#WORKBOLD podcast: Martin Prince-Parrott, Blackswan Property
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.
- 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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