The Commercial Amenity Race: Lounges, Gyms And Ping-Pong Tables
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NYC submarkets are witnessing the effect of a booming Millennial workforce—stiff competition for young workers has meant an uptick of amenities in office space.
Midtown Manhattan offices are putting in amenities to rival Downtown and Midtown South for a chunk of these young workers—a group making up over one-quarter of the population, at 83.1 million people.
"You’re starting to see landlords in Midtown try to start to cater their buildings a bit more to that Millennial group, converting lobbies, making them more like lounges, having cafés in the lobbies,” CBRE’s Sacha Zarba says.
For instance, Aby Rosen’s RFR Realty transformed its 90-year-old, 530k SF office tower at 285 Madison Ave with a $65M renovation that added fun perks like a rooftop terrace, a recreation room with a ping-pong table, a tenant lounge, a gym with showers and 50-slot bike storage. [CO]