commercial real estate

Property Managers, Now is the Time for Built-In Community Spaces

CRE Property Managers 2

According to an article from Allwork, 83% of employees using co-working and other forms of flexible space claim to have benefited from these new work environments over the last 5-10 years. The same article shared that by 2020, 50% of large companies will have some form of shared office space. Dedicating areas for community space in the office is a trend we’ve all been watching as employers realize their success. Preconceived community spaces in commercial real estate buildings that are already built in and ready to go, however, are just beginning to take off as property managers catch on.

Property management has grown tremendously over the past decade. As tenants look toward a more concierge-style experience, serving clients and their exceeding expectations is paramount. Property managers need to create an environment for the human experience to thrive.
— Bisnow

Hospitality considerations for tenants are becoming a necessity for retention. Now that on-the-go, collaborative millennials are moving in, user experience is the key to promoting creativity. Megan Matthews, Mid-Atlantic managing director at commercial real estate advisor JLL, says ten years ago, wellness initiatives like yoga classes, for example, were the sole purview of employers but would have been unheard of in commercial real estate. But as the workplace continues to adapt to the demands of a more experience-seeking generation, property managers will follow suit. CRE property managers, now is the time to focus on using space as a service and building these amenities into the floor plan!

Read more in this excellent Bisnow article. If you are a property manager in search of where to start, reach out to us at Chasing Nirvana Yoga. We offer on-site yoga and wellness classes ideal for any community-serving property.

Why should you care about your property's Walk Score?

Have you considered the Walk Score of your property? It’s a more important factor in attracting and retaining tenants than you might think. The company named Work Score provides potential tenants with information about how easily they can walk to nearby amenities, helping guide renters and buyers to properties that allow for alternate modes of transportation.

walking

Did you know that only 7% of Class A suburban properties fall within a high Walk Score area?
Lower Walk Scores have earned a minimal 12.5% rent increase since 2015, compared to 28.8% for buildings with higher Walk Scores. This has led to twice as many vacancies in lower Walk Score buildings.

So what is a Walk Score and why does it matter? 
A Walk Score is a number between 0 and 100 that measures the walkability of any address. The more walkable a property is to nearby amenities, the higher its Walk Score is.

What can you do if your property falls within the other 93% of suburban Class A properties outside of the high Walk Score?
We have an easy solution for you. If you can't bring the building to the amenities, bring the amenities to your tenants. It may be simple to walk down the street for a yoga class over lunch or stop for a coffee on your way to the office, but it’s even easier to have these amenities on-site.

Through yoga, meditation & health coaching, Chasing Nirvana Yoga can help you create the on-site wellness program tenants & employees really want to see. Just one class a week can boost focus, encourage mindfulness, decrease stress,  improve problem-solving skills and possibly increase your Walk Score, leading to less vacancy and higher rents.

Invest in your tenants and they'll invest in you!