Demand Grows for Flexible Amenity Spaces
Recent analysis of renter preferences shows increasing value placed on flexible, reservable amenity spaces. Co-working lounges, private dining rooms, and screening theaters are in high demand, particularly among hybrid workers and residents who frequently entertain.
- With roughly 52% of renters now working remotely in some capacity, buildings are dedicating significant square footage to work-from-home amenities; NEMA Chicago, for instance, offers a 70,000-square-foot amenity package that includes a dedicated coworking space with private conference rooms. - Competitor Millie on Michigan directly targets the hybrid work demographic with an on-site coworking space that includes private and shared workstations and a coffee bar, acknowledging that for many residents, the home is now also the office. - The concept of "third spaces"—communal areas outside of the apartment and office—is driving demand for amenities that foster community and can be reserved for private use; these include resident lounges, chef's kitchens, and outdoor terraces with grilling stations, all of which are offered at competitor properties like One Bennett Park and Millie on Michigan. - High-end buildings are now leveraging their most desirable top-floor real estate for communal use rather than private penthouses; Optima Signature in Streeterville features a 52nd-floor penthouse amenity space with wine lockers and an outdoor kitchen accessible to residents. - Luxury properties are integrating hotel-like services into their amenity offerings. Residents at Park Tower have access to the amenities at the Park Hyatt, including the spa and NoMi restaurant, while residents of the Waldorf Astoria Residences have access to 24-hour room service and a 14,000-square-foot spa. - While specific rent premiums for flexible spaces are not widely published, amenities like fitness centers can increase monthly rent by approximately 5% on a national level, indicating a willingness from renters to pay more for lifestyle-enhancing facilities. - Buildings are also incorporating unique recreational and wellness features to stand out. NEMA Chicago includes a boxing ring and golf simulator, while One Bennett Park offers a full-service spa and salon, a Pilates studio, and a 60-foot indoor saltwater pool. - To cater to residents who entertain, reservable private dining rooms and chef's kitchens are becoming standard in new luxury developments, providing a seamless option for hosting larger gatherings outside of a private apartment.
