The Rise of #RESIMERCIAL
Caleb Parker
CEO at Brave Corp | Maximizing Office Asset Values | Repositioning Office Real Estate | Award-Winning Podcast Host | Subscribe to my newsletter/podcast at the link below????
Co-working and Co-Living, Co-existing?
Season 2, Episode 9 of the #WorkBold podcast...
"Commercial real estate developers can learn a lot from the residential and hospitality world as it shifts from product to service"
Award winning Architect turned property developer, Martin Prince-Parrott from Blackswan Property, a Birmingham, England residential property developer, joins Bold Founder, Caleb Parker, to discuss the work from home (#WFH) movement and what it could mean for existing and emerging residential assets.
The lines between work and life have long been blurred and now we’re going to see a blurring of the lines between the workplace and the home.
Martin shares his insights into how the world of residential real estate is responding.
Get ready for a new hashtag, because Martin believes we’re going to see the rise of #Resimercial: a Space-as-a-Service solution that’s a blend of work and home where people join like a gym with the flexibility to move from city to city within the network and access with their mobile phone.
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Value Bombs and tweetables
- Center of gravity in people's lives has shifted from work and central business districts to their homes.
- Generic office space providers and businesses must now compete with the already customised homes of workers
- In response residential must now accommodate work functions and expectations; space, light, connectivity
- Remote working is creating opportunities for co-living brands in residential real estate as people are placing more emphasis on selecting homes in which they can live and work comfortably
- Co-living is the purest manifestation of Space-as-a-Service in the residential real estate
- Commercial real estate developers can learn a lot from the residential and hospitality world as it shifts from product to service
- Brand is important in co-living as it is a proxy for value and experience
- The co-living model creates a network effect where customers can move across locations or cities and have the same customer experience, thereby extending the lifetime value of a customer
- Co-Living brands which listen to their members will be able to improve and refine each successive development by leveraging their customer feedback data, the process will be iterative
- Smart Residential developers will start to partner with Space-as-a-Service operators to manage amenities, such as workspaces, and build communities
- Some co-living brands will partner with Space-as-a-Service operators to manage the workspace component of the co-living stack
- We’re going to see the rise of #Resimercial - a Space-as-a-Service solution where people join, much like a gym, and it’s a blend of work and home with the flexibility to move from city to city, space to space within the eco-system and it will all be fully accessible via smart phones.
Resources and shout outs
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About Martin Prince-Parrott, FRSA RIBA
Martin is an award-winning Architect and Design Manager for the innovative mixed-use Developer, Blackswan Property. After almost a decade in architectural practice Martin was driven into Property Development by the realisation that the seed of an amazing place is planted at the beginning of the development process, not the design process.
Martin’s education started in Sheffield, where he attained a BSc in Architecture & Sustainable Design before returning to the University of Nottingham to pursue his postgraduate.
At Nottingham Martin’s studies focused on sustainable development, data driven eco design, advanced timber construction and passivhaus skyscrapers. His design work earned him 2 design awards and a feature in the Architect’s Journal.
After graduation Martin returned to the West Midlands, joining award-winning firms like Glenn Howells Architects and Gensler.
Martin’s two biggest passions are healthy cities and inclusivity. In 2019 his work on large, innovative urban projects and advocacy for these ideas earned him local and national recognition. Locally he was chosen as a finalist for the prestigious, Birmingham Young Professional of Year Award and nationally he was recognised by PropertyWeek as a Trailblazer in the Residential development space.
Additional Experience: Martin has served as Chair of the BPS (Birmingham Professional Services) Property & Infrastructure Committee, speaks at conferences and on panels about cities, is a visiting architecture tutor, volunteers as a Trustee of The National Youth Recorder Orchestra and is currently writing a book on how we can make cities healthier. His hope is that one day cities will be such joyful, accessible and healthy places that people will choose to raise their families there.
Martin is a Chartered member of the RIBA, Fellow of the Royal Society of Arts, a member of the Association of Corporate Governance Professionals, a member of the ULI and BPS Birmingham Future.
Caleb & Martin at Waterloo Station in London
If you have any questions or feedback on this episode, email [email protected]
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