CRE Pros Can Capitalize On Functional And Group-Training Programs' Popularity
Property managers looking to maximize the utility of their fitness centers and increase tenant satisfaction are investing in group and functional training equipment. The growing number of independent, class-based and functional training business models indicate that people want a socially inclusive and engaging experience.
In the past, the fitness center experience was individualistic. Gym-goers mainly relied on the widely available cardio and strength training equipment. But fitness enthusiasts are now spending their time and money on different types of workouts, many of which inspire a cult-like fervor. Attendance at boutique fitness centers like SoulCycle, CrossFit, Pure Barre and Orangetheory grew 70% between 2012 and 2015. They now comprise 35% of the $26B fitness market.
Forward-looking owners and managers are overcoming spatial and budgetary constraints, as well as differences in user ability and interest, to harness these popular trends. Group training in particular has the ability to generate a sense of community and loyalty at the property, the best defense in the modern amenity wars. It also inspires accountability and motivation between exercisers and excitement among potential tenants.
Busy fitness enthusiasts need convenient access to gyms. On-site facilities in a wide range of asset classes, including multifamily, office, student housing and hospitality, are emulating the small group training feel. To provide a stimulating and effective class, property managers can bring in local contractors to hold classes or rely on new virtual class technology. Property managers can realize returns on their equipment and programming investments in the forms of higher rents, faster leasing and better retention.
“This can be done with any space, whether it is new construction or refreshing a current facility, and within any budget,” enerG wellness Marketing Coordinator Kat Swift said. "The fitness center is becoming the most important amenity to offer, and facilities need to stay current to set themselves apart from the competition. The trends have changed so much, even in the last five years. A simple facility refresh could be all you need to bring your gym current.”
Swift said many property managers with older buildings or smaller spaces find the prospect of introducing group or functional fitness modalities daunting.
“Refreshing a current fitness center can be as simple as adding some updated functional training accessories or an affordable wow-factor piece of equipment that will differentiate your facility,” Swift said.
When it comes to accessories, enerG recommends providing equipment that is versatile and conducive to class-based training. The enerG team always strives for the “wow-factor” in any facility it designs.
"EnerG wellness can provide solutions that give exercisers a custom experience with a unique group or functional training feel," Swift said.
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