The Rise of Live-Work Office Space

live-work balanceCoworking space has been on the rise, and now it is going a step further with live-work office space. Some luxury apartment and condo companies have caught on to the coworking trend and are now incorporating communal working spaces as one of their residential amenities. Some even pursue a business venture of turning condo units into coworking spaces. This can be a good path if you get a condo unit for less, like these new condos around Toronto that would be great as an investment or a business.

Chron states, “The live-work unit is actually an old idea that has been modernized to meet the needs of entrepreneurs, small businesses and professionals.” The old setups are the familiar home, apartment, or condo sitting above a storefront or commercial space.

Live-work Office Space Benefits

Cost savings – Workers can easily return home instead of purchasing meals out, and they are not spending on gas for their commute.

Time savings – Time is not spent commuting to and from an office.

Flexibility – Flexibility of working hours to better allow for a work-life balance that has become so important in the workplace.

It merges these benefits with the changing face of modern workers who are entrepreneurs, freelancers, and remote workers. But it is also for the traditional worker who has an office space away from home. According to a Gallup survey, 43% of American workers spend some time working remotely. It also meets the strong desire for community that is often seen with the newer generation in the workforce.

These spaces look different than what you see in, for example, a hotel’s business suite with a conference room. These spaces are being designed to appeal to the modern worker. The New York Times describes these workspaces as having “the vibe of trendy start-ups with computer bars, comfortable seating and coffee stations.”

Today’s worker now has the option of the live-work space. They can enjoy the benefits of coworking space but only a few steps away.

If you are looking for office space, please contact us, and we can help you find what you need.