ORANGE COUNTY, CA—Last month, GlobeSt.com spoke with Bill Shopoff, CEO of Shopoff Realty Investments, about the strategies necessary for success with value-add assets and some important advice he has for investors in this space. More recently, we caught up with Shopoff to discuss what research techniques his firm has used to find out which amenities tenants really want in their space, which will inform how the firm adds value to that space. We also asked him about the results of that research and how Shopoff approaches research as a tool for strategic planning in commercial real estate.
GlobeSt.com: What research have you done with tenants to find out their specific wants and needs with regard to amenities for value-add projects?
Shopoff: There are two or three ways we go about it. It depends on how many tenants we are repositioning. If there's little to no tenancy, it's a little more difficult. If it's a largely occupied property, then it's a straightforward process: we go and talk to the tenants. More frequently, it's a high-touch process, a sit-down interview with them. Sometimes it's a questionnaire, asking them what they like, what would they want in their space.
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