Report: Flexible Workspaces Help Drive LWP Development
Mention the words “live-work-play,” and the first thing that might come to mind is residential first and “play,” or retail/entertainment space second.
However, the move toward remote and hybrid work has driven a new trend in the LWP space. That of incorporating co-working design amid the residential and retail developments. A recent report issued by Yardi Matrix’s Coworking Café noted that 88 co-working spaces have been included in mixed-use developments over the past 10 years. Additionally, overall LWP development will likely reach record numbers in 2023.
The report indicated the following:
A total of 512 LWP developments came online since 2012, with an additional 101 in the works through 2024
72 LWP developments have been completed, or are close to completion in 2022
While much of LWP is given over to residential and multifamily, co-work office space dominates LWP projects in New York City and Seattle
In Seattle, office space takes up 61% of LWP total square footage. In New York, office space takes up 58%, while residential areas claim just 20% of the entire space. In fact, New York City has the most co-working spaces in LWP projects, with Chicago and Atlanta following.
“The fusion between LWP and coworking is a natural response to the rising demand for flexible workspaces from remote workers, freelancers, startups or smaller businesses,” the report said. In certain cases, coworking space in an LWP property provides a higher degree of convenience to employees that reside on the property. This allows residents to quickly switch from workstyle to lifestyle, the report noted.
According to Yardi Matrix Business Intelligence Manager Doug Ressler, rental communities that also offer office and retail space have doubled in demand over the past decade. “LWP apartments present a unique opportunity to blend accessibility with desirable living experiences, world-class amenities, communal green spaces and exciting restaurant, retail and entertainment options,” he said in the report.
I love content. I love writing it, visualizing it, and manipulating it to fit into different formats. I have years of experience in working with content, both as creator and editor. The content I create and edit provides assistance with many goals, ranging from lead generation, to developing street cred through well-timed thought-leadership pieces. Content skills include, but aren't limited to, articles and blogs, e-mails, promotional collateral, infographics, e-books and white papers, website copy and more.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!