With the internet at our fingertips, consumers are highly aware of their purchasing power and attuned to the policies, principles, and values of the brands they support. When it comes to major social issues, consumers don’t just want companies to address them in a statement. They demand action and accountability, expecting to see radical improvement throughout the supply chain. And they’re applying this level of scrutiny to most aspects of their life: from what they eat to who they vote for.
The narrowing gap between commercial real estate (CRE) firms and the end-user suggests that our industry is no exception. While most CRE firms have adopted a value-based approach for their corporate branding strategy, according to Sarah Barr, Director of Hickok Cole Creative, “The movement towards informed consumerism requires firms to embody their mission, wholeheartedly through philanthropy, hiring practices, and partnerships.” She adds, “This is an opportunity to reflect on core values, improve processes, and embrace transparency for future growth and success.”
When done effectively, CRE businesses can build brand equity and cultivate deeper connections with their end-users, who in turn serve as brand advocates, and valuable outlets for sourcing ideas and keeping abreast of major trends. Most importantly, purpose-driven brand strategies can influence how residents select their apartment communities or how tenants select their workplace.
Comparatively, potential residents and tenants may look beyond unit and office layout, pricing, and amenities, to conduct their own research into the property development teams, construction materials, and how the building is marketed.
“Consumers want to see commitment,” says Sarah. “How are you evaluating your supply chain to ensure your building’s brand purpose and story stack up? And once the building is complete, how does it live that purpose on a day-to-day basis?”
She references NOVEL South Capitol, co-developed by Crescent Communities and RCP, and managed by Bozzuto, whose brand strategy centers around being a community-driven and community-focused third place. The apartments sit above Chef Erik Bruner Yang’s ABC Pony, which at the onset of COVID, pivoted to help keep restaurant workers employed preparing meals for healthcare heroes, firefighters and those in need through a project called Power of 10 Initiative.
NOVEL publicly aligned itself with the project on social media and provided Erik an extended platform to promote the effort with an Instagram takeover and ongoing social media integrations. Through the takeover, followers and residents were able to connect with Erik’s story, learn more about the initiative, and if compelled, donate. “Though NOVEL is not directly tied to Power of 10 Initiative, Erik is part of NOVEL’s community and it’s who I think about when I think of NOVEL. The project aligned with NOVEL’s community-focused strategy, creating a sense of pride for current residents and interest for potential residents who want to be part of something bigger,” she concluded. NOVEL has continued to have programs to support their community through this strange time that goes beyond the traditional experience, as well as promoting the unique benefit of Erik’s restaurant just downstairs for a full work-from-home menu.
Apart from growth potential, your decisions can drive real change. Take LEED for example. At the start of the certification program, LEED played a major role in differentiating buildings in the marketplace. Organizations who identified as sustainably-focused began to seek out LEED-certified buildings as one way to solidify their commitment and live out their purpose—helping LEED grow in popularity and pave the way for other sustainability and wellness programs like WELL, Fitwel, and the Living Building Challenge.
It won’t be long before most tenants take into account what their broker, building owner, and property management team stand for when their lease is up for renewal. Whether you define the end-user as an association, commercial tenant, resident, dog-lover, decision-maker, social advocate, or a good neighbor, their decision-making process lies with the collective stories you tell and live. “This is no longer walking the walk,” Sarah adds. “It’s running an ultra-marathon.”