This year, live-work-play (LWP) developments reached new highs and are expected to continue growing in the coming years according to new analysis from CoworkingCafe.
Coworking made up a significant portion of these buildings as demand for flexibility rises. More specifically, coworking played a part in 90 LWP developments in the past decade, while 10 more were incorporated this year.
The pandemic forced much of LWP construction to halt, but experts are predicting an uptick in growth in the coming years as the concept of the “15-minute city” becomes popularized.
“The fusion between LWP and coworking is a natural response to the rising demand for flexible workspaces from remote workers, freelancers, startups or smaller businesses,” said Laura Pop Badiu, writer at CoworkingCafe.
New York City leads the country with 50 LWP developments and has plans for five more next year, where offices remain the main component in the region.
“While the pandemic blurred the lines between living, working, and playing, rental communities that include residential, office and retail space have more than doubled in demand throughout the United States just over the past decade,” said Doug Ressler, business intelligence manager at Yardi Matrix.
“LWP apartments present a unique opportunity to blend accessibility with desirable living experiences, world-class amenities, communal green spaces and exciting restaurant, retail, and entertainment options.”