May 03, 2022

Creating Successful Living Experiences for the Citizens of Tomorrow - Spatial Experience

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Since 2019, the world has seen a dramatic shift in the interest for shared living, with a 3708% increase in online search demand for terms relating to ‘coliving’. Moreover, global funding in the coliving asset has increased by more than 210% annually since 2015, totalling more than US$3.2 billion (JLL Report, 2018). By 2020, the total number of tenants occupying coliving spaces has reached more than three million people around the globe and rising (The Housemonk, 2020). This rapid growth of interest in coliving is fueled by a variety of factors; one of the most pressing ones being over-crowded cities and lack of affordable housing solutions, popularisation of the shared economy, technological omnipresence and last but not least, an increased need for social interaction and well-being to fight the loneliness pandemic. Considering all the latest industry trends that accelerate the growing demand for shared living products, how can we best adapt and tailor the offering to the perpetually evolving needs of the consumers?

To stay vigilant and define your unique value proposition, it is of utmost importance to, first, understand your target audience, and second, understand the psychological drivers of their behaviour. While shared living is not limited to the younger generation, in today’s society it is primarily driven by them. Millennials, Gen Z and digital nomads constitute the biggest portion of current coliving consumers whose priorities are completely different to generations before. These generations are less focused on material possessions - they are mobile and in need of a sense of belonging, as well as increased connectedness within the building and surrounding area. They want to be where the action is, and have access to public transportation, restaurants, bars and venues at convenience...

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