PlaceTech Cover Photo Martin Prince Parrott

#WORKBOLD podcast: Martin Prince-Parrott, Blackswan Property

Architect turned residential property developer, Martin Prince-Parrott of Blackswan Property, joins Bold founder, Caleb Parker, to discuss what WFH could mean for emerging residential assets.

The lines between work and life have long been blurred and now we’re going to see a further overlapping between the workplace and the home. Prince-Parrott shares his insights into how the world of residential real estate is responding. Get ready for a new hashtag, because Martin believes we’re going to see the rise of #Resimercial – a Space-as-a-Service solution that’s a blend of work and home where people join like a gym with the flexibility to move from city to city within the network and access with their mobile phone.

Takeaways

  • Centre of gravity in people’s lives has shifted from work and central business districts to their homes.
  • Generic office space providers and businesses must now compete with the already customised homes of workers
  • In response residential must now accommodate work functions and expectations; space, light, connectivity
  • Remote working is creating opportunities for co-living brands in residential real estate as people are placing more emphasis on selecting homes in which they can live and work comfortably
  • Co-living is the purest manifestation of Space-as-a-Service in the residential real estate
  • Commercial real estate developers can learn a lot from the residential and hospitality world as it shifts from product to service
  • Brand is important in co-living as it is a proxy for value and experience
  • The co-living model creates a network effect where customers can move across locations or cities and have the same customer experience, thereby extending the lifetime value of a customer
  • Co-Living brands which listen to their members will be able to improve and refine each successive development by leveraging their customer feedback data, the process will be iterative
  • Smart Residential developers will start to partner with Space-as-a-Service operators to manage amenities, such as workspaces, and build communities
  • Some co-living brands will partner with Space-as-a-Service operators to manage the workspace component of the co-living stack
  • We’re going to see the rise of #Resimercial – a Space-as-a-Service solution where people join, much like a gym, and it’s a blend of work and home with the flexibility to move from city to city, space to space within the eco-system and it will all be fully accessible via smart phones.

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