With the arrival of the new decade comes new possibilities—and new concerns. For managers of commercial and residential buildings, retaining tenants and residents is a perennial item on the to-do list. Whether it’s adding new high-tech features or fine-tuning procedures, the time is right to take a hard look at retention strategies for 2020.
Despite some unevenness in performance among the major categories, real estate fundamentals are largely stable. Multifamily is thriving and office leasing remains steady. Yet owners and property managers must continuously ask themselves a crucial question: What’s the plan for keeping residents at a community and tenants at an office building? And what factors are informing their decisions?