How The Real Estate Industry Is Adopting Hospitality

The commercial real estate sector is going beyond their wheelhouse by incorporating more hospitable amenities to ensure occupants have the best experience possible.

For example, coliving and coworking spaces have started offering more on-site services aimed at reducing work-related stress and help create a healthier work/life balance. This includes wellness classes, social gatherings, on-site fitness centers, and even concierge services.

In order to pinpoint what consumers truly desire in their environment, real estate and hospitality companies are moving towards customization of their spaces.

Coliving provider Common does just this by utilizing consumer research to improve the lives of their residents. Common found that the biggest causes of roommate disputes could be easily remedied, so it supplies all basic needs items, such as toilet paper and furniture, to avoid unnecessary conflict. This allows residents to take advantage of the benefits of coliving.

The company also uses a property management software platform where residents can automatically split monthly payments. The implementation of software itself has made it easier for companies to connect with customers and is readily being adopted across the real estate industry. 

Additionally, real estate is finding new ways to accommodate the increasing amount of digital nomads. These remote workers tend to travel and work from various locations, so companies like Outsite offer a space for on-the-go workers to live and work out of. 

The San Francisco-based company provides ground-floor coworking, upper floors dedicated to living spaces, common spaces, and a community kitchen.