Living in a high-rise, condominium, or co-op certainly has its perks. You get the convenient location, the dramatic views, attentive concierge services and a range of amenities. Fast forward a few years and what was once the new kid on the block is now part of a streetscape that is within walking distance of up-and-coming competition. The ability to attract new residents, retain the existing ones, and maximize the long-term value of the asset will ensure your community’s longevity in an ever-competitive market. Knowing where to start with such a long-term strategy can be challenging; so to that end, we’ve put together some tips for your board-management team to consider as you map out an approach that best fits your community and its constituents.
Know Your Audience
Spending capital to improve an asset can only yield returns if it's targeted at the proper audience. The improvements must take into consideration the neighborhood, the existing occupants, and if you’re looking to entice new tenants, the value of the new contracts. A higher-paying tenant base requires the latest and greatest amenities and spaces - and these spaces must consider both the interior and exterior needs of the new design.
Create More Engagement
Any potential improvement is an opportunity to provide new spaces for the community. The lobby is the first space that sets the tone and atmosphere for the rest of the building. It’s more than just an area you walk through to get to your destination -- it can become the destination. With varied seating configurations, these areas can offer gathering spaces for everything from get-togethers to huddle spaces for more intimate discussions.
New Work-Life Integration
The global pandemic event has prompted a dynamic shift in how we interact and work. Given that reality, now may be the ideal time to offer amenities that cater to this new normal. Catering to the new work-life integration by offering remote workspaces, dedicated small conference rooms and providing the tech for the shareholder that a conventional office would have increases your building’s value.
Turn Overhead Into an Asset
Transforming transition spaces into destination spaces positions a building as a more attractive investment, both for existing occupants and certainly for new tenants looking to invest in locations that support a healthy work-life balance. Amenities such as Amazon Lockers, upgraded mail rooms, spaces that can cater to classes for art/crafts/technology, and the ever-growing maker-space environment attract tenants who are willing to pay a premium for these amenities.