For nearly half a century companies have been learning about the numerous advantages business centers have over traditional office spaces. Encouraged by low overhead, networking opportunities and flexible terms, crafty business owners everywhere are joining the co-working movement.
One would be hard pressed to deny the positive influence a business center can have on a company’s bottom line, but could their effective model be the solution to skyrocketing housing costs in bustling cities? Over the past few years, professional co-living spaces have been popping up around the country from New York to San Francisco in an attempt to reconcile affordable housing with stagnant wages.
While some co-living spaces model themselves after incubators and are more reminiscent of communes than apartments, modern and progressive spaces have floor plans strikingly similar to those used by business centers. The idea is to have private dorm-style rooms that encircle a large communal area consisting of a spacious kitchen, living room, and even a pool table or arcade games in more millennial-focused spaces.
The rooms themselves vary in price vis-à-vis square footage and are typically equipped with one bedroom, space for a couch and a small kitchenette area. This collegial setup is appealing to those looking for flexible short-term leases and a sense of community. Tenants can pay month to month or sign a lease for a set period of time. Since there’s public appliances in common areas and most of the rooms come furnished, the concept is attractive to those moving to a new city as well as those not interested in spending a fortune on cumbersome furniture.
As the value of quality space continues to rise, you can expect to see more share-centric co-spaces meet a demanding market. Though economic incentives may be the most obvious driver of these increases, co-living and co-working spaces particularly excel in fostering and enhancing community, an ever-growing luxury in today’s world. Whether you’re working in the same office or living on the same floor, the advantages of shared space are clear.