The Case for Co-Working in BTR Schemes
Co-Working: The New Norm for Flexible Working
The COVID-19 pandemic lockdown forced businesses and workers alike to realize the critical importance of flexible working arrangements. This includes working from home, whether for part of the week or the entire week. In response to this shift, developers, operators, and built-to-rent (BTR) designers in the UK are increasingly incorporating co-working spaces into their developments. This strategy creates a win-win situation for both developers and residents, as it merges convenience and community within the same space.
How BTR Schemes Work
Build-to-Rent (BTR) developments are at the forefront of providing mixed amenities under one roof. Developers are exploring ways to merge the residential model with strategies that are commonly seen in the hospitality and leisure sectors. This allows them to create an appealing alternative to traditional residential-only apartment blocks, offering more than just a place to live. BTR schemes are particularly attractive to young professionals, singles, or small families. However, co-working spaces were previously a somewhat overlooked feature within BTR schemes, although this is changing now. The collaborative nature of co-working can be vital to the commercial success of BTR developments. With more people working remotely, human interaction is becoming more valued, and developers are realizing that a co-working space is becoming a necessity for attracting tenants. Large buildings in key cities are finding it increasingly difficult to lease apartments without offering at least some co-working options.
Build-to-Rent and Co-Working: A Harmonious Existence
The co-working sector holds significant revenue potential, which has yet to be fully tapped by the Build-to-Rent market. Co-working spaces aren’t just about generating revenue, though—they may soon become a necessity or even a prerequisite. As more people choose to work from home, the availability of well-equipped, flexible workspaces within residential developments could become a major selling point.
The Benefits of Co-Working Facilities for Workers
For workers, there are several benefits to using co-working facilities. These include:
- Meeting and collaboration opportunities
- The ability to perform tasks that require more space
- Experience a lively atmosphere and buzz around them
- Access to ancillary amenities
- The ability to only pay for the space they use, avoiding the need for long-term rental commitments
Co-working spaces provide a hospitality-like environment that can be used for work and also for leisure. This flexibility helps cater to different working patterns, even for those who work beyond the typical 9 to 5 schedule.
Future-Proof Designs for Co-Working Spaces
When it comes to designing co-working spaces, adaptability is essential. Developers are embracing a design approach that allows the spaces to evolve according to changing needs. Future-proof design considers factors such as collaborative spaces, meeting rooms, private booths, and versatile layouts that can accommodate different kinds of activities, from work to social gatherings. Co-working spaces must be flexible enough to adjust to various working styles, making them ideal for a diverse range of tenants. This evolving design approach also ensures that co-working spaces are sustainable over time, catering to future demands for adaptable spaces.
Smart and Flexible Solutions in Co-Working Design
To create a functional co-working space, flexibility is key. Developers focus on designing spaces that can easily be repurposed as needed. This includes smart furniture that can be rearranged and used in multiple configurations, depending on the specific requirements of the day. Developers are even repurposing existing spaces to create informal, collaborative environments or more relaxed settings when necessary. Ringley Group is an example of a company with experience in co-working, BTR, and residential sectors. They provide tailored solutions for Build-to-Rent developers and operators, helping them adapt to the growing demand for flexible working spaces. A great example of their work is Camden Gateway, a 160-seat co-working center located in Camden Town, London. It features flexible workspaces, which embody a rock’n’roll vibe, perfect for fresh-thinking start-ups or established companies looking for a new and inspiring place to work.
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