The workplace of today is in the midst of transformation, driven by a modern, millennial workforce that embraces cutting-edge technology and values an optimal work-life balance. In fact, Millennials make up 75 percent of the workforce, and the quality of the working environment is important to 81 percent of that crucial cohort.
Meanwhile, traditional, cubicle-covered offices and the standardized 9-to-5 workday are becoming things of the past. Top talent is seeking state-of-the-art amenities like coworking spaces, tech-savvy environments, fitness facilities, and more. Tenants want to attract talented candidates from the moment they set foot in the building. One way to do this is through wellness amenities.
The Global Wellness Institute estimates that the global wellness real estate sector was worth $134 billion in 2017, and it’s growing. Included in this category is wellness amenities, which range from fitness classes to healthy dining, massage offerings, and even design elements such as natural light and living plants.
Designing and building spaces for amenities can be expensive and time-consuming. Property owners and managers are constantly juggling a range of tasks and feel like they don’t have the bandwidth to take on yet another project. But wellness amenities can be valuable when it comes to acquiring new tenants and satisfying current ones.
As a portion of a property’s operating costs, the monthly cost of a fully managed on-site wellness program is only cents per square foot. And research indicates that a comprehensive corporate wellness program returns $3.30 on average for every dollar invested.
Keys to success
Successful wellness programs stem from a comprehensive strategy that includes managing, marketing and support for amenities. The key is to set a plan for execution, management, and upkeep.
When you bring wellness programs on-site, tenants naturally form a tighter-knit community, as they come together and connect through experiences. This, in turn, helps improve retention rates and tenant satisfaction.
Workplace wellness programs can also create buzz and competitive spirit through such events as a fitness challenge to reach 10,000 steps daily or a healthy eating challenge. Signage and marketing materials get the word out to tenants, boosting excitement and participation.
Immersive, interactive experiences are characteristic of these programs. They get tenants out of their offices and experiencing the property’s common space, as well as facilitating community. Events that appeal to occupants include exercise classes, healthy happy hours, wellness weeks, and educational workshops on such topics as financial wellness and networking techniques.
By addressing the challenges of wellness amenities, your property will reap long-term benefits. When tenants are satisfied and attracted to the modern workplace, they are more inclined to stay at your property.