The Future of Workspaces in Residential Properties

26 March 2024 AVE In The Know

Apartment Residents Want Flexible Work-Life Spaces to Accommodate the Remote Professional’s Lifestyle

The rise in remote and hybrid work has impacted many industries, including real estate. Today, people are evaluating potential living spaces from a different light. Rather than looking for a place to “get away” from the demands of their professions, they’re looking for amenities that will help them meet their occupational responsibilities. Developers and property managers can leverage these leanings by acknowledging the uniqueness of remote working trends and offering a true “live-work” space for residents.

Just how much demand is there for apartments with coworking space that’s designed for the modern professional? According to recent McKinsey and Company findings, 58% of U.S. job holders say they work remotely either part-time or full-time each week. This shows how integrated the idea of remote working has become within the fabric of the economic landscape. Although some companies have moved back to office-only working arrangements, EY research suggests that in the near future, approximately two-thirds of all businesses will have permanent hybrid setups.

This exciting movement provides both challenges and opportunities for real estate development and multi-family building renovation teams. For instance, while constructing new structures with hybrid needs in mind may not be difficult, retrofitting existing apartments with coworking space options can require a great deal of negotiation. After all, legal and regulatory hurdles may arise when trying to get permits for structural and design changes to a property.

Another snag is the need to maintain a balance between privacy, decor, organization, and other factors when planning a property with a mainly residential aesthetic. Without a doubt, it takes talented experts to meticulously integrate any live-work space into an apartment or an apartment community. If the apartments feel too “corporate,” they may be a turnoff to potential residents. On the other hand, if they aren’t conducive to remote working trends, they may be equally unsuitable in the eyes of some occupants and their families.

Despite these challenges, developers need to consider creating apartments with office space to ensure they get the most out of the benefits that come by leaning into the widespread remote working phenomenon.

Three Advantages of Integrating Coworking Spaces and Hybrid Working Amenities Into Apartments

A building that’s comprehensively designed to lean into remote working trends will offer many other types of features beyond just an extra room within the apartment framework. Some of the benefits of integrating these hybrid amenities include the following:

1. Remote workspaces attract developers and residents alike.
Perhaps one of the biggest benefits of integrating workspaces into apartments is that it’s economically attractive for all stakeholders. Property developers can tap into untested market segments as they capitalize on the demand for remote workspace areas. Residents can also financially see gains by reducing their commuting expenses, saving on office-related attire, and enjoying more free time to promote a healthier work-life balance.

2. Hybrid working amenities meet growing consumer needs.
Another benefit that can’t be overlooked in developing apartments with coworking space layouts is that it meets the growing demand for the contemporary flexible professional-personal lifestyle. By providing seamless ways for residents to shift between their career and family duties, property developers can attract a dynamic audience of up-and-coming knowledge workers and active or budding entrepreneurs.

3. Hybrid workspaces help retain younger residents for longer.
Millennials and Gen Z are particularly fond of renting, with 37% and 43%, respectively, telling Kantar they prefer not to enter into home ownership. Accordingly, developers can appeal to these younger generational cohorts and retain them as occupants for long periods. That’s good for residents, property management teams, and investors alike because it keeps tenant churn rates low and maximizes occupancy levels.

Forward-Leaning Ideas for Apartments With Office Space

While it might seem tempting — or even logical — to assume that having a room set aside for a home office is all remote-working apartment renters need, that’s far from true.

Architects and designers are already dabbling with transitional, multifunctional spaces complete with convertible furniture, hidden workstations, natural lighting, acoustical elements, and ergonomic seating. They’re also seeking ways to provide coworking hubs of creativity, growth, and well-being within apartment communities. The goal is to encourage a blend of professional and personal living areas that align with the values and aspirations of the modern apartment dweller.

At Korman, the corporate team has had its finger on the pulse of the move toward apartments with office space for many years. Our luxury apartment complexes are designed to meet all the needs of the remote professional.

By reimagining what’s possible, Korman has been able to grow its reputation for being on the leading edge of housing trends and solutions, including the evolving desire for homes that flex to match whatever their occupants want at the moment.

To learn more about the future of remote workspaces in apartment housing and how Korman is prioritizing this necessary feature, contact our team here.

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