Luxury Rental Buildings Take ‘Working From Home’ to the Next Level

Developers have been adding space to apartments for years as architects design bedrooms and alcoves that can accommodate desks and other work equipment, a trend that has only accelerated in the pandemic. The size of the average new apartment has increased 9.6 percent since the start of the pandemic compared with those delivered in the 10 years before the pandemic, said Matt Vance, a senior economist for the real estate services firm CBRE. The increase is equal to an extra 90 square feet, or the size of a bedroom or work space.

He added that the demand for work spaces has extended to common areas, too. “Over the last decade, we have had cybercafes with booths and coffee machines, shared spaces in apartment buildings,” he said.

But as Americans settle into a hybrid work model, they are seeking more professional spaces where they can hold a private Zoom call or gather clients for a presentation without heading into the office.

“People have high expectations,” said John G. Weigel, a senior development executive at DivcoWest, a real estate services firm. “We are incentivized to make sure this is as robust as it can be.”

DivcoWest’s portfolio includes Park 151, a 20-story multifamily complex in Cambridge, Mass., set to open this fall with 468 apartments and a common area that will include five dedicated work-from-home spaces and conference rooms.

“It is a significant portion of our amenity package, and it has gotten larger,” Mr. Weigel said. “Now that the viability of working from home has been proven, we will see more of this.”

Article source: https://www.nytimes.com/2022/07/23/realestate/co-working-luxury-rental-buildings.html