How Premium Security Services Set Trophy Properties Apart

August 20, 2024

It’s one of the most frustrating, longest-lasting effects of the pandemic: The market for office space continues to struggle as companies keep using hybrid or fully work-from-home schedules.

In the second quarter, the vacancy rate for US office properties climbed to 20.1% — a new record, Moody’s reports. Meanwhile, effective rents have stayed flat or negative for four quarters in a row.

But there’s a sign of progress, too, one that could help property operators to navigate the tough times.

In Manhattan, demand is much stronger for trophy properties — five-star buildings with up-to-date infrastructure and amenities, CoStar Analytics reported. The availability rate for that class of property has decreased by 170 basis points over the past year, while availability keeps growing for three-star buildings.

The lesson is that tenants are demanding the best possible experience for their money. And one of the best ways that trophy properties can demonstrate their quality is through premium security services.

“A trophy property is expected to provide the highest level of service, which includes outstanding customer service, a safe environment, and especially in today’s environment, protection,” said Isabella Mazza, a nationwide business development analyst for Chesley Brown, the security consulting and management firm.

What sets premium security apart from other service providers

In many buildings, security has a defined but limited role. Guards staff the front desk, patrol the property after hours and give directions when necessary. But the job is structured in a way that almost anyone can do it.

“Many properties call and ask to hire security right away, wanting someone in uniform standing post, just to be a physical presence there,” Mazza said. “There may be no required skillset, no required training, no required oversight. In the industry, we call that ‘a body in a uniform,’ not a security officer.

“I’ve even seen it advertised for security people to be interviewed and put to work the same day. That’s scary! That means there is no time for background screening or vetting at all.”

A top-tier security team meets a higher standard. Their security officers typically have more training and experience, in everything from spotting potential threats to delivering first aid to providing next-level customer service. They also have undergone thorough background checks and other types of vetting. Depending on the property, some officers may have weapons training, too.

“The security officer is often the first impression of your building, so you want to hire a security officer and company that support your company’s values and can effectively handle your tenant’s needs,” Mazza said.

What top-tier security can do that other teams can’t

The best security teams are overseen by a dedicated security firm with experts in a range of disciplines. That way, if a property requires specialized help, it can tap into the firm’s other services, including:

Risk assessments

Professional security firms will identify potential threats and weaknesses so properties can take action before those issues become larger problems. Security also can be tailored to the unique needs of the property and the people who use it.

“Feeling safe and secure is priceless, and most property managers, owners and CEOs know that,” Mazza said. “They also know that one unforeseen incident can cost them everything if they are not prepared for it. Putting people’s lives and company assets at risk is never a decision one should make. Be prepared. Schedule a security risk assessment to determine what security services will best mitigate your risk.”

Risk assessments can also become the basis for …

Emergency planning and evacuation routes

Eventually, every property will have to contend with some type of crisis, whether that’s severe weather, fire, civil unrest or workplace violence. Having a response plan in place can make it much easier to deal with these situations. When disaster strikes, just go to the appropriate plan and execute it.

Professional security firms are especially helpful in this area because they can craft plans that take advantage of the best practices and experience they’ve acquired over the years.

A professional security team will also design the most efficient routes for evacuating the building when necessary and take the lead in communicating those routes to tenants — through annual drills, for example.

Investigation services

Professional security can help tenant companies investigate breaches in security, theft of intellectual property, and other internal matters. Many firms can also offer specialized services such as forensic accounting and cybersecurity.

Security technology

Anyone can buy security cameras and access control technology. Placing those devices where they’ll do the most good — and preventing gaps in coverage — is one of the services that professional security can provide.

Executive protection

Unfortunately, the leadership of larger companies often find themselves targeted by bad actors. A top-tier security firm can put together a security detail that provides an extra level of protection for those individuals in the workplace and their homes.

Trophy properties require a greater focus on customer service

Many top-tier security teams provide services that aren’t traditionally considered security. Instead, they have an increased focus on customer service.

For example, Chesley Brown has clients whose security program includes guest service agents. These are individuals who are part security guard, part concierge. Instead of a uniform, they might dress in business wear. They typically serve in the entry levels of an office building, greeting tenants and guests while keeping an eye out for potential problems.

Guest service agents can tell you where to find dry cleaners, print shops and other services in the neighborhood, or tip you off to upcoming events and concerts. They can make recommendations for the best restaurants nearby and help tenants and guests solve basic problems, like replacing lost IDs. Guest service agents can also be authorized to act as liaisons between the property manager and tenant, helping with minor inquiries that might interrupt the property manager’s day.

While guest service agents have security training, many of them come from the world of hospitality and previously worked for hotels or restaurants, where they honed their customer service skills. They don’t just solve problems. They also make people feel welcome at the property.

Guest service agents are not intended to replace security officers — their security details still have traditional officers that staff the front desk and patrol the building. Rather, guest services is a complement, one that delivers greater value to an office property’s tenants and their visitors.

Using premium security to engage potential tenants

The type of tenants that are interested in trophy properties are typically organizations with higher profiles or higher-value assets. They want and need a more robust approach to security.

So, if your property invests in top-tier security, make it part of your sales process.

“If you are confident in your security staff, show them off!” Mazza said. “Introduce your potential tenant to the security personnel, and let them tour the security office and command center. Share stories of past successes or tenant testimonials about them. There is a great advantage in making people feel safe and secure, and they will remember it.”

Property managers who treat security as just another expense may be missing an opportunity to distinguish their buildings. That’s especially true if management spends the bare minimum on security.

“Not only will the lack of training and low level of service hurt the property’s reputation,” Mazza said, “but when, not if, something critical does happen, like the inability to evacuate a building, handle an active shooter situation, stop a person’s bleed, provide CPR, or handle any other type of threat, the stakes are much higher.”

A higher class of security can even increase the attractiveness of properties that might be a little older.

“It has often been said that it’s not what you say to a person that matters, but how you make them feel,” Mazza said. “It has also been said you shouldn’t judge a book by its cover. These both hold true when it comes to an older property.

“If you have a friendly security officer greet people upon their arrival and engage with them, they will feel at home and feel safe. This investment shows that the property manager cares about the safety and security of their tenants.”

The bottom line on trophy properties and premium security

Trophy properties are in a better position to resist the negative effects of today’s tough office market — if they offer a mix of services and amenities that appeal to higher-end tenants. Increasingly, that means offering more extensive, more professional security.

Top-tier security will employ security officers with more extensive training and vetting, backed up by a firm that can offer a wider range of consulting, investigative and protective services. Properties that invest in this level of security should make a point of promoting it in their marketing and sales.

Since 1990, Chesley Brown has provided security for a wide range of trophy properties in markets across the United States.