Well-being and the property market
Fitness and well-being has become a very popular trend over the past decade.
Whilst our average working hours increase and we spend more and more time in the office, we seem to become even more determined to keep our health levels up. Terms, such ‘work-life balance’, ‘keep fit’ or ‘healthy body, healthy mind’ seem to dominate press and social media these days. But you could ask what does it have to do with the property market, about which we normally write here?
Well, there is an easy to notice transition in the living and office space which shows appetite for well-being buildings.
There seem to be less and less attraction towards a traditional living space as tenants become more and more sophisticated with their requirements. The most desirable homes in the UK must include a well-being facility such as fitness studio or a resident gym for which tenants do not mind paying a premium price. It becomes top priority to live in a property which is surrounded by green space, ideal for outdoor activities and have an option to join a nearby fitness centre on a rainy day. If an apartment block provides a gym facility within, it’s a winner.
From investors point of view, developers who include wellbeing offerings within buildings or within a service offering across a portfolio of buildings, see increased resident appeal, translating into stronger occupational demand, more resilient incomes and higher capital values.
A similar theme of complex requirement applies to the commercial space. Cosmopolitan tenants want a complexity of services within their working place. Coffee machine and an old fashioned canteen is no longer enough. Professional occupiers want to be able to pop downstairs for a freshly whizzed smoothie whilst still on the phone with a client. They want to attend spin class during lunch time and grab a sushi box on the way back to the desk. They want it all and ideally, all within one building.
The complexity of services and attractiveness of the amenities, in return, provide the business owners and investors with fantastic results. It is proven that firms with highly satisfied, engaged employees are rewarded with lower absence record and higher productivity. For investors, integrated and highly attractive office space, generates even stronger demand and higher rental returns.
Our lifestyles are evolving and with that, our taste and requirements.
Maintaining physical and mental health has become our goal to cope with everyday stress and fatigue. And whilst the global taste is changing, so is our strategy. When CERT recently launched to market its new residential development in Ancoats, we did not just throw a party, instead we collaborated with a local Feel Good Club and organised free sessions of Yoga, Pilates and live music for local residents. The event proved to be extremely popular and appreciated by the crowd.
If you would like to find out more on how CERT property embraces well-being into its developments, please contact [email protected]
Photo credit: The Mancorialist
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