Pets, dogs in particular, have more of an affect on commercial real estate sectors than may be initially evident. Dogs can have a strong impact on multi-family developments, office space and retail space, as explained by a recent analysis by Hightower.
Becoming pet-friendly creates a larger market for a community and adds a much sought after amenity to multi-family space.
With new developments introducing new amenities everyday, those catering to pets are becoming increasingly popular and important to attract residents. These include dog washing stations, grooming stations, dog walking services, built-in dog parks and more.
According to the report by Hightower, around 50% of residential buildings in New York City now allow dogs and cater to them in some way. Some buildings are using this amenity as a source of revenue by charging fees for pets.
It is evident that millennials are a huge market to cater to and according to CNBC they will surpass baby boomers in pet ownership by 2018.
One way that offices are attempting to attract this group is by creating pet-friendly offices. Landlords hoping to differentiate themselves in competitive markets are able to make use of adding this benefit.
While pets in the office isn’t always as welcome as it may be in multi-family, reports continually support the benefits of having pets in the workplace and many employees support the idea.
For retail space, allowing customers to bring their pets into stores can positively impact their business and give them an edge over their competition. Reports suggest it can even provide additional revenue.
Shopping centers and malls are jumping on the idea by creating pet-friendly days and partnering with adoption centers and local rescue groups.