In Boston’s competitive real estate market, where housing prices are surging to an all-time high, residential developers have become more creative when it comes to attracting home buyers and renters, including boosting their amenity offerings. A walk through some of the city’s newest developments reveals some key strategies builders are using to stand out.
Design & Structure
A building’s amenities can determine its look and design, and finding places to strategically house these amenities is a key strategic decision for a developer: Will all the amenities take over one entire floor? Will they be dispersed between two or three towers? What about a skydeck on the top floor or roof? Should there be a dog play area in or outside of the building? Most successful buildings are thinking about amenities when the first blueprints are drawn up.
Stand Out Offerings
How do a building’s amenities differentiate it from the competition? Across the Seaport, South Boston, East Boston, Fenway and North End neighborhoods (to name a few), 24-hour concierge services and dog spas are becoming a staple in new developments. Roof decks, pools and other collaborative spaces – for work and play – are catering to the social nature of millennials, and playrooms for kids of all ages that are equipped with new-age technologies are making a comeback to meet the desires of young families who don’t want to live in the suburbs. With so many new buildings coming online, these amenities frequently become the deciding factor for people when deciding where to live.
Developers now also look to popular brands to help ramp up their amenities programs for residents and encourage a well-rounded lifestyle within the neighborhood. Think about partnerships with companies like Equinox, Getaround or AmazonFresh – if residents can exercise, access a car and get groceries delivered at the touch of a button, they can shed the expense and stress of owning a vehicle, free up time to work out or socialize, and spend more time living life instead of running errands.
With so many residential projects under construction or opening soon, the next 12 months will only bring more exciting offerings to the table and contribute to Boston’s flourishing real estate scene. Stay tuned for updates as we continue to share the latest and greatest trends in residential development and what’s in high-demand from the increasing population of people living in downtown Boston.