The popularity of the shared economy particularly among Millennials and Gen Z’s is having a disruptive effect on the traditional Temporary Accommodation Services industry. A part of our role as the supply chain management team is ensuring that we remain ahead of the curve and in addition to the traditional partner, we are looking to engage with partners that are leading the innovative charge to better meet the requirements of these new generation of assignees.
Coliving isn’t a new concept but it is increasingly popular amongst young professionals who crave the comfort of community while enjoying the opportunities for collaboration that come with it. It is particularly popular in cities where housing is costly and limited as it provides an amenity based alternative to individual apartments while capitalizing on the principles of Quality, Convenience and Community. There is emphasis on the positive social and environmental impact of the shared economy housing model with a high expectation for Coliving to be as ubiquitous as Coworking in the near future. In fact, most Coliving developments have designated spaces for Coworking. It is no surprise that the Coworking titan, WeWork, recently opened 2 locations under the shared living brand WeLive and are looking at expansion with another location planned for 2020. Companies are eager to develop this business opportunity and are experimenting with the format to attract customers from different markets.
To meet potential demand for these services we have on boarded Coliving providers as Temporary Housing Service partners:
- Bungalow, servicing a number of major cities in the United States, as well as Dublin, Ireland;
- Cove in Singapore
- LifeX, a Copenhagen based provider with properties already in a number of European cities such as Berlin but with ambitious expansion plans.
It is important that we continue to provide our Clients with innovative solutions and remain ahead of the curve with our partner options. There are new positive developments in the Coliving sector that prove the Coliving idea is here to stay. For example The Collective, a major Coliving provider in London, has launched a funding partnership with DTZ Investment to invest £1 billion pounds of institutional capital in the Coliving market in London over 10 years. There will be regular updates on this and other innovations that can add value to the services we offer our clients. We welcome input from all Crown Colleagues regarding potential partners and companies in your region offering innovative services or that would be a good fit for Crown.