Part 1 of 2
SAN FRANCISCO—“We saw the whole Millennial thing coming about six years ago, and tried to figure out how to do more with less. There was a big push to urban and the challenge was how we satisfy the Millenials by giving them what they want, but still delivering a product that still delivers financially.” So said Brian Fritz, SVP of development at Avalon Bay Communities Inc., who served as a panelist during a PCBC session Wednesday here in San Francisco. “One of the common themes is that they will accept less space, but they still want quality.”
Fritz noted that the entertaining spaces and socialization in an apartment isn't as important as in years past, so “the attention went away from full dining rooms to making the common areas more of the gathering places.”
But the key, he said, is flexibility. “If you have less space, making it flexible is key. You have to give Millenials a chance to make it their own space. They need to be able to customize it.”
One of the things his firm is incorporating is sliding doors, for example, which can combine or separate rooms. “The little things can make a difference.”
The multifamily track panel at PCBC, titled, “Making Small Spaces Rock: Amenities, Unit Mix, Parking, Design, Outdoor Spaces,” was moderated by Kimberly Byrum, SVP of advisory at Meyer Research. When she asked panelists about space saving ideas, Tim Mustard, principal of TCA Architects, said that the key is quality product and furniture that functions in two different ways. “You have to find those niches where you can maximize spaces.”
One example Mustard pointed to was “the gear wall,” which provides “ultimate flexibility.” The gear wall, he said, can accommodate anything from bike hangers to ironing board attachments. “It turned out to be a success thus far,” he said, but some lessons learned are to “be careful what you wish for. We have seen kayaks and mopeds mounted to the wall. You have to prepare for the worst with flexibility.”
Fritz agreed, noting that his company does spend more time when turning a unit, depending on how flexible people have gotten. “It has caused us to look at our deposit structure.”
When discussing parking, Mustard pointed out that parking needs to be as efficient as possible. Bike parking, he said, is a necessity and is becoming more popular. “And making it an actual amenity space with bike kitchens, for example, where you can tune it up, is a great addition.”
Puzzle lifts, Fritz added, provides huge cost savings, has no subterranean digging and is a faster completion, but the difficulty, he said, is the operation. “You have to train the residents and you have to make a small waiting room that feels high end.”
Which Mustard agreed that there are operational concerns, “it will take off…it is just a matter of when. I think the puzzle lifts are hitting a critical mass. We will start to see them in more suburban areas.”
Check back for part 2 from this session, where sources talk about outside amenities, and the next big trend.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
