Landlords are Racing to Provide the Best Amenities

There’s an “arms race” between office landlords over who can deliver the most elaborate amenities package, notes the Commercial Observer’s David M. Levitt.

“In today’s office market, amenities drive the bus.”

Landlords are investing millions of dollars in elaborate amenities in order to lure “the biggest and most credit-worthy tenants”. In the case of Three Times Square, the 16th floor is being fitted out with a dining area and lounge overlooking Times Square, a coffee bar, a conference and event space, and a fitness center with locker rooms.

“I would say amenities are no longer a nice thing to have, it’s a must-have,” said Ryan Simonetti, CEO and co-founder of Convene.

In today’s newfound age of remote work, amenities may seem irrelevant when many firms and employees intend to continue working remotely.

But, that’s also why landlords are rushing to provide the best packages. Those companies that do want to keep and upgrade their office space are looking for a destination workplace that enables them not just to bring staff back to the office, but to attract and retain the best talent.