O
ffice vacancies have reached record highs this year, leaving landlords scrambling to find ways to attract workers back to their properties and boost asset values. According to recent reports, the solution may lie in amenities once reserved for tech campuses, such as golf simulators, movie theaters, gyms, and restaurants. These perks are now being incorporated into office buildings across the country, helping to draw tenants and employees and drive up rents.

    In East Brunswick, New Jersey, American Equity Partners' 40-year-old office building is nearly fully leased, a rare feat in today's market. The company spent $20 million renovating the space after purchasing it for $38 million in 2019, adding amenities like a fitness center, movie theater, and lounge with arcade games. Tenants like HCLTech, an Indian IT consulting giant, appreciate the building's proximity to employee homes and MetLife Stadium.

    Other heavily amenitized offices are also finding success. SL Green's One Vanderbilt in Manhattan is fully leased and charging some of the city's highest office rents, thanks to its Michelin-star restaurant and outdoor spaces. In Culver City, California, Entrada has landed three major Los Angeles area office leases this year, with amenities like a sky deck and concierge services.

    Developers are taking note, incorporating similar perks into new projects. Brand Atlantic Real Estate Partners' Banyan & Olive in West Palm Beach will feature a concierge, fitness center, golf simulator, car wash, restaurant, and cafe when completed. With 60% of the Banyan Avenue building preleased and 50% of the Olive Avenue building preleased, it's clear that owners willing to invest in amenities are finding success in today's market.