“Live, Work, Play” has become a motto of the new working generation. Embedded within this motto lies the necessity for flexibility and efficiency. Employees spend about 40 hours per week within their office space. Therefore, the need for amenities that allow efficient work-life balance continue to be in great demand by the working population.
As work-life balance becomes a growing concern of the new generation of employees, amenities that allow personal goals and tasks to be met quickly and hassle-free are adding great value and
interest to properties. Employee benefits such as fitness centers, walking trails, and locker rooms that encourage a healthy lifestyle are in high demand as well as every-day additional amenities
such as on-site cafeterias, ATMs, and day care.
Amenities can also include events within the office space. By adding simple amenities that can greatly improve a tenant’s everyday routine or morale, desirability improves. The key to these types
of amenities is to offer options the tenant has yet to realize they wanted or needed. Thinking of creative solutions to everyday lifestyle problems adds a competitive advantage over local competition.
Due to the dynamic economy and ever-evolving technology, companies are constantly adapting to change, causing greater focus on flexibility throughout every facet of a company’s decision making. Tenants are focusing on flexible work spaces that allow easy and affordable alterations if markets change. As the economy begins to improve after the recession, companies are slow to replace their cautious and cost efficient structures. This has led to smaller office space and more collaborative office set-ups.
These new workplace designs allow substantial cost savings and further drive the need for landlord flexibility in available office space. Also, as technology continues to improve in speed and innovation, tenants have come to expect greater efficiency in available technology within their office space. Wi-Fi and fast-speed internet are key amenities for current businesses that no longer go unnoticed. Along with internet speed, improvements in security technology systems, green power, electric charging stations, and efficient utilities have become noticeable and desirable amenities that have drawn in more potential tenants and, more importantly, have kept these tenants around.
Play revolves primarily around the location of your office. Nearby restaurants, shopping centers, and leisure activities provide additional attractiveness to tenants and their employees. Amenities that allow easy access to leisure, such as hair salons, spas, relaxation rooms, and even shuttles to train stops for a ride into the city, all give employees the ability to balance work and life. These additional “Play” amenities further differentiate an office building from the competition, providing a greater market advantage.’
The lesson in amenities is there is no one right answer. Catering to tenant needs, especially before they demand them, allows your office space to become more valuable and attractive. Creative or simple solutions that allow efficiency and flexibility will provide the greatest benefit. Although a large upfront investment, amenities have the ability to differentiate office space enough to beat current competitors, improving long-term gains. With an endless list of opportunities, amenities that will provide added value are available for any budget, the key is selecting the ones most desirable for the intended target market.