Multi-family developers are doing their best, and "buckling" is a valid term. Have enough flexibility to adapt to today's turbulent market.
Ben Creamer (Ben Creamer), the founder and executive agent of a full-service brokerage company Chicago Downtown Apartments, reported that some companies are even making adjustments and modifying buildings to accommodate new and constant changes in tenants Expectations and make changes to the new project during construction. Franchise luxury apartments.
“Some apartment communities have converted empty units into offices, while others have turned theaters into conference rooms or divided large public areas into smaller private spaces,” Creamer said. "It is encouraging to see so much innovation and flexibility in the apartment market."
Steps like this will help the apartment industry meet its expectations.
Not only has the market returned to pre-pandemic vacant levels this year, but also the net rent has increased.
As Creamer sees, as developers, management companies and landlords evolve in the market, flexibility will be the key. He said: "All of this is to cultivate loyalty and attract new tenants, so renters are back in the driver's seat." "In the past, the same tenancy conditions, such as the traditional 12-month lease, can now be negotiated and rented. People have more leeway to customize the terms to better meet their needs."
According to several apartment experts in the Midwest, the following are two main trends that will stand out in the future.
Home builders learned to take it outdoors a long time ago, and apartment developers are now doing the same. David Hovey Jr., President of Optima Inc., said: "As more and more people spend their time at home, it is important to create a variety of spaces thoughtfully so that residents can spend time in the natural environment. Find inspiration in the environment and recharge."
Optima Inc. has long used biophilic design as a hallmark of its work, but it is still becoming greener through three new projects. For example, in the Chicago area, Optima Lakeview will have a unique landscaped indoor atrium, which will run through the seven-story core of the building and provide lighting for the residential and retail areas of the building.
In Scottsdale, Arizona, Optima Kierland provided an eye-catching vertical landscaping system, visible from each of the 363 rental units and 433 apartments. For the recently announced rental project in downtown Wilmette, Illinois, Optima will import its landscaping model created in Arizona, including selected artificial plants that will remain green throughout the year.
Hovey Jr. said: “Because we are both the architect and the developer of the project, it makes it easier to prioritize these green spaces. This not only improves the air quality of residents, but also improves the people living near the building. Air quality. The vertical garden filters out pollutants and carbon dioxide in the air."
K. Tyler, head of Morgante Wilson Architects and head of interior design, agreed. She said that adding natural elements is a particularly important consideration for properties in areas with limited green space.
Tyler (Filer Co.. top floor loft banquet hall and restaurant.
Taylor said: "Green plants are especially helpful in our efforts to create a relaxing, peaceful shelter, which is essential for renters who want to go home and escape from the city today."
Large outdoor terraces and floor-to-ceiling windows are another way to erect indoor and outdoor spaces, making abundant natural light, sky and tree top views a part of daily life experience. There are 24 apartments and 190 apartments in Parkline Chicago, a luxury building around Chicago. The glass curtain wall introduces light into the center of each unit, often illuminating the entire residence.
Thomas Roszak, president of architects of Parkline developer Moceri + Roszak, explained: "There is deliberate fluidity between the indoor and outdoor spaces of Parkline units, because we don't want residents to feel the connection to the natural environment only on the terrace."
"We know that, especially since last year, people have valued nature more than ever, so we hope that they embrace nature as much as possible. When enjoying the scenery from this building, it is easy to overlook the beautiful Millennium Park. To. And Lake Michigan."
In order to simplify financing, marketing, and construction, most apartment developers have built their own comfortable spaces before breaking ground. But some people challenge the norm by refusing to define these spaces in advance, and prefer to wait until the last possible moment to determine the use that is consistent with current needs.
Take the James McHugh construction company as an example. The company started work on the 76-story NEMA Chicago, Chicago’s tallest rental tower, in December 2016. It "white boxed" part of the pleasant space on the 48th floor of the building, leaving it without internal walls or finishes. The space was tentatively reserved for yoga studios, but it happened to catch up with residents who were forced to work from home. When McHugh was completed last year, the space was expanded to six executive boards.
David Steffenhagen, senior project manager at McHugh Construction, warned: “The tastes and trends between the start of construction and first move-in may change dramatically.” “For those super high-rise projects that may take three to four years to complete, it makes sense, More and more developers are beginning to limit how long they can wait to make a decision."
Of course, for the budget, it is better to order materials and schedule work hours as early as possible. Not to mention the ability to obtain construction financing. Stefanhagen said: "But it takes more money to complete a space, and it will need to be refurbished a few months later. He hopes to see "There are more projects that have to wait until the last minute to finalize the details, so (they ) In order to be as close as possible to the construction to meet the current needs of residents in real time. "
Through detailed research, interior design company Mary Cook Associates knows how and when (usually hours) residents use the public spaces of the buildings they designed. This is why some of its discussions with developers now focus on programming spaces that are flexible and adaptable, so that the intended use is not as strict as before.
The company’s founder, Mary Cook, said: “By fully understanding who the target residents are and how their priorities may change, we can create spaces that meet both current goals and tomorrow’s goals. "By relying on the deep insights provided by psychology to guide our design, we help developers set it up right the first time without having to fix it. "
In order to increase flexibility in the space, the company often stipulates movable partition walls, retractable glass doors and adjustable seating configurations to ensure that the lounge that works from home can transition to a cocktail bar in the evening, or in a virtual meeting The room is transformed into a private dining space that may be rented. "If they need to change the space, it will put our customers in a better position," Cook explained.
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