8 Property trends for co-living and working spaces in 2023

As we begin to look through the rear-view mirror at the COVID-19 pandemic, a new world of property order has arisen, and with it, new trends have emerged.

The industry has witnessed an unprecedented structural change to the entire brick-and-mortar sector, and as consumption patterns continue to evolve in the dawn of this new era, several trends are changing the property landscape in 2023. Below are eight such trends:

1. Hybrid Work Arrangements:
   The pandemic has reshaped the way we work, with remote work becoming the norm. This trend is likely to continue, as many companies adopt hybrid work models that allow employees to work from home some days and in the office on others. This has led to increased demand for co-living spaces catering to remote workers, like Neighbourgood and Common Living in the US, among others.

2. Sustainability:
   Environmental sustainability is becoming increasingly important, and this is likely to be reflected in co-living and working spaces. We can expect to see more eco-friendly and sustainable spaces incorporating green technology and practices in their everyday operations.

3. Wellness:
   Mental and physical wellness are essential aspects of modern living. Co-living and working spaces prioritising wellness will be on the rise, with amenities such as yoga studios, meditation spaces, and healthy food options becoming more common.

4. Technology:
   Technology is driving innovation in the co-living and working industry, and this trend is likely to continue. Co-living and working spaces will increasingly incorporate smart technology to make living easier and more convenient.

5. Community:
   Co-living, in particular, is all about community, and this trend is likely to continue in 2023. We can expect to see more co-living spaces focusing on building strong, supportive communities through shared spaces and events

6. A Move to Lifestyle Cities:
   As a result of remote and hybrid work policies across global companies, we see a large proportion of the working population, especially in the Gen Z and Millennial segment, moving to lifestyle cities that present both value for money and experience qualities. In South Africa, for example, we are witnessing semi-migration from cities like Johannesburg to Cape Town as people seek to improve their quality of life.

7. Flexible Living Themes:
   The pandemic has changed the way we live and work, and this trend is likely to continue. Properties offering flexible living arrangements that can be adapted for remote work, entertainment, or fitness activities are likely to be popular.

8. The Rise of the Property Brand:
   As property development and rental housing (and physical space across industries) becomes more competitive, the trend of real estate developers and property management companies creating strong and recognisable brands for their properties and companies will become more prevalent. Property companies will look for ways to differentiate themselves from others to attract both buyers and tenants.

Interestingly, all of these trends are driven by consumer demand for physical space and the ways in which we are changing how we live, work, and interact socially.

As people, we seek new, sustainable ways of living and working that cater to the modern lifestyle we all desire – a lifestyle that values experience over material things and a connected world as transient and flexible as the lives we live.

The real estate we occupy should be no different.