By prioritizing occupants' well-being, landlords and real estate managers can contribute to building a healthier, happier and more sustainable community while reaping the rewards of enhanced asset value and returns.
We spend a significant amount of our time in buildings. The spaces we inhabit can have a profound impact on our daily experiences, interactions, work and, ultimately, our well-being. We know that fundamental components such as clean air, quality water, access to light and thermal comfort are essential in creating spaces that not only support but also enhance our health.
What is less emphasized is the role of social relationships. Research highlights that the social relationships in our life are an important determinant in shaping our longevity and happiness. Therefore, it is pivotal to create a holistic approach to well-being beyond physical health, encompassing mental and social dimensions as well. Initiatives that promote community engagement, sports activities and mental health awareness can play a critical role in creating spaces that support the complete well-being of their occupants.
Consider the following key elements when aiming to create a healthy environment and their positive impact on the performance of assets.
1. Prioritize air quality.
Adopt HVAC systems that ensure good indoor air quality and circulation. Report this to tenants—this will help enhance confidence in the space. Regularly service ventilation systems to mitigate pollutants and allergens.
2. Facilitate community engagement and educational initiatives.
Foster a sense of community and synergize new relationships by creating common spaces and events for interaction. Support in-person and virtual initiatives to facilitate engagement when tenants are working remotely.
Implement fun and accessible educational programs on well-being for occupants. Educational platforms are instrumental, providing insights and strategies for individuals and communities. Do this in a way that is not judgmental—we all know we should eat better, sleep eight hours and exercise. Make it fun!
If you are considering working with a partner, look for a company that can demonstrate the seamless integration of wellness practices into daily routines, ensuring that well-being becomes a shared goal within any space, new or existing.
3. Promote mental health awareness.
Offer resources or events that promote mental health awareness. I've found that green spaces and nature-inspired elements are a great way to create positive impact on mental well-being.
4. Provide nourishment solutions.
Encourage healthy eating habits by offering nutritious food options in common spaces and sharing nourishment information. Consider on-site fitness facilities. A healthy snack vending machine can go a mile! Don't we all have the "no time for a meal" days?
5. Enhance natural light and thermal comfort.
Optimize natural light by strategically placing windows and using reflective surfaces, as well as lamps across the interior. Ensure thermal comfort by providing adequate insulation and efficient heating/cooling systems.
6. Invest in sustainable practices.
Sustainability is an on-going practice. Incorporate sustainable and eco-friendly practices into the building management and track the performance of the initiatives. Present these practices as part of the property's feature.
7. Sportify the building.
Sports are a powerful venue to connect and unite people from different backgrounds, genders, races and ages. When you play sports, its all about enjoying the activity together, which is a great way to enhance inclusion in a community.
Moreover, regular exercise elevates physical and mental health and helps to prevent diseases. For instance, according to World Health Organization (WHO), cardiovascular disease is the leading cause of death globally—responsible for 32% of deaths in 2019. WHO notes that many strokes and heart attacks are preventable through habits like regular exercising combined with healthy diet.
Provide your tenants with opportunities to be active and meet others—whether it is taking the "cool" stairs, joining fitness challenges or participating in a volleyball tournament.
What are the benefits for landlords and property managers?
On the other side, investing into health and sustainability is a wise financial decision. These initiatives offer tangible benefits for property owners, enhancing the tenancy of their buildings and yielding a higher return on investment. Here are five ways landlords, property managers and investors benefit from well-being strategy in their buildings.
Increased net rent: Research shows that office buildings that are health-certified have between 4.4% and 7.7% higher rent per square foot than buildings with no certification.
Tenant retention: The well-being strategy can enhance tenant satisfaction, reducing turnover and associated costs.
Property value and exit timing: Well-maintained, health-conscious properties tend to appreciate in value and move more quickly when being sold.
Market differentiation: Properties with strong well-being features stand out in the market and have a competitive advantage, attracting a broad tenant base. Tenants benefit from well-being initiatives in the building, regardless of their internal well-being budget.
Amortization and operational efficiency: Happier tenants are often more thoughtful tenants, which can result in better amenity amortization. Have you seen a happy colleague slam doors and fitness equipment? Sustainable and well-being-focused practices often lead to more efficient building operations, reducing operational costs.
Any building owner can offer tenants a healthier experience, and there are numerous ways to succeed in it. The fundamental components—clean air, quality water, access to light, thermal comfort, community engagement, educational initiatives, mental health awareness and "sportifying building"—all play an important role in creating an environment that supports the holistic well-being of the occupants.
As a result, real estate investors and landlords can improve tenant retention, differentiate their properties from competitors both for potential tenants and buyers, improve operational efficiency of the building and charge higher price per square foot. Health is wealth.
This hardhatNEWS article was sourced from Forbes
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