July 2, 2024

Leveraging BluSKY Analytics for Comprehensive Tenant Space Utilization Insights

blog | Analytics

In the commercial real estate industry, understanding how tenants utilize their space is pivotal for effective space management and lease renewal strategies. Knowing how often tenants are present, whether they follow a hoteling model, and identifying trends in their space usage can provide invaluable insights for property managers, asset managers, and security directors. BluSKY’s advanced data analytics can transform your security system into a powerful tool for mining these insights, allowing you to make informed decisions about tenant engagement and space optimization.


Understanding Tenant Attendance Patterns

• Individual Level Insights

BluSKY provides detailed data on how many days each person within a tenancy comes into the office. This individual-level data is crucial for building a comprehensive picture of tenant behavior. For instance, you can determine if an employee comes in one day a week, two days, or not at all. By analyzing these patterns, you can understand individual engagement levels and how they contribute to overall space utilization.

• Aggregated Tenant Data

Once you have individual data, it can be aggregated to see the broader picture for each tenant:

Percentage of employees coming in five days a week
Percentage coming in four days a week
Three days, two days, one day, or not at all

This aggregated data helps in understanding the overall occupancy trends and can be presented in various forms such as bar charts, pie charts, or line graphs to illustrate these patterns over time.

• Identifying Stale Data

An essential aspect of this analysis is ensuring data accuracy. Often, databases include individuals who are no longer active, such as former employees or those who work remotely full-time and are never on-site. It’s crucial to identify and remove these outliers to avoid skewing your statistics. BluSKY’s analytics can help pinpoint these inactive records, ensuring that your data reflects actual, active employee behavior.

Mining and Analyzing the Data

• Data Cleaning and Curation

Before analyzing the data, it’s vital to curate and clean it:

Remove inactive users: Ensure that only current, active employees are included in the dataset.
Exclude external individuals: Consultants, vendors, and employees from other offices who do not regularly use the space should be excluded.
Verify accuracy: Regularly update the database to maintain data accuracy and relevance.

• Data Visualization

Once the data is cleaned, BluSKY’s analytics tools can help visualize it in meaningful ways:

Bar Charts: Show the number of days each individual or percentage of the tenant population is present in the office.
Line Graphs: Illustrate trends over time, such as changes in office attendance patterns pre- and post-pandemic.
Pie Charts: Represent the proportion of employees coming in different numbers of days per week.

• Trend Analysis

Analyzing these trends over time is crucial for understanding how tenant behavior is evolving. For example, you can track:

Weekly attendance trends
Monthly and yearly patterns
Impact of major events like the pandemic on office attendance

These trends can help predict future space needs and inform discussions with tenants about their long-term space requirements.

Practical Applications

• Real-World Examples

Let’s consider a real-world example. Imagine you manage a multi-tenant office building. By using BluSKY analytics, you discover that one of your tenants, a tech company, has the following attendance pattern:

20% of employees come in five days a week
30% come in three to four days a week
50% come in one to two days a week

Analyzing these patterns over a year shows a gradual shift towards more remote work, with a noticeable drop in five-day attendance. This trend suggests that the tenant might be considering reducing their office space.

• Actionable Insights

With these insights, you can proactively engage with the tenant to discuss their future space needs. You could offer flexible leasing options, co-working spaces, or even propose a hoteling model to optimize their space utilization.

Additionally, by understanding overall tenant attendance trends, you can make data-driven decisions to enhance building operations, such as adjusting HVAC schedules, optimizing cleaning routines, and improving security measures during peak and off-peak hours.

Enhancing Tenant Engagement and Lease Management

• Data-Driven Conversations

Using BluSKY analytics, you can have more informed and meaningful conversations with your tenants. For instance, if you notice a significant drop in attendance, you can engage with the tenant to understand their work-from-home policies and how they impact space utilization. This proactive approach can help in retaining tenants and adapting to their evolving needs.

• Space Utilization Strategies

Understanding tenant behavior also allows you to develop better space utilization strategies. You can identify areas that are underutilized and repurpose them to meet current demands. For example, converting a section of the office into shared workspaces or meeting rooms can enhance the value tenants derive from their lease.

• Long-Term Planning

BluSKY analytics provides a foundation for long-term planning. By tracking attendance trends over several years, you can anticipate future space requirements and adjust your leasing strategies accordingly. This forward-thinking approach ensures that you stay ahead of tenant needs and market trends.

Conclusion

In the competitive world of commercial real estate, leveraging the power of data analytics is crucial for effective space and lease management. BluSKY’s advanced analytics capabilities provide detailed insights into tenant attendance patterns, enabling you to make informed decisions and enhance tenant engagement. By mining and analyzing this data, you can ensure accurate, actionable insights that drive better business outcomes.

Start transforming your tenant management strategies with BluSKY today. Explore more in our comprehensive blog [link to blog] and discover how our solutions can help you stay ahead in the ever-evolving commercial real estate landscape.