By Cherryn Dogra
A transformative journey is underway in the commercial real estate industry. Real estate is no longer perceived as mere structures but as vehicles for stories and reputations. The interplay between brand brilliance and the customer experience is not only reshaping the construction and design of commercial properties but also redefining the leasing landscape for the foreseeable future.
At the heart of this metamorphosis lies the acknowledgment that real estate is seen as an experience by consumers. This transformation signifies a departure from the traditional understanding of real estate. The narrative is no longer confined to the physicality of the structures. As the industry adapts to this new reality, those adept at the art of brand storytelling are poised to leave an indelible mark on the commercial real estate landscape.
The foundation of commercial real estate is a business-to-business exchange. Branding and brand communication become essential components that determine how well commercial ventures turn out. Understanding what prospective renters are looking at and how the brand responds to their requirements and motivations is an extensive process. This calls for a solid grasp of the requirements and trends worldwide.
Being in the consideration funnel for each and every possible lease is the goal here. Improved recognition, distinction, reputation, and trust are just a few of the many advantages of strong branding in the real estate industry.
It’s critical to realise that in a market like commercial real estate, consumer affinity for a brand can be linked directly to outstanding architecture and design, well-considered amenities and collaborative areas, painstakingly crafted experiences (like retail), and a high standard of operation.Similar to their significance in other sectors, brands are valuable in the real estate sector and act as a crucial differentiator in a crowded market.
Successful real estate companies of today recognise that space is now a service rather than a static object. Upholding a sense of community and customising the physical environment to improve the overall experience are the major goals. Businesses who thrive at providing an experience that meets the needs of their customers will do well in this emerging sector.
A rising number of consumers are also prioritising eco-conscious real estate use, and developers are seeing a need to align their brand identities with sustainable efforts. From the incorporation of green spaces and energy-efficient office space designs to the deployment of smart technology that lower carbon footprint, sustainable real estate branding is quickly coming to be associated with longevity, innovation, and social responsibility. This is a strategic response to the demands of a discriminating clientele that it looking for an ethically built, ecologically conscious work culture, in addition to being a place to operate from.
According to a recent report, brands that prioritise customer experiences get significant benefits, including a 10-15% increase in revenue and a 15-20% decrease in costs. This link between financial performance and a satisfied customer highlights how important branding is to the commercial real estate industry. Individuals who are skilled at identifying client needs and meeting them with the appropriate product and accompanying narrative will undoubtedly make a lasting impact on the business.
The author is chief marketing officer, Bharti Real Estate