Hines's Fenton project in North Carolina's Research Triangle was one of the biggest LWP projects opened this year.
Let’s just state the obvious: no one likes commuting. It’s draining on our time, wallets, and psyche.
It’s no wonder, then, that a study by CoworkingCafe shows that an all-time high in live-work-play (LWP) construction was set in 2022, with 72 developments being completed or close to completion this year.
The research shows that 512 LWP communities were built across the United States between 2012-2022, and another 101 are set to open over the next two years. Furthermore, three-quarters of the LWP properties built in the last 10 years have class A ratings, denoting higher quality, modern amenities and new technology for their inhabitants.
Coworking made its way into 90 live-work-play developments between 2012 and 2023, catering to the rising demand for convenient and flexible workspaces.
Retail—often referred to as “amenities” in these generally upmarket developments-—makes up an average of 15% of the LWP center space. Multifamily residential is the biggest space-holder at 47%; offices take up the remaining 38% of total square footage.
“LWP apartments present a unique opportunity to blend accessibility with desirable living experiences, world-class amenities, communal green spaces and exciting restaurant, retail, and entertainment options,” said Doug Ressler, business intelligence manager at Yardi Matrix.
- In 2023, New York City will have a total of 50 such projects, five of which also include coworking spaces. Construction of LWP spaces throughout the last decade was constant, with slight peaks in 2018 and 2020.
- Twenty projects were built or will be built between 2013 and 2024 in Philadelphia, with the highest number (4) completed in 2019. There is a balanced distribution in square footage between multifamily and office space, at 43% and 48%, respectively.
- Miami takes the third spot with 17 LWP developments between 2012-2023. COVID seemed to have amplified the popularity of the LWP concept, as five such constructions were finalized there in 2022 and four more are in the works for 2023.
The top 10 cities with the most live-work-play developments are: