In a competitive market, multifamily communities are consistently looking for ways to compete for market share. These days, combining housing and employment trends might just be the ticket for apartment communities.
43% of employed Americans work remotely at least part of the time. That figure is up 4% since 2012. The statistics get really interesting when you look deeper into the trends. During the same time period, from 2012-2016, the percent of those that reported working from home one day or less shrank by almost 10%, while those that reported working remotely 4-5 days per week grew by 7%. With rising numbers of people working from home, there is an increasing need for alternatives to the traditional office setting.
Many are choosing co-working spaces over a designated home office. People are seeking inspiring, brightly lit spaces filled with other like-minded people over solitude of their dining room table or an over-crowded coffee shop. Popular co-working spaces like Impact HUB in Boulder, WeWork in Denver and Thrive (pictured) offer amenities that attract and retain members that otherwise might maintain a home office. Super fast Internet, business-class printers, complimentary coffee and tea and private phone booths combine the comforts of working from home with the benefits of the company office.
In the Denver Metro area, people pay an average of $200-300/month for a membership or “spot” in a co-working space. A designated desk or office in one of these locations can range between $450-895/month.
Can apartment complexes and multifamily developments capitalize on this new trend? Chris Tolar, President of Stonebridge Builders in Denver, CO thinks so. Tolar says, “Communities are looking at their common areas differently these days. They’re no longer simply a shared space to have a networking event or birthday party, but they are potential opportunities to generate revenue. At Stonebridge, we are getting more requests to not only update the aesthetics, but also to design and build functional spaces that allow people to get work done.”
Given the ever-increasing numbers of people working remotely, multifamily communities can benefit greatly from the renovation or remodel of an existing common area into a functional co-working space. Building common areas that allow people to effectively work from home without dedicating any of their living space to a home office can justify increases in monthly lease rates of$150-300 at a minimum.
To design and renovate common areas for greater functionality and increased revenue, contact Stonebridge Builders for a consultation.