Amenities could be one of the main deciding factors when renting, buying a home, or finding your next office space. With technology moving so quickly, we see the growing demand for capital improvements and modernization of buildings not taking a rest. Tenants desire what’s new and what also makes their lives easier and more joyful. What’s desirable in amenities is always changing but investing in amenities in the modern era doesn’t need to cost a fortune!
Here at hOM we’ve learned a thing or two about the trends of amenities and how to build community among tenant populations. Read up on the evolution of amenities and how to stay relevant in the future while also staying cost-effective!
hOM at Hudson Lights, NJ. Photography by Rafe Karen
Past In the past, physical amenities were developed within properties, whether in a multi-family residential building or large commercial real estate; and included gyms, swimming pools and rooftops, which were just some of the standard offerings that constituted a luxury residential building.
20 years ago with the rise of the Internet, business centers and internet access were some of the hottest amenities to have in the commercial arena.
Regardless of usage by the tenants, developers and landowners continued to build the fitness centers and lobbies simply because it was part of the plan.
hOM at Riverbank, NYC. Photography by Rafe Karen
We wanted to build a community. A place you join as an individual, 'me', but where you become part of a greater 'we'. A place where we’re redefining success measured by personal fulfillment, not just the bottom line.” - WeWork
Today Somewhere down the road, amenities took a turn. Providing amenities, hospitality services, and programming to diverse tenants both in Residential and Commercial properties became increasingly important. The business centers now made way for the yoga studios, chef’s kitchens, libraries, golf simulators or children’s playrooms to stay relevant to meet the needs of residents.
Perhaps this increasing importance for amenities was due also in part to the rapid growth of technology and innovation. This demand has in turn created an increase of workload for Property and Asset Managers alike.
More and more we are seeing commercial spaces turn into co-working spaces focused on amenity and community building such as WeWork. WeWork now has 264 Office locations in 58 cities with amenities ranging from micro-roasted coffee to the trendy common areas.
WeWork’s mission was to go beyond the standard office space and build a community. As the Founders state,
Future Continuing to renovate and update the amenities can be costly. Aside from that, it can be time consuming to deal with construction zones, cost and time estimates, return on investment (ROI) or updating certificates of occupancy.
Investing in a third-party community management platform can not only enrich the lifestyle of your residents or tenants but also make Property names more marketable and therefore increasing property value.
Did we mention the workload for Property Managers and Asset Managers would also decrease tremendously?
Underused space has so much potential to be converted into a designated area for amenity offerings such a fitness classes or lifestyle events.
Entrepreneurs, Real Estate Tech companies and investors are continually working to create a smarter, more efficient built environment to work, live and play. Why not just start with the existing built environment you have now?
Activate physical spaces with tech-enabled amenity programming to be healthier, trendier and a place where tenants will want to stay a while.
We’d love to continue the conversation about programming amenities and managing community through technology!