Tenant Perks

Musings on Creative Building Amenities from BOMA Roundtable Event

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Recently, a few members of our team attended the Building Owners and Managers Association (BOMA) Roundtable event on creative building amenities, hosted at 100 Summer Street in Boston. We host an on-site yoga and wellness class at 100 Summer Street and were thrilled to be able to attend the panel!

 We left with a number of takeaways on the direction building amenities are heading.

Perhaps most importantly is that to succeed, landlords and employers are realizing it’s less about getting your money’s worth and more about staying competitive in the market. If these professionals don’t start following the trend, they will quickly fall behind.

The trend? It’s all about the amenities you offer! Listen to your tenants and provide the amenities they are looking for. Don’t just survey them – go out and talk to them! You can’t just rely on neighborhood amenities. You need amenities within your property to build your community. You can certainly partner with outside vendors, and you should consider using local vendors for each property you own to give it the appropriate city feel tenants seek.

 Commercial real estate professionals might wonder how they can amenitize without sacrificing real estate. Luckily, there are plenty of ways, such as using vacant space, using conference rooms, refitting old bathrooms into showers for runners and cyclists, and bringing in amenities that have their own trucks, such as food, eye vision, and blood bank trucks.

We learned that from an employee's perspective, perceived workplace building must-haves include the 3 Fs – Food, Fitness, and Fresh Air (aka outdoor spaces). In terms of actual work must-haves, people look for programming, programmable spaces, meeting and networking spaces, casual meeting spaces, an activated lobby, a secure building, coffee, a resilient building, a gym, and a clean, comfortable atmosphere.

We completely agree. Combining these two perspectives, we've seen this in action based on the response to our on-site yoga and wellness classes! It's a great way to encourage community.

Other ideas for unique amenities include pop-up retailers, artists, dental, custom tailoring, Tesla test drives, video games, general games, and partnering with local charities. Millennials in particular are focusing on their health, so health-related amenities, such as on-site fitness centers and yoga classes, are a plus. And always be sure to program for five years out rather than twenty years out. Trends tend to change too quickly for long-term planning, and your tenants will thank you for listening to their immediate needs.

Thanks again for having us! We loved this session!

User Experience is the Key to Retaining Millennial Loyalty in the Commercial Real Estate Space

Millennials

Commercial real estate (CRE) is a booming industry and ever-evolving, especially as the millennial generation moves into the workforce. Catering to the millennial workforce is certainly a challenge, but CRE professionals have massive opportunity. It’s imperative they shift their energy from the capital and physical property owners to focusing on how well a property operates and runs for its tenants. This is the key to success.

The most tech-savvy and highly educated workforce ever, millennials will represent 50% of the global workforce in 2020 and 75% by 2025 … It will be the companies that develop and foster the best CRE user experience that will get ahead. Remember that Uber doesn’t own a single car, and Airbnb doesn’t own a single apartment – what they do own is their user experience, and it has redefined traditional industries.
— HqO

But what do millennial tenants want? According to one study, 72% of the millennial population has prioritized experiences over owning material things. This means CRE professionals need to create a lasting experience for their tenants to encourage tenant loyalty.

CBRE Group, a commercial real estate services and investment firm, published interesting research last year ranking the amenities millennials craved the most. At the top? Wellness facilities. Luckily, the study also ranked employers’ top five amenities they plan to add, and 21% are prioritizing wellness facilities. CRE professionals can get ahead of the game by offering their tenants on-site wellness options like yoga classes and healthy lunch-and-learns. Chasing Nirvana Yoga is one company offering on-site wellness services, and tenants are reacting with such enthusiasm that property owners are rushing to add more classes to their weekly offerings.

This article from HqO takes a fascinating look at what millennial tenants desire and how CRE professionals can offer them what they need right there in their work or living space. It’s clear health and wellness are top of mind for both employers and millennials, and by offering community amenities in this space, CRE professionals will have an excellent chance of retaining tenants and succeeding in this landscape.

Is your workplace or living facility offering on-site wellness classes? Visit www.chasingnirvanayoga.com to learn more about your options!

The Race to Hire Top Talent is On, and Office Design Might Be the Secret

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Now that the job market is on the uprise, employers are doing everything they can to attract and retain top talent, but they’re learning that traditional methods just aren’t enough anymore. With so many options available to job-seekers, it’s the perks a business offers that can make or break a deal. Landlords in larger cities recognize this and are now allowing tenants the option to customize their floorplans to offer the best amenities to their employees.

If you think about it, 10 years ago, when you were applying for a job, no one thinks about free lunches, and no one thinks about a bowling alley in their lobby, and no one thinks about a studio in your own space with oak floors, and now it’s the thing.
— Shutterstock Head of Global Facilities and Operations Razia Ferdousi-Meyer

We’ve talked about the benefits of yoga in the workplace. Now may be the perfect time to add a studio space or a meditation room to your office! Read more from Bisnow about the recent flood of office development in New York City, San Francisco, and more and how landlords are going to great lengths – and expense – to offer their tenants the best amenities they can.