Live/Work/Play Communities and Why They're Perfect for Your CRE

If Disneyland had a counterpart for adults, it very well may be a Live/work/play community. Let’s just say: They have everything. From bars and restaurants to hiking trails near your office, these self-contained communities give citizens every outlet imaginable to build and enjoy their lifestyle. 

The number of these developments has quadrupled in recent years, so if you haven’t learned about these idealistic neighborhoods, you will soon. They’re becoming a popular solution to kill two birds with one stone: the grossly under-occupied office space levels and the lack of affordable, safe housing in prime communities. 

So, read on to learn more about Live/work/play communities, where they’re taking place, and why they are a match made in heaven for corporate tenants looking to lay down roots. 

Work Hard Play Hard? 

Maybe more like live easy work easy play easy. 

The concept is simple (and given away in the name). Live/work/ play communities are based around the idea that one need not leave an area to enjoy all that it has to offer - with housing, office complexes, shopping, recreation and amenities within a singular neighborhood. Let’s go a bit deeper to understand how they work:  

Live

These communities are built to accommodate the housing needs of any member. From apartments and condos to single and multi-family residences, anyone can find a comfortable place to live in close proximity to the other needs of their schedules.  

Live/work/play community, source Upper East River 

Live/ work/ plays usually lure in young professionals and families due to their affordable housing and community-driven lifestyle. Then on top of those perks, they don’t need to travel far for work. It’s easy to see how those living here can become comfortable in their lives and routines quickly. 

Work

Commonly live/work/play communities prosper because those who live there work within the boundaries. It’s common to see offices and facilities that are suitable for white collar work throughout these communities. 

In an age where workplace flexibility is still a top priority among job searchers, convenient and premium corporate locations are all the more important. This is especially true if your business seeks to encourage in-person collaboration. Do you think your employees are more likely to return to corporate spaces if they have to walk down the block or commute multiple hours by public transport both ways every day? Learn how to Use Your CRE to Become a More Competitive Recruiter in the War for Talent. 

Live/work/play communities are usually built around multi-use developments. This means it’s not uncommon to see work, retail, housing, etc. in the same building. As one would imagine, a lifestyle of this regard is characterized by ease. 

Employees no longer have to deal with the headaches of public transportation or even long, traffic-plagued drives. Your team is free to walk, bike, scooter (or even skip) to work freely. Okay, maybe not, but that’s how easy (and pleasant) it can be in these communities. 

If you're a corporate tenant looking for office space in one of these communities (or really any market), learn how to find the best space for the best price in the course below. 

Play

These neighborhoods are self-containing entities. Those who live in them have access to fine restaurants and bars, hotels, shopping, parks, etc. without having to get in their car. Funds are put back into local economies, creating a cycle of growth.  

Homes are often even built closer to parks, natural trails, or entertainment centers. Convenience is the name of the game here. There’s no good excuse to not have a good time. For example, Hillwood Communities which won the 2022 Developer of the Year Reward explained how the layout of their live/work/plays are centered around comfortable community engagement,

“Walkways, gathering places, and amenities are all built to foster spontaneous encounters, creating a foundation of long-lasting friendships built with shared interests and common values in mind.”

Aerial view of a section of the Hillwood Live/work/play in Texas

Often, these communities are built in with CCTV cameras or security systems. They are traditionally safe, so locals usually need not worry about their safety when they roam the amenities.

The Corporate Allure of Live Work Play

Businesses are so attracted to Live work play communities because of the quality of life earned the external amenities. Everything should be available within a convenient distance to the office from lunch spots and cafes to dry cleaners and retail. Such a bustling environment breeds community engagement, encouraging employees to want to come to work.

Sugarland, Texas is a prime example of a Live/work/play. 

In an age where companies are struggling with occupancy rates, the corporate real estate is all the more important. If employees are reluctant to return to your offices, ask yourself these questions:

• Is it in a crowded city central or CBD, only reachable by public transportation?
• Is it in a remote location, sequestered from local amenities? 
• How close is your office for your employees’ commutes? 

These questions are just examples, but they should stress why Live/work/plays make so much sense for companies looking for premier commercial real estate. They are local, manageable communities that should provide citizens every outlet they need. 

According to Upper East River, they bring to the table the strongest benefits of both suburbia and urban living, “While they do indeed prove a thriving place for small businesses and experiential entertainment and dining, mixed-use communities are not meant to mimic city living. Nor do they quite fit into the suburban category. They offer a new possibility that lies in between.”

Where and Why We’re Seeing Live-Work-Play   

Walkable communities have been proven to provide many benefits for the people that live in them. Inhabitants can share ideas and connect easily with like-minded people while also reaping

the mental-health perks of such a layout,

Multiple studies have proven that those living in walkable communities report to be generally happier and more satisfied with life, while experiencing less loneliness. (And this is nothing new).

Think of European cities or college campuses. They’re laid out so that populations have every needed feature imaginable (and more) at their fingertips. It’s also not too different from the mentality behind Big Tech campuses.

Mountain View, California is home the headquarters of many of the world's largest technology companies.

The number of Live-work-play apartments has quadrupled in the last decade. The most mixed-use developments are being constructed in:  

·      Los Angeles  

·      Miami  

·      Chicago  

·      Washington D.C.  

·      Jersey City 

·      Seattle  

Why Live/ Work/ Play Pays Off

Historically, the live/work/play community has been extremely successful for developers. As discussed, the design of these neighborhoods is conducive to laying down roots. Therefore, more loyalty and potential longevity are usually garnered for tenants. 

The multiple housing types also serve to accommodate anyone from young single professionals to families (and beyond). And since those young singles are in communities designed to have everything and prosper connections, it’s not unlikely that in several years they may trade their initial condo for a house with a yard. 

From another standpoint, live/work/play communities are a strong solution to the growing issue surrounding office demand. Since the pandemic, most companies have downgraded their office space. As a result, many offices are either sitting empty or severely underutilized. Corporate parks that hold these buildings are becoming ghost towns and as municipalities race to make improvements. Conversions are gradually becoming the answer. 

Converting traditionally CRE-dominant markets to live/work/play developments shows promise to revive the areas left to die from the Office Apocalypse. 

Is Live/ Work /Play the Future? 

These communities obviously carry tremendous benefits for developers, businesses, and their citizens. They are also gradually becoming more commonly seen as a solution to the hundreds of thousands of square feet of empty office space in the country. But are they the future? Only time will tell.

Still, it’s hard to knock the quality of life in these neighborhoods. 

As True Tenant Reps™ at iOptimize Realty®, we have seen firsthand how alluring live/work/play communities can be. Our own corporate clients have been absorbed by the charm and lifestyle of these areas and have chosen to lay down roots for their CRE. We can help you do the same. So, whether you’re curious about the benefits of such a community or looking to relocate, we can help you make the best decisions for your corporate real estate. 

Learn how find your best office space for the lowest price today in the free course. 

Click Here to Begin Your Journey and talk to a True Tenant Rep™ today, It’s Easier Than You Think to Save Millions with iOptimize Realty®