As a longtime believer in the live-work model, I think it is really important to create an all-inclusive property that encompasses live/work/play in one structure. The goal is to create a community where tenants have necessities at their convenience like printing, copying, meeting space or business center, screening and multi-media rooms, pool, and state-of-the-art gym equipment all in one location. I’ve put this approach at the forefront of my own investments and business model. It’s a trend that I see leading the way in a post-pandemic world.
We live in a technologically advanced era. All areas of technology are growing at a rapid rate, making remote work easier than ever. The pandemic has showcased the need to adapt to remote working culture, and the rising interest of people in the live-work model.
As we think about our nation’s recovery, it is important to highlight the value of encouraging entrepreneurs to achieve their dreams. This has long been my personal objective – to giving back to the community. Like many investors, I enjoy supporting and sharing my resources with up-and-coming entrepreneurs. I see value in investing in locally made brands and startups as the path forward toward national recovery and growth. Few entrepreneurs have sufficient resources and connections starting out. A live-work environment can create a place to network and connect with professionals with similar values and goals.
For tenants, a live-work space is the opportunity to improve work/life balance by establishing clearly defined areas to separate work and home. It reduces commuting times and the costs of multiple locations, as well as other costs like gas, childcare, and gym memberships. For property owners, investors and developers, it opens an opportunity to attract tenants looking for a mix of residential and commercial offerings with coffee shops, spas, local stores, and restaurants onsite.
The COVID19 pandemic made it clear this year that the way we envision our spaces needs to adapt. More and more people were faced with tough decisions about how to transform their homes or living spaces into areas that could serve dual purposes- dining table as conference room, guest room as office, garage as gym, and so on. Others were left with making do with whatever space they had- or didn’t have.
While there are cases in early history across all cultures where the live-work model was common, it almost disappeared in the US for several decades. In fact, in some places- such as New York City and Los Angeles- working from home, or living at work became illegal. It wasn’t until the late 1970s, early 1980s when the laws began to change. Even today, zoning permits still won’t always allow for this set up.
Overall, the pandemic has forced a large percentage of working professionals to work from home. Many have realized a remote live/work setup could be a better long-term option for their lifestyle. I believe the idea of working from home more permanently will continue gain in popularity in a post-pandemic world, especially among the younger tech savvy generation.