It is safe to say the COVID-19 pandemic has changed just about every business you can think of. The residential/real estate business is no exception. Many businesses had to rethink their strategy given the strict rules regarding lockdowns and quarantines, just to stay in business. However, as far as multi-family building rentals are concerned, it is more subtle than that. Sure, people are moving to different states and cities like never before, but they will need a place to stay wherever they go. Families looking at apartments to stay in are also looking for places with fitness centers as part of the package.
Give residents easy access to fitness centers, and the chances of you renting out a multi-family unit will go up substantially, even in these difficult times. In fact, the National Apartment Association (NAA) has noted that apartment complexes offering well equipped and well-run fitness centers are attracting more offers from potential residents compared to apartment complexes that do not have fitness centers.
As rules start to relax regarding places where people can congregate, multi-family building rental companies are highlighting access to fitness centers in marketing campaigns. As with any business plan, there are variables to consider, and selling apartment space with gym access is no different. The following are some of the things to keep in mind when offering apartment rentals that come with fitness centers.
Get Outside Help
No longer will a room at the end of the corridor with some weights and cardio machines installed be enough to be considered as a good fitness center. A well designed and equipped gym requires professional help. A professional gym designer will figure out how to maximize space and add extras such as towel stands and ballet bars to make sense. Ever since the marriage between apartment complexes and fitness centers began, fitness center designers have been sprouting up. Designing fitness centers has grown to become a cottage industry. Consult with one before deciding on where to put the gym. Once you have decided to put in a gym, keep the following in mind:
Location, location, location, is a mantra in the real estate business, and this applies to where to put facilities like gyms in an apartment complex. In the early days of apartments with gyms, they were usually put somewhere down in the basement. Not so anymore. Multi-family buildings with fitness centers somewhere above ground, preferably with a good view, or even outdoors, is the new trend. Apart from good locations for fitness centers, the size of the gym also plays a part. Generally, the size of the gym will be proportionate to the size of the apartment complex. According to the NAA, around 60% of the residents will exercise daily. Therefore, the larger the gym area, the better.
It is All about the Bottom Line
Once a fitness center has been made available, you will notice more interest in your multi-family building complex almost immediately. Your ability to attract and retain wealthier clients will be instantly noticeable. Property value will also increase. You live in an era where being health conscious is very fashionable. Therefore, the apartment complex needs to be “fit” as well.
With the reality of the COVID-19 pandemic, there is a steady rise in demand for home gym equipment. It makes a lot of sense for Peloton, an interactive fitness bike maker to purchase a provider of gym machines to fitness centers and hotels, Precor. With a price tag of $420 million, Precor is Peloton's biggest acquisition to date.
The rise in demand for home fitness equipment is leading to delays in delivery and an increase in customer complaints. In a statement, Peloton said Precor's manufacturing presence of over 625,000 square feet of manufacturing capacity in Washington and North Carolina will boost its effort to meet the demand. With this acquisition, Peloton can address delays in delivery, and control the entire process of production.
Prior to the acquisition of Precor, Peloton's manufacturing network included Tonic plants in Taiwan and third-party manufactures in the United States.
James Hardiman, Wedbush analyst said in a report, "It is quite obvious that a surge in demand for fitness products would have Peloton scrambling to meet the rising demand."
COVID-driven disruptions had a significant effect in slowing down freight from Asia. The move to expand domestic manufacturing is not only a smart decision but one that is necessary.
According to its website, Precor delivered the world's first elliptical in 1995. In the same statement, Precor also promises, through its president Rob Barker, to give Peloton the industry's "largest commercial network."
Precor can offer Peloton experience in serving commercial customers. The deal is expected to finalize in early 2021. Once the deal is done, Peloton's interactive products will be made available to Precor's commercial customers.
According to John Blackledge, an analyst for Cowen, this acquisition underscores the untapped enterprise opportunity. Precor may help Peloton expand its brand internally. Based in Greater Seattle, Precor sells to over a hundred countries. This fitness equipment manufacture has offices in Europe, the Middle East, the Americas, and Asia. Apart from a global footprint, Peloton can benefit by adding nearly 100 R&D employees to its research and development team.
With the pandemic keeping people in their homes, Peloton has benefited from the demand for home workout equipment. In the Fiscal first-quarter that ended September 30, the Peloton reported $757.9 million in sales (over a triple of the previous quarter). Apart from selling fitness bikes, Peloton also makes money from customer subscriptions to its services in on-demand fitness classes. This revenue stream doubled to $1.3 million.
Peloton has also expanded its product offerings to fitness apparel and shoes. This move is pitting the company against athleisure brands like Lululemon and Nike
The month of January is generally a busy time for fitness centers and gyms. The reasons are quite simple; new years are when many people make resolutions, and exercising and getting back into shape usually makes it to the top of the list. However, COVID-19 has really “thrown a monkey wrench in the works” as far as socializing is concerned. This also includes gyms and fitness centers since it is a gathering place for humans. Therefore, if you are planning to hit the gym, regardless of where it is located, there are some rules and safety-related issues you will need to follow. The following are some of the main ones.
Check the Rules First
Before even thinking about setting foot in a gym, try and find out if the facility is following necessary safety guidelines. It will not hurt to call them and ask whatever questions or concerns you may have in mind. If the fitness center employs fitness staff members, ask if they have been given proper safety training.
Whichever state you live in, it is a good idea to determine what the state-mandated rules are regarding attending fitness facilities or any other institution where people gather. Once you have educated yourself regarding the rules, it will make it easier for you to ask questions when calling your favorite facility.
What to Look Out For
When attending the fitness center, always wear CDC recommended masks. Wash hands as frequently as possible. If washing is not an option, then use hand sanitizers. It is better to take any beverages you like to drink, with you, instead of using the facilities water fountain or even buying from the gym. Before using the gym equipment, clean it with sanitizing wipes. After cleaning, makes sure to dispose of the wipes properly. While at the gym, it is better not to touch your face or eyes at any time.
Find out if there have been any confirmed cases that attended the facility you want to attend. If possible, find out if there were any infections in the general area of the fitness center. Not all gyms and fitness centers are located indoors; some have outdoor facilities as well. If you can find an outdoor gym, it may be worth considering attending there instead of one located indoors.
The CDC recommends people maintain a distance of at least 6-8 feet from each other. This also includes personal trainers, even if they are wearing masks. Keep this in mind if the gym is still giving group workout sessions. After you finish exercising, it is better not to use the facilities showers and locker rooms. The best thing to do is head back home after your work out.
The fact is, COVID-19 is considered a new virus. Doctors and biologists are still figuring out the facts regarding this virus and pandemic. Keep in mind that healthy-looking people can carry the virus and transmit the virus. Most of the precautions you need to take are common sense items, such as washing hands frequently when going outdoors, wearing masks, not sharing food and water with people, etc. If you are not feeling well, it may be better not to go outdoors or attend a fitness center. The bottom line is to use a mixture of common sense, following rules before heading out to the gym, regardless of where it is located and how you feel.
Preserving and promoting healthy workplaces will not only benefit a business itself, but improve the lives of everyone involved.
Here are five reasons implementing health and wellness in the workplace can be beneficial:
1) Healthier employees cost less
The less likely an employee is to take a sick day, the more likely they are to show up to work instead of calling in to use paid-time-off. Additionally, healthier employees are more eligible for lower health insurance premiums. The costs of health care services provided by companies will also decrease as fewer employees need the services. The likelihood of fines and litigation is also lowered due to more physically fit and consciously aware employees.
2) Improved productivity in the workplace
Being absent from work for a couple days or even a week due to illness causes a bump in productivity once getting back to work. Catching up and making up for what hasn’t been done yet costs more time, energy, and even causes more stress in the workplace. By having dependable and reliable employees, a company can ensue trust in and give more responsibility to employees will promote productivity.
3) Less Stress and Improved Morale
Not having to make up for someone’s slack or absence at work leads to a lighter work load and less to stress about. Having a clear state of mind leads to less worrying. A stronger immune system causes less fatigue. Feeling better and improved physical condition are sure ways to increase self-esteem. Higher self-esteem and confidence will improve office morale and have everyone feeling motivated.
4) Providing Positive Self-Worth and an Improved Company Image
Employees can easily influence one another. Whether it’s a new pop culture story or office gossip, talk spreads quickly and influences strongly. Why not give the employees something positive and beneficial to create conversation about? Providing employees with health benefits, whether it be a gym membership or incentives to eat healthier at work, the collective interest level will expand and ultimately create a positive reaction to company initiatives. Having all employees participate in a health-related activity will improve company image and create better self-worth amongst employees.
5) Happier Customers
A lively, passionate, and dedicated employee is what every company wants for itself and the customer. In most cases, interaction between customer and employee determines how a new customer feels towards a company. Providing outstanding customer service is becoming a growing example of how well a company performs, and what the consumer’s image of a company is. By having healthier and happier employees, customers will feed off of the enthusiasm and in return have a better experience with a company.
“The concept of the health promoting workplace (HPW) is becoming increasingly relevant as more private and public organizations recognize that future success in a globalizing marketplace can only be achieved with a healthy, qualified and motivated workforce.” – World Health Organization
Where Do You Start?
Promoting wellness in the workplace begins with selecting the right commercial fitness equipment. There are many factors to consider including, design, features, reliability, warranties, service, etc. Rely on fitness equipment experts like FITREV to help you choose the equipment that will best suit the needs of your employees.
Many corporations have discovered the benefits of keeping their work staff healthy. Studies show that individuals who work out regularly show increased energy levels, increase in their overall work production, and prove to be a positive role models for other employees.
Companies looking to provide a healthy, positive workplace for their employees but have yet to take the “corporate wellness” plunge should carefully consider the commercial fitness equipment they choose for their facility.
Finding the Right Type of Fitness Equipment
Fitness equipment such as treadmills, rowing machines, stair steppers, elliptical trainers all allow for better cognitive health as well as building muscle strength. Flexing of the muscles has a positive effect on the brain and increases cognitive thinking. Strong cognitive thinking is not only important to the employee; employers like it too.
A corporate fitness facility is only as productive as its equipment. If the equipment is not in good working order it will ultimately not be used. Employees will get frustrated and find it difficult to complete their workout routine and could get discouraged. When fitness equipment is in good working order, easy to navigate, and proves reliable, employees will exercise regularly and look forward to their next work out.
Maintenance & Repair
No one likes to call in service repairs on fitness equipment. Most of the time maintenance is required because the wrong type of equipment was selected for the facility. The most common example is when standard home quality equipment is used in an environment where high-quality commercial equipment should be used. High-end quality equipment can easily tolerate repeat users and abusers and continue to maintain its durability and dependability. It’s important that you understand how your equipment will be used before deciding what type of equipment you’ll buy.
Because corporate fitness facilities are so vitally important to company work production and to maintaining good health with employees, it is important to understand the fitness equipment needs to be of good quality and durable. Consider consulting a fitness equipment expert who is knowledgeable with the corporate fitness facilities themselves, as well as the machines that will best accommodate excessive use.
How a Corporate Fitness Program can Benefit for Your Company
Standard employee costs such as sick time, workers compensation, and health care can all easily be reduced by having healthier, happier and more productive employees.
A four-year study published in the American Journal of Health Promotion by a non-for-profit health insurance company, found that a steady wellness program has the potential to lessen healthcare costs by 15%, or approximately $332 per employee, per year.
A January article in Forbes revealed different ways small businesses can cut back on health care costs with “Providing a Wellness Program” being at the top of the list. Other recommendations by Forbes focused on the health aspect of employees from not hiring cigarette smokers to having a nurse hotline. A huge focus has been launched on the well-being of business employees and it’s looking to also play a contributing role in Corporate Social Responsibility.
Small lifestyle changes can prove to be substantial in overall health and ability. Integrating a healthier culture into the everyday work place will make employees more dedicated and improve the overall image of a company.
Want to Implement a Healthier Workplace Culture for your Organization?
Whether it’s a corporate yoga class, professional health coaching or a fully-equipped gymnasium for employees, having employee engagement is crucial for attracting and retaining workers. At FITREV, we know our clients want the best fit, function and price when equipping their facility.
Our fitness equipment experts can help you decide what’s best for your company and your budget. From cardio and strength equipment to fitness accessories, FITREV has everything you’ll need for a healthier and happier staff.
FITREV’s team of fitness equipment experts have put together the top 3 things you should know before purchasing commercial fitness equipment:
Fitness Equipment is an Investment
Keeping these tips in mind will make finding the right equipment for a business less complex and can efficiently narrow down the options. Staying attentive to budget is also an important factor that shouldn’t be approached in an evanescent manner. Fitness equipment is an investment, and quality equipment will maintain its value over time.
Consult a Fitness Equipment Expert
FITREV is an expert in the fitness equipment field and understands that each client has their own specific needs. We offer a variety of different combinations in packages and can cater to all types of business needs. For more advice and tips on how to properly choose equipment, contact one of our fitness equipment experts or subscribe to our blog.
This means that with today’s technologically advanced resources, designers and contractors can work together to create more innovative and state-of-the-art building layouts that lay the foundation for future trends and can enact standards to be followed for future conceptions.
Building On-Site Fitness Facilities for Employees
One corporate level trend that’s starting to become more of a requirement in building construction is on-site fitness clubs.
HealthFitness, a national health management program that provides fitness access to corporate employees, states that 1 in 5 of Fortune 100 companies work with HealthFitness to provide its employees with gym access or personal health guidance. The company’s client base ranges from technology to health care to manufacturing and others.
One particular company that has recognized the benefits behind corporate fitness programs is Verizon Wireless. The company estimates that 13,000 employees (42% of the company) are opted in to pay $15 per month to have access to one of multiple 3,500 square foot on-site fitness facilities. Verizon has seen reductions in absenteeism, reductions in health care costs, and believes it to be a profitable investment.
According to a 2008 survey by the National Opinion Research Center at the University of Chicago, 67% of employers are concerned about the medical costs associated with obesity and 73% of employers believe that weight management programs are effective. The same survey found that 8 out of 10 employees believe weight management programs belong at work.
Investing in Fitness Now Will Accumulate Profits Later
Research has shown multiple benefits behind corporate fitness or wellness programs. Whether it’s on-site gym facilities or on-hand personal trainers and fitness counselors, the expected rate of return for wellness programs suggest a $3 to $6 cost savings per $1 invested. Lower overall healthcare costs and reduced employee absenteeism account for monetary benefits, while improved employee morale and increased work-place efficiency also add value to the investment.
Current law permits tax deductions for on-site workout facilities and excludes employees from paying taxes for the additional service. In 2007, the Senate proposed the Workplace Health Improvement Program Act (WHIP) to Congress that would have allowed off-site workout facilities to also be eligible for tax deductions. However in 2011, the proposal failed and leaves the current law at only on-site facilities being tax deductable.
It’s A Mainstream Move
Corporate fitness programs are steadily becoming a standard for health-conscious and employee-focused businesses. With all the hype of getting in shape and being healthy in today’s advertising and marketing initiatives, it’s no surprise that corporations want to get involved and reap the benefits behind it as well.
Fitness Equipment Space Requirements
When it comes to constructing building designs, it’s important for both the architects and contractors to leave space for a potential fitness facility. While the buyer or owner may not highlight an interest up front for such a space, explaining the potential to them may be well worth the excess planning. Once the decision has been made to create a space for a fitness area, contact FitRev’s fitness equipment experts for custom recommendations and floor plans that meet each of your distinctive needs.