Trend Focus: Live/Work Spaces

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With rental and house prices rising, co-sharing has become an increasingly popular option for those looking to keep costs down, particularly in London. In recent years, we have seen an increasing number of affordable live/work developments – combining both living spaces with a studio to work. This caters for the increasing number of entrepreneurs and start-ups looking for low-cost ways to run their businesses without the expense of commuting.

One of these is The Collective, a 323-unit development in northwest London. The building is situated canal-side and features both compact studios and 2-bedrooms apartments, with a large communal space and co-working offices below. For generation rent, The Collective provides the convenience of a hotel with a ready-made community and networking opportunities.

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So what does this mean for the food and hospitality industry? In terms of new opportunities, this new form of living is very exciting. This new form of home-based working is being dubbed as a “hotel lifestyle” with live-work developments offering a range of facilities and services, including restaurants, gyms and social events, almost like a form of private members club.

Cafes and restaurants should be looking at live/work spaces as an opportunity for expansion. Whether, you set up a full service restaurant or a branded coffee kiosk within a live-work or co-living space, this new form of accommodation can bring your offering to a whole new market.

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Hotels should also sit up and take note. With the traditional business centres in hotels now defunct, as a result of mobile working and WiFi, hotels need to think about how they can encourage workers to stay put or even encourage non-guests to use their hotel as a temporary base or pop-office. Whether you offer a business membership deal, that offers bookable rooms on an hourly basis, renting work stations, access to meeting rooms or special deals or food and drink, whilst working there – it’s a proposition that will appeal to anyone who is working on the go.

The food and hospitality sectors need to take note, whether that is collaborating with live/work spaces to offer your services in other developments or provide dedicated services for co-working in your own business.

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