For the past few years, commercial landlords have concluded that increased office amenities attract commercial tenants because those tenant companies, in turn, need to appeal to a newer, younger millennial generation that demands a dynamic and balanced work environment.\u00a0 While property location remains a key factor in attracting quality companies, a property owner must now also determine what amenities it may need to supplement based on the characteristics of the property location.<\/p>\n
For\u00a0 a property owner, the challenge lies in balancing the material costs of designing, building and managing amenity-enhanced environments with the return of attracting high-quality, long-term tenants.<\/p>\n
In the past, property owners typically set aside only 3% of space for amenities.\u00a0 Some research suggests that the importance of providing amenities is so crucial to attracting the \u201cright\u201d commercial tenants that a property owner should actually dedicate 10-12% of their portfolios to amenity space.<\/p>\n
As commercial landlords, the goal is to attract and retain top commercial tenants that result in steady, long-term relationships.\u00a0 When developing office space amenities, a property owner should identify amenities that benefit most tenants, create collaboration spaces and flexible working areas, and foster sustainability. \u00a0Such amenities may include on-premises cafes, restaurants, fitness centers, access to free internet and open social spaces.<\/p>\n
A property owner should also evaluate the ambient amenities in the property location.\u00a0 The owner can then structure cost effective amenities that enhance those already-existing amenities.\u00a0 The owner should look first to low hanging fruit to maximize bang for the buck.\u00a0 For example, maybe a storage space can be transformed into a small fitness center or tech room.\u00a0 Or a tight corridor with outdated vending machines can be turned into informal meeting spaces.\u00a0 Collaborative space can be in formal, private rooms or in informal, open spaces.<\/p>\n
To reach that goal of obtaining the highest quality commercial tenants, a property owner should be thoughtful in accommodating amenities that not only sound good on paper, but also provide meaningful benefits to its tenants.<\/p>\n","protected":false},"excerpt":{"rendered":"
For the past few years, commercial landlords have concluded that increased office amenities attract commercial tenants because those tenant companies, in turn, need to appeal to a newer, younger millennial generation that demands a dynamic and balanced work environment. While property location remains a key factor in attracting quality companies,…<\/p>\n","protected":false},"author":96,"featured_media":1140,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_links_to":"","_links_to_target":""},"categories":[27,60,24,19],"tags":[74,75,77,76],"class_list":["post-1138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-property-management","category-real-estate","tag-amenities","tag-commercial-tenants","tag-property-management","tag-tenant-benefits"],"acf":[],"yoast_head":"\n