Amenities, amenities, amenities
It is no secret that amenities are a hot topic in the multifamily A&D world. Understandably as units get smaller amenity spaces are becoming the second living room as well as the live work space equipped with USB ports, dependable WiFi, iCafes, and other Web-access features. Common spaces are starting to resemble hotels and resorts in their look and feel and as tenant demands increase, we are adding rooftop decks with kitchen's, barbecue grills and pizza ovens, fitness centers with a variety of web classes such as yoga, spin, and strength training not to mention bicycle stations with storage and repair stations and pet grooming facilities. However the amenities aren't stopping there. We are now seeing such amenities as, dry cleaning, car-sharing services, child-care services, concierge, cooking classes, package delivery management, personal shoppers, spa/massage centers and even wine cellars. With the cost of building rising as well as the increase in amenities spaces, is the demand for amenities going to eventually price multifamily out of the rental market and push tenants back in the to the home purchasing market? Industrial sources don't think so. Due to demographic and cultural factors they feel multifamily will be in high demand for several years.