Wellness is the new anchor
One of the unforeseen things that Covid has done for all of us is to make us think much more keenly about our lifestyles. I mean really think about our lifestyles. The stark reality of the pandemic has forced us to reflect on our own health and that of those around us in a way we’ve never had to before. I believe that the impact of this reflection is as profound as it will be long-lasting. It certainly is no flash-in-the-pan.
It would, however, be a mistake to think that wellness is simply or principally about the physical fabric of things. It is fundamentally about people understanding more about themselves, their physical health and their mental well-being. Investors who understand this and create spaces which nuture the people who frequent them will find they have more valuable assets
If you’re wondering what the relevance of this change in our thought processes to property is, consider the totally unexpected arrival of Therme Group at Manchester’s Trafford Centre. Not many had heard of Therme before… the global wellbeing resort operator has taken on a 250-acre site (that’s the size of nineteen Euros-sized football pitches) that is due to open in 2023. And yet who, before the pandemic, would have predicted this kind of occupier taking so much space at such a high-profile destination?
I’m not suggesting that Therme, or an equivalent, will necessarily be coming to a town centre near you. But I very definitely am saying wellness will have an impact virtually everywhere. It will become baked into the DNA of new buildings, which will be healthier by design. And it will considerably widen the mix of uses at exactly the point when we are necessarily moving away from the monocultural developments that defined the end of the last century. If you think this sounds rather epic, you are absolutely right. If you think it sounds far-fetched, be prepared to think again.
Wellness is already here. From the mini-parks landscaped into Teesside Park, Stockton on Tees, to the water features at London’s King’s Cross, nature-filled oases, along with buildings housing complementary facilities, are starting to change our perception of our built environment. Some local authorities have come on board to think the previously unthinkable: to turn city centre buildings into urban parklands, such as those proposed in Nottingham (Broadmarsh) and Stockton (town centre). And enterprising investor/developers are incorporating wellness attributes such as yoga studios and biophilia into their workspaces – Bruntwood Works’ pioneer building Bloc in Manchester city centre is a prime example.
It would, however, be a mistake to think that wellness is simply or principally about the physical fabric of things. It is fundamentally about people understanding more about themselves, their physical health and their mental well-being. Investors who understand this and create spaces which nuture the people who frequent them will find they have more valuable assets. Will more buildings meet the WELL building standard (the wellness equivalent of the BREEAM and WiredScore ratings systems many of us are already familiar with)? I certainly hope so.
But what I think is far more certain in the 2020s is wellness operators of many different types and sizes effectively anchoring surrounding property uses. I would advise investors to welcome them with open arms. Ignoring them is to court failure. Embracing them is to open up to a multiplicity of potentially profitable new operations.
Wellness operators will be central to any kind of urban redevelopment or regeneration proposed from now on. And they will play a fundamental part in attracting office occupiers, who are increasingly attuned to the wellbeing needs of their workforce and the corresponding correlation with job satisfaction and employee retention.
Article by Hannah McNamara, Co-founder P-THREE
Photo credits: Unsplash
