THE RISE OF CO-WORKING SPACES IN THE BUILD TO RENT SECTOR

Pre-pandemic, the idea of working from home for most people was a pipe dream. Fast forward two years and it looks like remote working is here to stay in some form or other. If you are bored of working from home, we have the perfect solution to bring back some motivation into your working life.

Home working on the rise

According to the Office for National Statistics, the world of work has changed dramatically in the last two years with recent research revealing some interesting data.

• Homeworking adults stated work-life balance was the greatest positive, while challenges of collaboration were the greatest negative.
• Of businesses not permanently stopped trading, 24% stated that they intended to use increased homeworking going forward. The Information and Communication industry recording the highest proportion (49%).
• Online job adverts including terms related to "homeworking" have increased at a faster rate than total adverts, with homeworking adverts in May 2021 three times above their February 2020 average.
• Of working adults currently homeworking, 85% wanted to use a "hybrid" approach of both home and office working in future.

A growing sector

The rise of homeworking coincides with the growth of the Build to Rent sector. These developers are in an ideal position to respond to this phenomenon by incorporating co-working space within their developments. There is both huge demand and huge levels of growth in investment in Build to Rent.

• Investment into the UK’s build-to-rent sector hit £2.1bn in the last quarter of 2021.
• 2021 was a record year with a high of £4.1bn, according to preliminary data from global real estate advisor CBRE.
• Total investment levels were up 14% on 2020, the previous record year.
• British asset management firm L&G meanwhile ploughed £500m into schemes across the country in London, Glasgow, and Southampton.
• Property investors directed an additional 80% of capital into the build to rent market in 2021 compared to the previous year.
• The latest Zoopla figures show that demand for rental homes in the UK is around 43% above the five-year average.
• The latest figures from the British Property Federation show that there are now 205,525 Build to Rent homes across the UK, including 63,950 completed homes, 42,032 under construction and 99,543 in planning.

How Build to Rent is embracing co-working

The most successful developers adopt the best ideas from hotels, leisure, and hospitality. Build to Rent developments can incorporate all of this by providing a mix of amenities under one roof. A big part of their future success will be considering how to incorporate Build to Rent, which will help to reinforce the sense of community within the developments as more people are around during the day.

Why co-working is important

After a prolonged period of people being isolated from each other, many people are now ready to forge new connections without wanting to give up their new flexibility. It is believed that creating communal workspace will be vital to the social and commercial success of Build to Rent developments. Most people now appreciate the value of personal human interaction, but still enjoy the work/life balance that working remotely allows.

Building communities where people love to live

The success of each individual Build to Rent development, largely depends on the community within it. Of course, people enjoy the high-quality properties but more than that, they are looking to meet likeminded people and enjoy everything outside of their home. With people spending a large proportion of their lives working at home, they are looking to do it in a place which offers something more than just a desk in a room.

Benefits of co-working spaces

For tenants living in a Build to Rent development, having use of a co-working space can be a huge game-changer in terms of productivity and bringing back the buzz to their working life. There are a huge number of benefits including:

• The ability to hold meetings.
• The chance to collaborate with others.
• To separate home and work life.
• To experience an uplifting atmosphere.
• More networking opportunities.
• Increased productivity.
• Boost in creativity.
• Flexibility of working from home and an office easily.
• A sense of social connection and wellbeing.

Workspaces of the future

The Build to Rent sector is one step ahead when considering the needs of workers in the future. The design needs to be adaptable so could be installed on the ground floor, basement or even rooftop space – combining stunning views with fresh air. Developers are creating co-working spaces that will meet the needs of tenants today and in the future. This includes building collaborative spaces, private booths, meeting rooms and spaces with audiovisual technology that is acoustically appropriate for media productions such as videos and podcasts. Clever furniture will be incorporated to allow desks and chairs to be easily folded away to transform the space into a different use if needed.