In a massive lift for the embattled sector, Gravity Co-living, one of Europe’s leading co-living property companies, has unveiled two new major complexes in the heart of London.
The openings come alongside some major investment announcements, the new sites will triple the size of Gravity’s portfolio and represent part of an ambitious full nationwide plan.
Gravity Co-living CEO Riccardo Tessaro told ABC Money that two hundred new units were in the pipeline for London over the next year alone.
The company has already doubled their head count during lockdown.
“This is a massively exciting time for the sector, co-living is seeing a huge surge in popularity across Europe,” he said.
“We are proud to invest in the UK and play our part in helping the economy roar back into action.”
The company is working with strategic real estate partners in Paris, Barcelona and London on a global network of co-living spaces in major business hubs.
The new investments come on the back of impressive economic figures in the co-living industry.
“We have a 242% annual run-rate increase,” said Riccardo Tessaro. “There is a sharp increase in demand from freelancers and businesses wanting to provide a healthy and productive environment for their employees working remotely.”
The benefits of co-living are underscored by the record levels of loneliness reported in the capital amid the pandemic.
Every Gravity Co-living member has their own private space with access to wider social interaction on a daily basis, instant messaging with other members on the Gravity app, and curated weekly fitness and professional events.
Millennials are also reportedly increasingly seeking more flexible contracts.
Tenants in Gravity Co-living properties can stay as little as two months, although the average stay of members is 6 months. A co-living environment can also foster an entrepreneurial spirit, a mix of young professionals brings access to knowledge, skills and an expert network.
JLL, a world leader in real estate services, revealed that the pandemic has fuelled a demand for higher standards in the sector.
“There will be increased expectations on quality standards and management structures,” said JLL co-living head, Richard Lustigman.
“Irrespective of Covid-19, this is something we all want to ensure.”
Gravity Co-living offers regular professional cleaning services, wifi, utilities, council tax, fully furnished rooms, linen and weekly events, all included in one easy-to-pay bill.
Situated just ten minutes from central London, the company’s new Camden Lock complex opened this week.
The new Camden Town London complex will open its doors this month, October 26th is the move-in date for tenants.