Tenant Experience & Hospitality Case Study: Proving the ROI of Tenant Experience

How a progressive Class A office owner worked with REKalibrate to measure, attribute, and underwrite the return on workplace experience across three Class A assets in 2025.

The Market Reality

The Office Market Has Bifurcated

60%

of U.S. occupiers are actively considering a move to higher-quality space

+36%

gain in occupied stock for prime office buildings since 2020

-5%

decline in occupied stock for non-prime buildings over the same period

Flight to quality

Winners are investing in workplace experience.

Commodity market

Losers are competing on price.

Source: CBRE 2025 Occupier Sentiment Survey; CBRE 2025 Office Overview & Outlook.

The Problem Nobody Has Solved

Owners are investing millions in Tenant Experience. Nobody knows if it's working.

The industry has operated on intuition, not data. Owners renovate amenity floors, hire hospitality staff, and deploy technology, then wait to see if rents hold and tenants renew.

By the time the lease event arrives, the decision was made months or years earlier.

The gap between amenity investment and measurable outcome has never been closed.

Until now.

The Owner's Response

First, the owner invested in the workplace itself

The owner built a proprietary, work-forward, hospitality-inspired operating program delivered through four levers, then deployed it across its portfolio.

Spaces

Purpose-built lounges, conferencing, fitness, and F&B venues made for daily use.

People

Trained hospitality professionals layered on top of the Class A management team.

Services

Bespoke in-suite and amenity services; events anchored in community and productivity.

Technology

Integrated booking, access, F&B, and engagement apps that lower friction and generate data.

$61M

program capital across three Class A assets

~2,500

employees use the program every day

The capital was committed. The question is whether it works.That is where REKalibrate begins →

Enter REKalibrate

The intelligence layer between investment and outcome

The owner brought in REKalibrate to answer the question owners have never been able to: how does investment in amenities actually correlate to building performance?

Unified Data

30+ building technology providers

Integrates access control, WiFi, workplace apps, point-of-sale, fitness, conferencing, and more into one connected feed.

150+ Metrics

One semantic layer

Standardized into a single layer, comparable across buildings, tenants, and time.

Decision-Ready Output

What owners actually act on

Tenant-level engagement scoring, utilization patterns, leasing economics, and early risk indicators.

Class A Office Owner × REKalibrate

The Framework · Five Value Drivers

Every dollar of operating investment maps to a measurable line item

REKalibrate isolates the marginal contribution of the operating platform across five value drivers, each tied directly to standard real estate economics.

Proprietary Hospitality ProgramSpaces · People · Services · Technology

↓

Rent Lift In-YearRetention at higher rents and new leasing above market

Rent Lift Prior PeriodsAbove-market rents on previously signed leases

Occupancy LiftBuilding occupancy above market occupancy

Marginal ConcessionsConcessions vs. market underwriting convention

Marginal DowntimeReduced vacancy duration between leases

↓

Annual Return on InvestmentHigher-quality revenue and portfolio resilience

The Link · Engagement Matters

Well-operated buildings engage tenants at 2.4× the market rate

Investing in amenities alone isn't enough. The owner augmented its amenities with best-in-class programming, hospitality operations, and technology, and the combination translates into measurable outperformance against its peers.

Engagement Rate2.4×

OWNER

29%

PEER

12%

Utilization1.25×

OWNER

35.7%

PEER

28.5%

Attendance1.16×

OWNER

2.26

PEER

1.95

Renewal Outlook1.18×

OWNER

0.80

PEER

0.68

Peer benchmark: REKalibrate institutional dataset of Class A office assets with active amenity programs, 12 months ended March 31, 2026.

Engagement Predicts Outcomes

The signal surfaces before the lease decision

Engagement Rate is the first signal to move, quarters before a lease decision is made. And its level correlates tightly with the outcome: tenants who renewed or signed engaged far more than those who vacated.

Walked away

12%

Vacated tenantsbefore they left

Stayed or signed

27%

Retained tenantsrenewed in 2025

31%

New leasessigned after evaluating alternatives

2.4×the engagement of tenants who stayed or signed

The Proof

Same platform. Three markets. Three results.

Together, the owner and REKalibrate analyzed three Class A assets in 2025 across different submarkets, business plans, tenant compositions, and capital structures.

Retain & Grow

Asset A

CLASS A OFFICE

ANNUAL ROI

72%

Rent premium+18%

Vacancy advantage+400 bps

CapEx$11.8M

Transform Rent Roll

Asset B

CLASS A OFFICE

ANNUAL ROI

56%

Rent premium+26%

Vacancy advantage+500 bps

CapEx$5.7M

Upgrade Rent Roll

Asset C

CLASS A OFFICE

ANNUAL ROI

16%

Rent premium+35%

Vacancy advantage+640 bps

CapEx$43.7M

The Returns · 2025 Value Driver Buildup

The Business Case

Stacked bar chart of the 2025 value driver buildup. Asset A totals $9.4M, Asset B $3.7M and Asset C $7.8M, each split into rent lift in-year, rent lift prior periods, occupancy lift, marginal concessions and marginal downtime, with program operating costs shown below the line. Annual return and CapEx: Asset A 72 percent on $11.8M, Asset B 56 percent on $5.7M, Asset C 16 percent on $43.7M.

Each driver is calculated against a counterfactual baseline of submarket rents, market-standard vacancy, and standard underwriting conventions.

From Measurement to Decision

We scored every tenant to show where hospitality effort belongs

Engaged by the owner, REKalibrate scored every tenant at each asset on two dimensions, giving the owner's third-party hospitality operators a cohort map to work from.

High Utilization (occupancy)

Present but disconnectedHigh utilization, low engagementOpportunity to convert presence into participation

Strongest renewal probabilityHigh utilization, high engagementTarget quadrant: highest long-term value creation

Low Utilization (occupancy)

Highest attrition riskLow utilization, low engagementEarly intervention before late-stage renewal

Selectively engagedLow utilization, high engagementDeepen participation on in-office days

Low engagement (with the program)

High engagement (with the program)

Engagement

Participation in programming, amenities, services, and technology, measured continuously.

Utilization

Presence in the leased premises, measured continuously.

Retargeting Campaign · Q1 2026

Retargeting lower-engagement tenants lifted engagement

Discover & Build

Operators held guided sessions with key tenant contacts to surface engagement gaps and company-specific priorities.

Launch & Measure

Tailored marketing, in-suite experiences, and curated programming were deployed; REKalibrate tracked response across reservations, fitness, and events.

Iterate & Elevate

Results were shared with tenant groups and high-impact tactics prepared for broader rollout.

12-MONTH ENGAGEMENT RATE

15.3%

Q1 2025

18.9%

Q1 2026

+25%

In Closing

The industry has been guessing. Now it doesn't have to.

For the first time, owners have a rigorous, data-backed framework for attributing financial outcomes (higher rents, lower vacancy, fewer concessions) directly to their investment in workplace experience. The owner and REKalibrate have demonstrated that operating capability, together with asset quality, determines outcomes in today's market.

18-35%

RENT PREMIUM

400-640 bps

VACANCY ADVANTAGE

16-72%

ANNUAL ROI ON AMENITY CAPEX

Want to learn more about how we help teams measure Engagement and better understand retention? Reach out and let's chat.