I recently attended a session on “How Does Nomadism Shape the Demand for Modern Real Estate & Hospitality?” during the Coliving Conference 2024. I took down some notes and then spent some time on them to write my thoughts on the topic. The panel was moderated by Anna Maria Kochanska, founder of the Remote Impact, and the panelists were Nach from Repeople, Enric from Circle House, Juan from DRIM, and Fredric from COCO Community.
As the coliving industry evolves and continues to expand, there’s a growing need to understand the intricate dynamics shaping this innovative sector. The panel experts shared invaluable insights on the future of coliving, digital nomadism, and the real estate industry’s transformation to meet the needs of remote workers and modern travelers.
This note dives deep into those discussions, offering actionable takeaways for anyone interested in the future of coliving and shared living spaces.
1. Coliving as Destination Marketing: How Spaces Drive Tourism and Economic Growth
- One of the speakers, Nacho Rodriguez, founder and CEO of RePeople, emphasized how coliving can serve as a powerful tool for destination marketing. Based in the Canary Islands, RePeople manages six coliving locations that attract digital nomads and remote workers. By creating coliving spaces that integrate work, living, and community, they not only provide a seamless experience for remote workers but also promote the destination itself.
- In fact, the Canary Islands have leveraged their natural appeal—beautiful weather and a tax-friendly environment—to transition from a traditional tourism hub to a destination for the knowledge economy. According to Nacho, 16 million tourists visit the Canary Islands annually, and the coliving model is helping to diversify the region’s economy by attracting digital talent and connecting them with local companies.
- Goncalo Hall has worked with the government in Portugal to help create a digital nomad economy of $50 million+ in a span of a few years. The right policies and infrastructure attract the right talent, which in turn boosts the local economy. A lot of them and entrepreneurs start their ventures, which further create job opportunities and revenue-making opportunities for the local economy.
Takeaway: Coliving spaces can be more than just places to live and work. When designed with intention, they can play a pivotal role in destination marketing, transforming locations from tourism-heavy economies to hubs for innovation and talent.
2. The Role of Community in Coliving: Knowledge Sharing as the New Amenity
- Frederick Geoffrois, CEO of Coco Community in Paris, France, highlighted a key trend in coliving: the importance of fostering community through knowledge sharing. While many coliving spaces emphasize the sense of belonging, Frederick’s approach is more intentional.
- Every resident at Coco Community is expected to contribute to the knowledge pool by giving a “Coco Talk,” similar to a TED Talk. This exchange of ideas creates a vibrant environment where digital nomads, artists, and business professionals can learn from each other, network, and help businesses grow.
- By curating a community of talented individuals, Coco Community goes beyond offering a space to live; it provides a platform for intellectual exchange and collaboration. This approach to coliving attracts individuals who not only seek a place to stay but also desire to connect and grow professionally and personally.
- I recently wrote about "How to build great coliving communities?" that you can read here.
- There are three types of communities that exist, in my opinion and you can have a community that is a combination of one or all of these communities.
- Community, which helps you feel at home
- Community, which helps you learn and grow
- Community, which helps you collaborate
Takeaway: Coliving spaces that foster knowledge sharing and collaboration add immense value to their residents’ experience. As the industry grows, curating communities around shared values, professions, or interests will become key differentiators.
3. Balancing Coliving and Local Housing Markets: A Delicate Dance
- Enric Sole from Circles House in Barcelona raised an important point about the potential negative impact of coliving on local housing markets. With rising housing costs and limited rental stock, digital nomads are sometimes seen as contributing to gentrification and displacement. However, Enric and other panelists suggested that coliving operators can mitigate these issues by selecting locations that are not in high-pressure areas and integrating coliving residents with the local community.
- In Barcelona, where housing prices have surged due to tourism, Enric’s Circles House offers a solution by locating their coliving space outside the city’s most tourist-heavy areas. This allows for a more harmonious integration of digital nomads and locals, reducing friction and fostering a positive relationship between the two groups.
- Recently, Lisbon rolled back its golden visa as the influx of the nomads led to increase in the cost of living and housing crisis. We cannot work on extremes, we need to find balance and make sure that the local ecosystem is not abused.
Takeaway: As coliving expands, it’s essential for operators to be mindful of their impact on local communities. Strategic location selection and efforts to integrate residents with locals can help create a win-win scenario for both digital nomads and the cities they call home.
4. Hyper-Amenitization and the Future of Real Estate
- Juan Aramburo from Dream in Colombia provided an eye-opening look into how coliving is influencing broader trends in real estate. He spoke about “hyper-amenitization,” which refers to the growing demand for curated amenities that cater to residents’ work and lifestyle needs.
- In Medellín, Juan’s coliving space, Keen, blends workspaces, wellness facilities, and social areas into a single building, creating a live-work-play environment that resonates with modern remote workers.
- This trend toward hyper-amenitization is likely to spill over into multifamily housing developments. As more people seek a blend of convenience and community, real estate developers will need to adapt by offering more flexible spaces that cater to both long-term residents and transient digital nomads.
- Juan’s team has even begun integrating co-living concepts into traditional residential buildings, offering a hybrid solution that appeals to both markets.
- Learnings from the coliving business model has definitely started spilling over to the other, more established models. This blurs the line between BTR, PBSA, etc. and coliving. The next 10 years will define what frameworks these new asset models evolve into, but the crix of this trend is that community living is not going anywhere anytime soon.
Takeaway: Coliving operators who focus on providing high-quality amenities—such as coworking spaces, wellness centers, and communal social areas—will set themselves apart in an increasingly competitive market. Multifamily housing developers can also learn from this trend to create more flexible and community-oriented spaces.
5. Coliving’s Next Evolution: From Commodity to Niche Markets
- One of the most fascinating predictions came from Nacho Rodriguez, who suggested that coliving will eventually become a commodity. However, to remain competitive, operators will need to focus on niche markets and cater to specific communities or interests. For instance, coliving spaces for entrepreneurs, creatives, or wellness-focused individuals will attract people who want more than just a place to sleep—they want to be part of a community that aligns with their values.
- Frederick echoed this sentiment, noting that coliving spaces in cities like Paris must evolve to offer unique cultural experiences that allow residents to truly connect with the city and its inhabitants. Similarly, Juan’s Keen project in Medellín has successfully targeted digital nomads from the U.S., offering them an affordable and vibrant living experience that is difficult to find in their home cities.
Takeaway: The future of coliving lies in specialization. By creating spaces tailored to specific niches—whether based on profession, interests, or lifestyle—operators can build strong communities and foster deeper connections among residents.
6. Key Challenges: Seasonality and Occupancy Rates
- The panel also touched on the operational challenges of running coliving spaces, particularly with regard to seasonality and occupancy rates. For instance, cities like Paris and Barcelona experience fluctuations in demand, with lower occupancy during the winter months. To combat this, Frederick from Coco Community emphasized the importance of selective marketing and managing occupancy through careful pricing strategies.
- Enric added that in Barcelona, marketing efforts are focused on promoting the entrepreneurs who stay at Circles House. By highlighting their work and success, Circles House indirectly markets itself as a space for other entrepreneurs looking for an inspiring environment. This approach has helped maintain high occupancy rates even during slower seasons.
Takeaway: Occupancy management is crucial for coliving operators. Strategies such as selective marketing, pricing adjustments, and promoting the community rather than the space itself can help maintain high occupancy rates year-round.
🤔 Struggling with occupancy rates? Read How to Get Your First 100 Customers for Your Coliving Space for actionable tips on marketing and retention.
Final Thoughts
The insights shared at the Coliving Conference made one thing clear: coliving is not just a trend—it’s a fundamental shift in how people live, work, and connect. As remote work becomes more prevalent and digital nomadism grows, coliving spaces will continue to evolve, offering new opportunities for community building, real estate innovation, and economic development.
Whether you’re an operator, developer, or just someone interested in the future of living, there’s never been a more exciting time to explore the world of coliving.
────────────────────────────────────────────────────────────────────────
💡 Looking for a bright idea? Find your next lightbulb moment here.
🔗 Top Coliving Spaces in Barcelona, Spain – A look at successful coliving models in urban settings.
🔗 Legal and Regulatory Considerations in Coliving – Navigate the regulatory landscape to enhance your coliving operations.
🔗 How We Built a Coliving Space in Less Than 14 Days and How You Can Learn From It – Fast-track your knowledge with lessons from a rapid coliving project.