Tenant Amenities

The Wellness Factor: What’s Driving Commercial Real Estate


It’s no secret that millennials make up most of today’s workforce. We’ve talked about it before, but a recent Commercial Property Executive article notes that they account for 75% of the workplace. Furthermore, the quality of the working environment is important to 81% of these folks.

But what do millennials look for in their work environment? It looks like the days of wall-to-wall cubicles and traditional 9-to-5 hours are evolving into something entirely new. Now, today’s workforce want their offices to reflect their life values, and as we’ve reported before, these values revolve quite a bit around health. Commercial real estate professionals seeking top talent absolutely need to keep these factors into consideration. 

Top talent is seeking state-of-the-art amenities like coworking spaces, tech-savvy environments, fitness facilities, and more. Tenants want to attract talented candidates from the moment they set foot in the building. One way to do this is through wellness amenities.
— Commercial Property Executive

The global wellness real estate sector is now worth $134 billion. Though designing commercial spaces to suit wellness amenities can be time-consuming and expensive, according to the article, it’s well worth it. Bringing wellness programs on-site promote tighter-knit communities, higher retention rates, competitive spirit, and happiness. So, CRE professionals … does the risk outweigh the reward for you? 

Read the rest of the Commercial Property Executive article here. What health factors would you like to see incorporated into a traditional commercial property? Let us know in the comments!

Chasing Nirvana Yoga offers on-site yoga and wellness classes for commercial real estate spaces, employers, community events, and more. To learn more, or to set up your free consultation, please visit www.chasingnirvanayoga.com.

Co-Working and Fitness – Why It’s A Combination Worth Exploring


It goes without saying that millennials are some of the most fitness-oriented employees the world has ever seen. According to Statista, on average, over a third of millennials exercise two to three days per week for at least 30 minutes, and more and more are considering health benefits to be necessary amenities in the workplace.

This generation, born in the 1980s all the way to the year 2000, is also becoming one of the more community-oriented at work, even through the rise of social media. The spike in co-working spaces are one product of this phenomenon. In 2017, the number of coworking spaces globally jumped to over 14,000 from 436 in 2010, according to a survey by coworking conference organizer Global Coworking Unconference Conference, with an estimated 1.7 million people earning a living in coworking spaces worldwide, according to the 2018 Coworking Forecast.

Though health expectations and co-working spaces may seem like an odd pair, they actually work quite seamlessly with one another. Co-working spaces with a fitness flair are the latest byproduct of today’s working expectations. It’s a combination commercial real estate professionals can’t ignore, and one that may define office spaces for decades to come.

GQ recently posted an op-ed outlining the lives of a few employees living the co-working space slash fitness dream. One individual uses his co-working space’s on-site gym to deflect writer’s block. Another uses the community yoga classes offered to connect more deeply with her office mate, even though they are both freelancers in different fields. It goes both ways, too. Gyms around the world are beginning to integrate co-working spaces to encourage like-minded gig economists to reserve a desk.

Life Time, which now has four co-working spaces among its 100 gyms, isn’t the only fitness brand starting to fuse co-working and fitness. In 2013, Brooklyn Boulders rock-climbing gym first introduced the co-working-out concept in their Somerville, Massachusetts location, and has since added three more multi-functional locations. Soma Vida, which opened in Austin, Texas in 2008, combines yoga, life coaching, herbal wellness, massage, and offices. And luxury gym Equinox debuted its first co-working space in 2016, and now has six at their Sports Club locations nationwide. Prices range from $95 to $400 for monthly membership rates.
— GQ

These fitness-office hybrids are convenient and also alleviate work stress. Many devotees see them as solutions to solving work-life balance – after all, working out is proven to decrease burnout! There are numerous other benefits, too. 

Co-working spaces in gyms have a decidedly more centered energy, and attract a clientele who have a shared interest in wellness, making for easier social cross-pollination. Several studies have linked the presence of a workout buddy with increased exercise, effort, and motivation. And when you have an accountability partner in your bootcamp, it makes sense to have one in the workplace, too.
— GQ

Read the rest of the GQ article here to learn more about this phenomenon and where you can join in. What are your thoughts? Is this an amenity worth adding to your list?

Chasing Nirvana Yoga offers on-site yoga and wellness classes to commercial real estate properties, office buildings, community space, and more. To learn more, or to set up your free consultation, visit www.chasingnirvanayoga.com.

The Evolution of the Coworking Space, and Why CRE Professionals and Employers Alike Need to Follow the Trend

In recent years, coworking spaces like WeWork, Regus, and more have become all the rage for employees and freelancers. According to the Colorado Real Estate Journal, these spaces are fundamentally changing global commercial real estate markets. The journal estimates that currently, coworking spaces hold a little less than 5% of all U.S. office stock, but in ten years, this number is speculated to grow closer to 30%. But what is it about these spaces that tenants find so appealing?

The Colorado Real Estate Journal writes that coworking and flexible office spaces provide access to shared amenities like conferencing, coffee and food, yoga and wellness rooms, and more, giving individuals the opportunity to network and feel at home. Tenants are also seeking out these types of spaces to test out before determining long-term occupancy in an office building. 

However, CRE professionals know that tenant retention is also top of mind, so how can we marry both the idea of a flexible working space and long-term occupancy? 

Commercial real estate property owners need to consider the perks of these coworking spaces and introduce their amenities into the mix. Even just adding one dedicated space for tenants to focus on their health in a shared space, like a fitness area or a studio for yoga, is enough to keep a tenant coming back for more. Other ideas include introducing sustainable and “green” technology and products to the space, as many coworking spaces are doing, to appeal to the younger, environmentally-conscious generation. After all, this is our next wave of great minds, and their interests will define the industry!

 Keeping an eye on the evolution of the coworking space will be helpful to employers and business professionals, as well. Employees will begin seeking these amenities during their job search and may pass up on signing with an office that doesn’t support a flexible, team-driven environment. As people begin incorporating more on-the-go methods into their life thanks to the rise of technology and the ease of the gig economy, both CRE professionals and businesses will have to follow suit to stay in line with the trends.

Read the Colorado Real Estate Journal’s article for more. What amenities have you found the most helpful for retaining tenants? 

Chasing Nirvana Yoga offers on-site yoga and wellness classes to commercial real estate spaces, employers, community events, and more. To set up a free consultation, please visit www.chasingnirvanayoga.com.