The following article has been included in the third edition of Coliving Insights: Impact and Sustainability in Coliving in the section “Social & Economic Impact”. Download your full copy of the publication by clicking this link.
With alternative work styles such as remote work being accelerated by the recent health pandemic, the concepts of the office and the home are blending. In this article Spatial Experience explores this trend and gives a few case studies that were already ahead of the game before COVID-19. They share how these concepts are having a social, environmental and economic impact and how they are helping both the coliving and coworking sectors scale.
The global pandemic has revolutionised how we conceive working, as millions of people around the world have had to experience remote working for the first time in their life. This adjustment has profoundly impacted the strategies of most companies around the world but has also sped up the process of digitalisation that was already happening in recent years. As mentioned in our previous article on SPX Lab: Remote working during coronavirus — a blueprint for the future of work, this means that public spaces should also adapt themselves to provide a solution to the emerging necessity of working from anywhere. According to projections from a JLL study, the traditional office environment will continue to evolve and therefore lose importance, in lieu of more flexible concepts that empower individuals to choose more efficient and flexible ways of working, such as coworking.
Parallel to the rise of coworking, people are also changing their living preferences due to a number of factors such as housing affordability, international mobility, the shortage of space and flexibility needs, not to mention the loneliness epidemic. New generations have different needs compared to the previous ones, and they expect more and wish to engage with a community that is truly meaningful.
The Rise of Blended Concepts
As a result, Purpose Built Shared Living (PBSL) concepts are on the rise in most areas of the globe, emerging as one of the most resilient asset classes in real estate, which is by many experts such as JLL, CBRE, PWC and The Class of 2020 projected to keep growing in the near future. Since the core offer of coliving spaces is to create an environment where tenants can not only live but can also be entertained, connect with like-minded individuals, and share services and facilities, the hybridisation of coworking and coliving seems to be the natural direction we are heading towards.
Coliving and coworking models produce an important positive societal and environmental impact by optimising available space, giving a platform for people to network and form sincere relationships, as well as sharing resources that were previously owned, therefore reducing emissions and waste, amongst many other benefits. Moreover, these spaces have a pivotal role in placemaking and in urban development, which will ever more connect buildings, communities and experiences. As mentioned in the SPX Lab article Cities of Tomorrow — How to re-imagine Urban Development, to ensure the wellbeing of urban dwellers, operators, developers, investors and architects have to forge human-centric environments that engage people on a personal and professional level, besides implementing modern tech solutions and measuring their sustainability and impact.
The high demand for these solutions has been embraced by a variety of developers and operators around the world, which set up the base for the above-mentioned hybridisation between living and working. The economic impact of blended coliving and coworking spaces relies on its scalability, since successful models can be easily reproduced in multiple locations of the world, both in central and rural locations. In order to prioritise global expansion it became strictly necessary to take into consideration impact and sustainability, since now not only guests perceive those topics as requirements, but also investors and other stakeholders.
Our Selection of Innovative Home/Office Hybrids
Below we present some of the most relevant coliving and coworking concepts worldwide. These concepts can set the stage for what is to come in regards to this accelerated work-life ‘co’ space model.
- The Student Hotel (TSH) is a hybrid hospitality model where long-term student housing meets short-term guest accommodation. TSH is an all-inclusive solution that targets both students and travelling professionals and its vision is to “create state-of-the-art facilities and colourful experiences that will change the way people live, work and travel”. Their TSH Collab model offers a coworking program that enables members to work in all of their locations across Europe. From small meeting rooms to large auditoriums, coworking spaces can be requested by both individuals living within their spaces and external companies or entrepreneurs seeking a dynamic place to work. TSH is embracing the circular economy as a whole by actively working on different sustainable projects to reduce their carbon footprint, eliminate plastic, plant trees in different countries, and minimise waste and energy consumption. Moreover, TSH is helping to solve societal issues through its Changemakers Challenge, a competition amongst students to work on innovative business solutions that could have a real impact on society.
- Sun and Co. is a coliving and coworking space located in the historic town of Javea in Spain that targets freelancers, solopreneurs, digital nomads, and in general remote workers seeking a work/life balance. Guests have three accommodation options, of 7+, 14+ and 30+ days, which all include access to various coworking areas and the possibility to reserve a private “Skype Room” for webinars and team meetings. The space is also available for team retreats. Sun and Co. has a mission of promoting work-life balance, while forming meaningful connections and growing as individuals. In addition, the company organises retreats focused on environmental consciousness, sustainability and ecology in relation to the digital nomad lifestyle, such as the “Green Digital Nomads Unconference” in partnership with Green Coworking.
If you would like to continue reading the full article and discover our selection of hybrid concepts, click on this link.
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Originally published at www.spatial-experience.com.
