Measuring Retention Impact of Wellness Programs

MIAMI—Can wellness programs help retain tenants? We've been discussing this concept with Carol Brooks, co-founder and president of Continental Real Estate Companies (CREC).

In part one of this series, we talked about CREC's new program, dubbed A Deeper Breath, the response from tenants and how wellness programs can benefit a company's bottom line. In part two, we'll drill down deeper into retention rates.

GlobeSt.com: Have you experienced an improvement in tenant retention rates?

Brooks: Yes, the results are telling. Take 2121 Ponce in Coral Gables, where we launched our pilot program for A Deeper Breath. We began with a three-month program including Yoga and meditation. Our first classes routinely drew up to 80 participants.

The building's ownership immediately saw the value as tenants began thanking them for making the investment. Leasing velocity picked up and the building's tenant retention rate remained strong. We were soon signed on for a 12-month campaign and A Deeper Breath expanded from there. Today, the building is nearly 90% leased and is among the strongest assets in Coral Gables.

GlobeSt.com: Are you planning to grow A Deeper Breath to more office properties—and is this compatible with retail assets?

Brooks:We are eager to expand A Deeper Breath across the CREC management portfolio with time. Launching and marketing our wellness programs—and enlisting top-level instructors—requires a considerable investment of time and energy by our team, so we are growing gradually and applying what we learn from each program along the way. Retail assets with available space are certainly compatible with our programs, so long as the properties have a critical mass of participants interested in taking part.

GlobeSt.com: What are the challenges or misconceptions around these types of programs?

Brooks: There is a misperception that these initiatives are purely recreational, but in fact workplace wellness have gone mainstream and the real-world impacts can be measured in dollars and cents. It's no accident that some of the world's largest companies, including Google, The Container Store and Whole Foods, have all implemented healthy living principles in their offices. It's only a matter of time before companies of all sizes are prioritizing these practices—and realizing the financial benefits that come with them.

Click here to read part one of this series.