The Role of a Brand

Many may reference a brand as only a visual identity, however, the strongest brands know that this is too simplistic at best. Forbes describes your “brand” as what your prospect thinks of when they hear its name.  ‘It is everything the public thinks it knows about your brand offering – both factual (e.g. It comes in a robin’s-egg-blue box), and emotional (e.g. It’s romantic). Your brand name exists objectively; consumers can see it, it’s fixed. Whereas your brand exists only in someone’s mind.’

Retailers have understood better than most the connotations and importance of a brand. Now more so than ever, as the fundamentals underpinning the interactions between buyers and sellers of products and services continue to change. 

For most parts, commercial real estate (CRE) landlords have been slower to actively manage their brands, even in the midst of rapidly changing demand profiles which are impacting the design, construction and lease structure of CRE. These asset owners who neglect such changes are increasingly losing out to market disruptors and innovators. 

Building Brand Equity Through Property Management

Commercial real estate providers now must stop thinking in terms of tenants and start thinking about their customers, in effect offering space as a service. That means being less focused on rent collection, and more centred on delivering experiences and value that can enhance their customers’ environment. 

With this of helping asset owners develop brand equity, Property Managers well placed to step up and must do so actively going forward. They have skill sets that are inherent in specialist marketing, where they build a product or provide a service to meet the demand of investors and occupiers alike. However, far too many of us are focused on the acquisition and disposal of property rather than actively managing the asset to uplift its value. Whilst the acquisition and disposal stages of the property lifecycle are important, they must not be neglected at the expense of other important elements of the property lifecycle which are ‘manage’ and ‘enhance’. 

Adding Value

This is where we, as Property Managers can really start to add value. The property brand should communicate itself across the entire customer experience, from the look and feel of the building, to the reception space, right down to the expectation of properly functioning air conditioning and the speed of the Wi-Fi. 

The Customer Experience

Consumer expectations are evolving. They are shaped by experiences in completely different sectors; they are influenced by moments, such as a recent online purchase or exceptional customer service. Up against these external influences, real estate firms must keep moving forward and look at opportunities to understand customers’ needs, wants and their unarticulated or, yet unidentified aspirations. Working closely with clients, whether a large retail mall or a community scheme offering destination category shopping or an office space, the aim is to stay one step ahead by creating well executed and customer centric environments.

Looking ahead, real estate companies will need to reappraise existing structures to get closer to the customer, act on insights and deliver a connected experience.

CBRE’s approach guides clients in repositioning assets, enhancing their value, uplifting the returns, and extending their useful life.

If you would like to know more please join Alex Hill for the CM today’s Smart Built Environment Forum on September 1, 2021 or contact Alex Barzycki on +971 52 684 3621 or email Alex.barzycki@cbre.com

About the author: Alex Barzycki, Associate Director, MENAT, Property and Asset Management

Alex has extensive knowledge of the ever-evolving client and occupier requirements, through the lifecycle of the asset, from the initial planning stage to the repositioning of an underperforming investment. Alex has six years of experience working for prestigious clients across all asset classes. He plays an instrumental role in strategic management, including the implementation of value enhancement strategies. He also deals with all aspects of day-to-day management to ensure the seamless and efficient functionality of portfolios.