Constant foot traffic is not just a routine occurrence for most multifamily and office buildings — it’s a golden opportunity to unlock new revenue streams. By reimagining amenities as community offerings that benefit office tenants, multifamily residents, and visitors, property managers can address tenant needs, boost retention and enhance their property’s financial outlook.
But to realize this value, property owners and managers must deliver amenities that provide flexible and high-value experiences for all parties. Following are just a few ideas to consider:
Five amenities that win with tenants and non-tenants alike
When you think about it, some amenities lend themselves quite naturally to monetization. Property managers can open fitness centers up to paying members of the public, install short-term “pop-up” shops, and offer parking spaces to non-tenants during non-peak hours.
The trick is expanding amenity access to visitors without compromising tenant or resident experience. Here are some other examples of amenity strategies that, with effective management, can cater to both tenants and visitors:
- Merchandising: Selling high-end products like luxury shampoos or aromatherapy kits in your wellness center is a natural way to integrate retail into an experiential amenity. Visitors are often willing to pay a premium for unique products, while residents benefit from the enhanced facilities.
- Cafés and bars: Hosting ticketed events or partnering with food vendors can transform underutilized spaces into vibrant social hubs. Sponsored events featuring celebrities or exclusive tastings attract visitors and generate revenue, while priority access or discounts for tenants ensures they feel valued.
- EV charging stations: With rising electric vehicle demand, installing EV charging stations can attract non-tenants, particularly in urban areas with limited public charging infrastructure. Meanwhile offering discounted rates or reserved slots shows residents their needs still come first.
- Rooftops and event spaces: Transforming rooftops into event venues can be highly lucrative, given these unique locations can command high rental fees. Collaborate with food, beverage, and hospitality brands to further enhance their appeal. To keep tenants happy, provide them with insider access for in-demand spaces.
- Coworking spaces: Offering day passes or memberships to visitors fills empty seats and can attract repeat clients. A lively coworking space can also spark tenant pride — and inspire them to stop in with their own laptop for a coffee and a chat. Pro tip: Consider reserving some spots specifically for tenants or offer booking privileges.
These are just some examples. What matters more than which amenity you choose is how you sustain the effort.
Smart management strategies to maximize revenue and tenant experience
To make sure everyone wins, building owners need a strategic approach that attracts visitors while gratifying anchor residents or workers. This means more than just adding attractive features — it demands a thoughtful approach to managing access, scheduling, and usage patterns. It also means keeping all parties safe and comfortable.
One place to start is by understanding location demographics. In urban areas, flexible coworking spaces and EV charging stations may be especially attractive due to high demand. In quieter neighborhoods, fitness centers or event spaces might be more appropriate. Tailor amenities accordingly.
Whichever amenity you choose, keep security and privacy issues top of mind from the start. This might include implementing robust access controls and safety measures like video surveillance to create a secure environment. You might also consider separate entrances or designated areas for visitors to help maintain tenant privacy and reduce intrusions into tenant-only spaces. This is especially important if you activate space dedicated to children, like a childcare facility, in an office building filled with adults.
On a day-to-day level, it’s critical to proactively manage visitor usage to avoid overcrowding and ensure tenants still have access to the amenities they value. Using booking systems, establishing blackout dates, or designating separate access points can minimize disruptions and protect the overall tenant experience.
Finally, a well-considered pricing strategy will help balance profitability with competitiveness. Leverage market research to set rates based on demand, and to help determine whether options like tiered pricing or membership should come into play.
Ready to create a win-win with your amenities?
With the right strategy and partnerships, property managers can transform amenities into powerful revenue drivers that enhance their building’s appeal. And by collaborating with experts in procurement, planning, and management, property owners can do it all with the smartest use of resources possible.
Why settle for one win when you can have multiple? Unlock the full potential of your amenities and shape a thriving, dynamic environment that delights tenants, residents and visitors alike.
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