September 18, 2017
The Golden Age of Amenities
We live in a time of more—more speed, more access, more convenience. In order to be the best, you have to have the most. In terms of real estate development and property management, to be the best you have to offer the most to your tenants. And while a property can differentiate itself through size, location and price, in this crowded market it often comes down to bright and shiny amenities.
With all the technology and innovations available, there are now a wide variety of experiences and services to offer potential tenants. The days of utilitarian gyms and part-time doormen are over, replaced with expansive boutique fitness centers, all-access key fobs and full-service concierges available 24/7. The challenge now is to think outside the box on more and better amenities, events and designs that both cater residents and out-shine the competition.
Some developers have answered this call by installing rooftop dog runs and in-building pet spas, saving time and money on grooming, and protecting residents and their furry friends from inclement weather. Others encourage their residents to invite guests with spacious common rooms that feature big-screen TVs, games and pristine chef’s kitchens. And to note, these gathering spaces are being created both indoors and out. Looking for something more experiential? You won’t have to look very hard to find residences that offer rotating art instillations, community cultural programs or rooftop farms complete with gardens and chicken coops!
Along with attracting leases, amenities also help to define the profile of a building, which is critical to appealing to the right target audience. For example, if a property wanted to be seen as an ideal home for remote workers, they could offer free high-speed internet, common areas with workspaces and access to printers and activities available during week days.
However, these opportunities bring with them a delicate balance—what is the maximum value that can be given without making a project unprofitable? This question forces developers and managers to be strategic in identifying their ideal resident and catering to their specific needs.
As developers, managers, tenants and everyone in between continue to pursue “more,” the race for best-in-class amenities will continue to evolve and deliver benefits for all parties involved.