Add a gym to your development to increase its value says Colliers
by Andy Knaggs | 09 Jul 2019
– Ross Kirton, Colliers International
A report from Colliers International has found that people are increasingly willing to pay more in rent or mortgage to live near to, or even onsite with, their gym.
The study of 3,000 people in the UK found that 72 per cent of people responded positively to this hypothetical situation, while 29 per cent said they would be prepared to pay more for a rooftop gym.
"Investors and landlords have the opportunity to start thinking creatively about the way gyms are incorporated into wider mixed use and residential developments,” said Ross Kirton, head of UK leisure agency at Colliers.
"Being close to good schools or transport links used to be the top priorities; now, gyms are a key driver.”
The research identifies the partnership between Hero Fitness and Moda Living in Manchester, UK, where a range of fitness and wellness services have been included in residential projects led by the developer.
Rooftop and skyline gyms have become popular elsewhere in the world, but are still to be exploited in the UK, the report observes.
With both baby boomers and millennials increasingly looking to lead healthier lives, and allocating their disposable income accordingly, the Colliers report Meet Me At The Bar: A Review of the UK Health and Fitness Market 2019 also considers the impact on the health and fitness market of social media, wearable technology, the growing social aspect of gyms, and concepts such as the Ministry of Sound Fitness, where the euphoria that previous generations sought through clubs and bars is now being sought through fitness.
The quest for fitness is, therefore, becoming more experiential, and people are willing to pay more, travel further and potentially even move offices or move house to live close to their fitness facilities of choice.
This is something Kirton believes developers and investors should factor into project planning.
"As such, the gym should be considered a key element of placemaking in new mixed use and residential developments."
Colliers International
Almost 30 per cent of respondents to Collier's research said they would pay more for a rooftop gym Credit: Benny Chan/SOM
The research suggests that gym goers are increasingly looking for their exercise to be experiential Credit: Benny Chan/SOM
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A report from Colliers International has found that people are increasingly willing to pay more in rent or mortgage to live near to, or even onsite with, their gym. The study of 3,000 people in the UK found that 72 per cent of people responded positively to this hypothetical situation, while 29 per cent said they would be prepared to pay more for a rooftop gym. "Investors and landlords have
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