Importance of Shared Spaces in Modern Residential Developments

Modern residential developments are evolving at a fast pace as property trends ebb and flow: from rooftop running tracks, upscale restaurants and state-of-the-art cinemas all being included in the same complex, it’s easy to see the appeal of properties that can offer so much more than just a place to eat and sleep! At Virtu, we work alongside many residents and managers at their residential developments to help them make the most of their shared spaces, which is why today we’re delving into the importance of communal spaces in modern properties:

What Is A Shared Space In Modern Residential Developments?

Shared spaces may comprise of communal gardens, recreation rooms, gymnasiums, communal kitchens, cinemas, bars, restaurants, or any other part of a residential facility that is accessible to multiple residents at the same time.

Cost vs Return

Shared spaces, especially if they are well-maintained and accessible to residents, can be fantastic ways to boost the appeal, yields and returns on your development. Research on shared space in close proximity to modern housing developments has proven that the value of properties in the vicinity of well-maintained green spaces soars. The Office for National Statistics has estimated that units which are 100 meters or fewer away from public green spaces can fetch £2,500 more when compared to their more distant counterparts. What’s more, this research was carried out prior to the coronavirus pandemic – since then, our collective appreciation for the value of communal space, interaction and green spaces for our mental and physical wellbeing has soared, which makes these spaces even more impactful now in 2022.

Shared space is also a fantastic way for developers to add value to their properties by taking advantage of recent property trends, which see an escalating desire for more square footage. Shared space in modern developments creates the impression that residents, purchasers and tenants are getting more for their money by having access to a range of amenities that could save them money and time in the long run: with a café, restaurant and gymnasium on your doorstep, it’s simpler than ever to have everything you need at your fingertips! But what drives the appeal of shared spaces, and why are they important to those that use them?

Benefits of Shared Spaces

Building A Community

A recent study which examined the value of shared spaces in a Helsinki neighbourhood has deduced that communal areas can foster a sense of community which not only results in better wellbeing for residents, but a feeling of satisfaction which results in longer tenancies and fewer complaints. Friendships and bonds between residents are fostered when shared spaces are readily available and can transform modern housing developments from bricks and mortar into truly welcoming communities.

Resident Satisfaction

According to the Knight Frank Tenant Survey of 2019, shared spaces were a top priority for most tenants. Communal facilities which encouraged social interaction such as roof gardens, communal lounges, coffee shops and co-working spaces all ranked highly for tenants in the survey, regardless of their age group or size of their family unit. This is likely because all social groups can benefit from a form of shared space in their housing development: older residents may enjoy the community-driven aspect of shared spaces, families may enjoy access to well-maintained communal gardens for their children and pets, and working professionals may enjoy the convenience of having an on-site gym or coffee shop to spend their downtime.

Cost Of Living

Although we hate to mention the current cost of living crisis, it’s evident that shared spaces in modern housing developments can provide methods to not only escape the stresses associated with our home environment, but also save electricity and water costs. It may be more cost-effective to spend your time utilizing shared gymnasium equipment, for example, or using the grounds of your building development as a base from which to exercise, rather than staying at home and doing so there. Working from communal seating areas, co-working spaces or lobbies also offers a form of respite from sitting at your desk, and not only offers an opportunity for social interaction, but can help cut energy bills by leaving your property, turning off the lights and saving on electricity costs.

Increased Flexibility

Shared spaces grant residents an opportunity to deconstruct barriers and socialise in a safe space which is in close proximity to their home, with each shared space having multiple functions to help people go about their daily lives. Lobbies and cafes become places to meet with friends and colleagues, or work in an environment that differs from simply being slumped on your sofa with your laptop. We’re also starting to see the trend of fluid spaces emerge, that transform private areas into communal ones with one movement – private gymnasiums can become communal fitness facilities with the slide of a door panel. These initiatives that seek to implement greater flexibility into modern housing developments make the future of shared spaces exciting and bright, not to mention lucrative for developers.

How Can Virtu Help You Maximise The Value Of Your Shared Spaces?

At Virtu, we have a track record of helping developments enhance their shared space in order to make your residents feel catered to, boost the value of your development, and make your units more desirable.  After all, having communal gyms, meeting rooms and cinemas is a wonderful asset to your development, but they need maintaining to retain their value to your residents and stay in use!

Virtu offer comprehensive maintenance packages to keep your shared spaces in their best shape: whether you require anti-covid fogging in communal kitchen spaces, a deep clean of your gym facilities, or your communal gardens require seasonal maintenance, we’re here to help! Our services are trusted by developers and residents alike, and we provide you with a service that doesn’t just solve your short-term problems, but creates long-term solutions that make your modern residential development a fantastic place to live.

For more information on the difference Virtu can make to your shared spaces, contact us using the form below:

Contact Us

  • This field is for validation purposes and should be left unchanged.