According to the Dallas Morning News, a 45 year-old office high rise is getting a major makeover to keep up with the thickening amenity packages offered by the competition. Coming improvements include an outdoor seating plaza, an events area, a new retail market and a restaurant. The work will happen after major tenant Baylor Scott & White moves out in two years. "The entry experience to downtown Dallas' Bryan Tower is receiving a substantial upgrade — in a way that provides inviting outdoor space for building tenants and a welcoming plaza for daily use by the public," said Tyler Marshall of Spire Realty. "You can't replace a classic, but you can renovate it."
Bryan Tower's renovations are just part of a trend sweeping the commercial property sector — adding more creature comforts to working and living environments in buildings across the country. Developers and landlords are spending millions to ramp up their offerings to both commercial and residential renters. A recent industry report called it "amenities gone wild."
"Landlords are knocking each other over looking to provide the best amenities. I question how much the tenants are actually using the amenities vs. just liking that they are there," said a real estate exec quoted in the just-released Emerging Trends in Real Estate report. "Tenants continue to push for a robust amenities package in new office buildings.
"Multifamily assets have gone well beyond the fitness center and recreational areas to include pet care and even a curated garden growing fresh fruits and vegetables," the real estate survey found. New office campuses now regularly offer hotel-style lounge areas, patios, eateries and expansive fitness centers for their workers. Some of the newest corporate enclaves come complete with everything from conference centers to medical clinics and child-care facilities.Read More