As the word “convergence” slips into our everyday vocabulary, we tend to focus on the “technologies” that maintain and distribute voice and data on a unified network. One of the great by-products of a unified network is the availability of real-time videoconferencing. With the right equipment, businesses are able to converse with and see anyone anywhere. While we are working more and more out of our cars and at home, videoconferencing, if positioned properly, will drive more businesses and people to commercial buildings than ever before. For the commercial real estate industry, a tremendous opportunity is unfolding.
Establishing videoconference centers improves tenant retention, provides an attractive amenity to potential tenants and creates additional revenue. With the price of quality video equipment and installation at an all time low setting up such a center is relatively inexpensive. Based on standard pricing a center usually pays for itself with approximately five (5) hourly rentals a month.
Having compatible videoconferencing centers in several cities would service multi-office clients and their customers. Even if a tenant never uses the building’s videoconferencing capabilities, there is a perceived value in its presence. Similar to the addition of gyms and spas to the newest residential buildings, commercial buildings have begun adding videoconference centers and other technological amenities to differentiate themselves and justify higher rents.
Videoconferencing has been found to be most valuable in bringing two or three groups of people together who are in different cities, typically over 500 miles apart from each other. Over these distances, the savings through videoconferencing becomes readily apparent – travel expenses and time.
The installation and maintenance of phone systems, reliable networks, streaming media and video equipment remains cost prohibitive for the home or for small to medium companies. Bringing together the facets of video, computer data and telecom in real-time requires expert resources and money. Additionally, one needs the critical “know-how” to bring all the necessary pieces together. Typically, tenants or individuals without the resources for implementation rent videoconferencing time at a local studio, multi-purpose facility or even a fellow tenants facility.
For businesses with plenty of resources, videoconferencing has become part of their daily routine. Yet, for the most part, these videoconferencing systems are customized for the specific company’s individual use and remain incompatible with other videoconferencing systems. In some instances the videoconferencing equipment sits idle. An alternative to establishing a videoconference center from scratch is for a landlord to partner with one of the larger tenants, giving them the opportunity to make little used videoconferencing equipment available to their fellow tenants.
New tenants, and small to medium size tenants needing technology solutions will typically rely on these centers as a general technology source. Serving both tenants and building owners, videoconference centers make use of vacant space, create a valuable offering for tenants, and centralize the demand for technology.
