The work-from-home revolution has been a blow to office real estate. As owners look for creative solutions to draw people back, luxury amenities have become a top focus.
To pull in the reluctant crowds, the thought is that amenities will need to go far beyond basement cafeterias and a few treadmills. Climbing walls, full-service spas, pet passes, infinity pools and luxury restaurants are all currently being implemented.
In addition to luxury offerings, sustainability is being pitched as its own type of amenity. Eco-friendly accreditation and zero-emission selling points are being promoted as inherently desirable perks.
But will it work?
While glamorous, it remains to be seen if these offerings are worth the heavy investment. Office workers will need to return en masse to justify the cost, and so far that hasn’t happened. In fact, USA Today reported in January that 30% of workers say they would quit if forced to return to the office. It’s just difficult to compete with the comforts of home.
The inevitable contraction
At this point, a total long-term reduction in office space seems undeniable. However, the better equipped and newer facilities are more likely to weather the storm than conventional, outdated spaces. So, while flashy features may not out-compete home, they do seem likely to give properties a better shot at survival. For an in-depth look, check out this article by The Economist.