Whether we call it a flexible office, business centre or co-working, our re-looking at the way in which we work and occupy space is having a significant impact on real estate markets. Landlords and real estate companies are building their own co-working brands or partnering with existing ones. We will see more and more of these offerings as power shifts from the owner to the occupier.
If modern urban living is built on balancing life, work and play, then it’s good to know that Germany’s Medici Living Group is well on its way to becoming the WeWork of co-living in 2019. Having raised $1.4 billion for its European and US expansions, Medici will grow its current portfolio of 1800 rooms to more than 9000. Co-living meets the needs of millennials, the most important demographic group for the next decade . As the largest co-living provider in Europe and the US, Medici is now looking to enter new geographies.
Medici set out to match a physical real estate environment with the changing needs of a mobile, spontaneous, individualized millennial society with a “we”-culture. New and existing buildings are developed with efficient and intelligent layouts reducing construction costs and increasing potential investor yields. Add Medici’s management and environment technology and tenants benefit from what are effectively reduced living costs in locations where there is a scarcity of affordable living space. As long term lessee and operator, Medici provides the investor with stabilised rental income, eliminating those vacancy cycles inevitably associated with residential investment. The groups current portfolio of 1,800 rooms is 96% occupied.
Medici Living Group has two co-living brands, MEDICI LIVING (student co-living) and QUARTERS (co-living for young professionals) MEDICI LIVING is a professional flat-share provider. Fast and easy online booking with flat-rate pricing, suitable for students, trainees and interns for medium term occupation. The concept offers the ability to instantly book and move into a flat-share room in attractive international locations for flexible periods of time. With the rental contracts generated online, the entire process is tech driven, making residential living as easy as ever. Fully equipped housing communities can be booked via an online platform with just a few clicks.
QUARTERS is aimed at young professionals, entrepreneurs and millennials, offering a lifestyle based on community. Physical living space is matched with inclusion in a network of like-minded people and modern technology, all in comfortable, well located environments. “This new trend in living is not about a single room but about the whole experience.” With leases available for as little as three months and only a 30-day notice necessary to move out, QUARTERS offers flexibility for transient tenants. Once in the QUARTERS community, a resident can transfer to other QUARTERS locations. Needless to say that in addition to Private Quarter (sleeping spaces) facilities include well appointed common amenities , entertainment spaces,WiFi, the Quarters app, laundry services, a flat monthly fee (including all costs eliminating occupier surprises) and other innovations to simplify and eliminate the admin hassle normally associated with the occupation of your living space.
Philip Grace is the VP and Head of Global expansion at Medici Living Group. Philip would be interested in exploring the South African opportunity, his contact details:
Tel.: +44 (0) 7703 598