Residential and Office Amenity Wars
As the residential and office amenity wars rage, tenants and employees reap the many rewards. If you live and work in America’s largest cities, you’ve probably noticed the dramatic upswing in construction of luxury apartments and the improving facilities of office buildings. Building owners want to attract and retain tenants, companies want to lure the best employees. This has inevitably led to an arms race between competitors seeking to offer the most attractive amenity packages to their customers. ALPEN Storage, Inc., manufacturers of the premium Bike Storage Capsule, has been observing the amenity war with interest.
Amenity Wars: What Millennials Want
The biggest demographic currently living in America’s urban centers is millennials. Both millennials and their juniors, Gen Z, are more inclined to urban life than previous generations. With little to offer in terms of additional square footage, property management firms are turning to multifamily amenities to attract tenants.
Millennials find value in health and wellness services. Beyond the weight machines in fitness centers, amenities that encourage a more rounded approach to health are appreciated. Many millennials sit in front of computer screens eight or more hours a day, and want something to help them stretch and work out the cramps of desk jockeying. Yoga studios are in vogue, with evening classes to attend after work. Another popular amenity that promotes a more healthy lifestyle is secure bike storage; lockers are popular, as are racks and controlled access bike rooms.
Anything that improves general quality of life and frees up time from menial tasks is currently in demand. Dry cleaning, grocery runs, anything that residential buildings can do to facilitate tasks like these are likely to have an outsized impact on tenants’ decisions to rent or renew. Service amenities for pets are one such opportunity. Pet spas, grooming services, even easy access to pet sitters are good options.
Amenity War: Office Space is the New Battleground
When it comes to commercial real estate, business centers both professional and industrial are proving to be a real canvas for warring ideas about what an employer should offer. As baby boomers reach retirement age, the perception is that younger talent rising through the ranks to replace them will be impressed by what’s in the company building (or on the campus) as much as what’s included in the benefits package. Child and pet daycare are two such perks. Meal and grocery delivery services are others. As mentioned earlier, employers are as interested as workers in streamlining commutes and making them less of a hassle for potential employees. Particularly in the city centers that millennials increasingly prefer to work in, renting space for employee parking can be considerably costlier than shuttles busses or employee bike parking. Employers are cautioned, however, to avoid flinging outlandish sums of money at gimmicky amenities that likely will do little to either improve their employees’ overall quality of life or save them time or money. Bowling alleys and rooftop decks are flashy to show visitors but in terms of value added to your workplace, they frequently don’t add up.
Amenity Wars: A Sense of Community is Most Important
Whether considering businesses or residential properties, the most popular amenities tend to be those which also foster community. Creating community spaces for employees and tenants to share activities together is an excellent way of encouraging stronger relationships. Movie nights are a common choice, although flea markets are also popular. Common outdoor areas, like pet parks, can serve this purpose, especially if there are spots like benches for people who don’t have pets to make use of.
ALPEN Bike Storage Capsules Add Value to Your Building
Bike storage is one of the four most commonly requested amenities in multifamily projects. ALPEN offers the sleek ALPEN Bike Capsule for secure, weather-proof bicycle storage. The easy to install and operate Capsules are very low-maintenance. In addition, the optional Bluetooth lock means that tenants can gain automatic access to their Capsule and pay rent electronically, meaning there is no need to swap out keys or collect rent in person. ALPEN Bike Capsules can easily store most bikes on the market, as well as all your cycling gear. One up your neighbors and earn a healthy investment return while offering your tenants an upgraded bike storage and security amenity.