The gym is fancy, the cafe is nice, but do they matter to office tenants?
Well according to a new survey by Kate Cohen from The Lab, they do.
“To determine the right amenity package, we looked beyond the physical spaces to understand the tenant profile and tour strategy at the building. Through an in-depth analysis of demographic trends, under-represented businesses in the area and market data, we found that tenants want a property with a fitness center, outdoor seating and collaborative places to work.
We installed new outdoor seating and modular collaborative spaces. To stay within the ownership’s budget, we refreshed the existing fitness center rather than fully renovating it or replacing expensive exercise machines. We added colorful branding and new yoga mats, kettle bells and hand weights.”
“The results were astounding. Within one year of the upgrades, the leasing team had executed seven new leases, with four of those being more than 20,000 square feet. The building’s occupancy increased from 30% to 86% – all without significant capital investment by the ownership.”