Combining Housing with Co-Working Spaces: A Win-Win for Multifamily Communities.

In a competitive market, multifamily communities are consistently looking for ways to compete for market share. These days, combining housing and employment trends might just be the ticket for apartment communities.

43% of employed Americans work remotely at least part of the time. That figure is up 4% since 2012. The statistics get really interesting when you look deeper into the trends. During the same time period, from 2012-2016, the percent of those that reported working from home one day or less shrank by almost 10%, while those that reported working remotely 4-5 days per week grew by 7%.  With rising numbers of people working from home, there is an increasing need for alternatives to the traditional office setting. 

Many are choosing co-working spaces over a designated home office. People are seeking inspiring, brightly lit spaces filled with other like-minded people over solitude of their dining room table or an over-crowded coffee shop. Popular co-working spaces like Impact HUB in Boulder,  WeWork in Denver and Thrive (pictured) offer amenities that attract and retain members that otherwise might maintain a home office. Super fast Internet, business-class printers, complimentary coffee and tea and private phone booths combine the comforts of working from home with the benefits of the company office.

In the Denver Metro area, people pay an average of $200-300/month for a membership or “spot” in a co-working space.  A designated desk or office in one of these locations can range between $450-895/month. 

Can apartment complexes and multifamily developments capitalize on this new trend? Chris Tolar, President of Stonebridge Builders in Denver, CO thinks so. Tolar says, “Communities are looking at their common areas differently these days.  They’re no longer simply a shared space to have a networking event or birthday party, but they are potential opportunities to generate revenue. At Stonebridge, we are getting more requests to not only update the aesthetics, but also to design and build functional spaces that allow people to get work done.”

Given the ever-increasing numbers of people working remotely, multifamily communities can benefit greatly from the renovation or remodel of an existing common area into a functional co-working space.  Building common areas that allow people to effectively work from home without dedicating any of their living space to a home office can justify increases in monthly lease rates of$150-300 at a minimum.  

To design and renovate common areas for greater functionality and increased revenue, contact Stonebridge Builders for a consultation.

Design Trends in Multifamily Living- Spaces that Build Community

The new generation of renter is looking for amenities that extend beyond their own apartment and into shared and common spaces. What does this mean for the Multi-family industry? To keep units filled, multifamily properties need to respond to this new demand and keep “community” in mind when renovating existing spaces and designing new ones.

To meet these new demands, common use amenities like lobbies, laundry rooms and recreational areas should be designed for multi-use and to encourage community connectivity. For example, a space that serves as a leasing office by day that can be converted to a shared common room after hours. This space should have lightweight and easy to move furniture that residents can arrange for small gatherings or large events for many people. In designing these multi-use spaces, materials should be chosen with durability as a priority. Fabrics and floor coverings need to hold up to greater wear and tear without looking worn or used.

 Real estate start up Common, has taken the concept of providing amenities intended to build a greater sense of community in multifamily living to an entirely new level by creating Coliving “homes, ” a shared-living concept similar to boarding houses popular in cities during the Industrial Revolution and the early 20th century.  Co-living offers residents reduced rents in desirable, typically high cost, urban areas for a substantially reduced monthly rate. The monthly rent gets residents a bedroom, not an individual apartment. For many residents, common living rooms and kitchens and shared baths are the trade-offs for otherwise unaffordable rent. However, for others, this isn’t a trade-off, it’s a choice for a unique lifestyle and culture and the reduced rent is an additional bonus.

The biggest challenge with creating Coliving spaces is convincing developers to design buildings for this concept and purpose. The floor plans aren’t consistent with traditional multifamily properties. Sterling Jawitz, the head of real estate strategic partnerships at Common says “When we design our projects and work with developers from the beginning, whether it’s a ground-up development or rehab or adaptive reuse, we try to be very cognizant and respectful of the fact that we’re asking them to build something that is maybe not as typical as you would see in the market with studio and one- or two-bedroom units.”

Given Denver’s housing shortage and extremely tight rental market, maybe it’s time for developers to take a risk and consider creating spaces that offer renters seeking a different housing culture a place to create this new type of community?

At the very least, multifamily properties should consider using a local company like Denver’s Stonebridge Builders, to design, remodel and/or renovate existing common areas for greater flexibility, multiple-uses and to appeal to the new renter looking for amenities that extend beyond the 4 walls of their own individual unit. 

Stonebridge's Work is Nominated in 2011 Tributes Awards

Stonebridge Builders is pleased to announce that its work has been included in the finalists for November 2011's Tribute Awards.  The "Tributes" awards are held every three years, and coordinated by the Apartment Association of Metro Denver.  There are various categories of award, and Stonebridge Builders is proud that its work has been included as finalists in the following categories:

1. Bluffs at Highlands Ranch - Most Outstanding Renovated Community

2. Fairways at Raccoon Creek - Most Outstanding Renovated Community

3. Bella Terra - Most Captivating Clubhouse

4. Hearthstone - Most Captivating Clubhouse

5. Horizons at Rock Creek - Most Captivating Clubhouse

We are excited to see the results of this year's ceremony, and are proud for our work to be included amongst these impressive nominated communities.

What a Difference a Great Design Can Make!

Stonebridge Builders is proud to announce its recent completion of a Broomfield Apartment Clubhouse Renovation.  Taking direction from the talented Spire Design team's designs, Stonebridge completed this clubhouse remodel in just a few weeks resulting in limited downtime for the apartment community's tenants.  Spire Design, located in Greenwood Village, Colorado, was founded by the Principals Kim Reinke and Christina Fritschel.

Thank you to "Super Dave" Hanson, Stonebridge's Project Manager Extraordinaire for managing this project in a timely and professional manner.   Thank you also to the Spire Design team for their wonderful collaboration.

Top photo is the computer center before our renovation and after is the cyber cafe.