovations and services to efficiently satisfy the demands of tenants while also facilitating building users. Tenants desire service applications that are compatible with touchless technology and incorporate environmentally friendly features, such as a smart offices that use renewable energy and reduce energy usage within the building. This further supports tenants in achieving their carbon footprint reduction goals.
Key #3 A Productive Environment: Motivating office workers by improving their quality of life
The extended work-from-home period during the pandemic marked a significant shift in employee working behaviour, leading them to prioritise a balanced work-life lifestyle. As they return to the workplace, 73 percent of respondents prefer an office with a conducive atmosphere which simultaneously takes care of an employee’s well-being.
REDPAPER has also identified the following five key operational trends among successful real estate developers:
- Integrating automated building security features to enhance the overall safety of buildings users.
- Elevating service standards through a ‘Mobile-First’ approach, offering faster service and opening opportunities for developers to create solutions that meet the demands their tenants.
- Adhering to international green standards and increasing green practices to reduce energy consumption while meeting tenant demands, including obtaining international standards, such as LEED.
- Evaluating and maintaining essential environmental practices, such as data collection, energy consumption planning and analysis, and carbon emissions monitoring. This is a crucial step toward aligning with the global trend of achieving Net Zero Carbon.
- Maintaining top-notch CRM to stay ahead of the ever-changing behaviours and functional requirements of tenants and to better anticipate their needs and expand business opportunities.
To navigate this challenging period in Thailand's office building rental market, REDPAPER suggests that real estate developers offer a variety of services to meet the demands of tenants and building users. This approach enhances their work productivity and quality of life through an ‘As a Service’ mindset, providing service excellence that delivers an inspiring experience. This, in turn, gives developers a competitive edge to attract and retain tenants.
For the full REDPAPER report, please visit https://www.frasersproperty.co.th/en/media-centre/redpapers/overview
