<p>&nbsp;</p><p>&nbsp;</p><p><i>This quickly evolving new London neighbourhood is set to come of age in 2021. Our latest research covers our five year forecast for this rapidly changing area, as almost 5,000 residential units have been completed over the past five years as well as retail, leisure and office space.</i></p><p><i>With 4,810 further units under construction currently and 8,105 units in the development pipeline, this will ensure the area continues to evolve and grow further over the next decade. Battersea Power Station itself will not only deliver around 250 residential units, but will also become Central London&rsquo;s third largest shopping destination. </i></p><p><i>We forecast a 19% sales price growth in the next five years. Once key transport facilities open including the Northern line extension in 2021, we anticipate a significant increase in rental levels as the area becomes far more appealing and accessible. For more insight into the residential market in Vauxhall, Nine Elms and Battersea, download the full report below:</i></p><p>&nbsp;</p><div style="margin:15px;"><a href="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1580301198/resi/gb/cms/Research/PDFs/20200114_Content_Nine_Elms_LD_r5_SCREEN_1.pdf" target="_blank"><button class="Button primary">Download Report</button></a>
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Vauxhall Nine Elms Battersea 2020

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<i>The Vauxhall Nine Elms Battersea area is the fastest changing neighbourhood in London&rsquo;s Zone 1.</i>

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<p>&ldquo;What&rsquo;s in a name?&rdquo; Those memorable words crafted by William Shakespeare some 400 years ago came to mind when we here at JLL got together to produce our guidance note on the sector. When it comes to defining coliving, irrespective of how it is spelt, the term does surprisingly little to help us distinguish what it actually is. But could that ambiguity be its greatest strength?</p><p>Perhaps coliving&rsquo;s equivocal nature in both name and physical form is just part of the broader trajectory of Living trends &ndash; that increasing interconnectedness of housing sectors and integration of mixed-use spaces in our urban centres.</p><p>After all, the future success of our cities will be measured by how liveable they are, for all inhabitants. If coliving is being sought, and provides an innovative, forward-thinking solution for certain groups at particular life stages, we should tread cautiously when it comes to over prescriptive policy. </p><p>In the UK and specifically in London we are gradually being instructed through the GLA&rsquo;s draft London Plan in Policy H18 on &ldquo;Shared Living&rdquo; as to what coliving means. As such, the second wave of coliving assets filtering through the planning pipeline are quite homogeneous in typology. Predominantly being delivered under a Sui Generis use-class, the format emerging is of non-self-contained studio units of approximately 18-25sqm with an additional 3-5sqm of communal amenity space per studio. There are of course variations within this. </p><p>However, here at JLL we&rsquo;re also working on numerous coliving opportunities that exist under different use-classes, including both C3 (residential) and C4 (houses of multiple occupancy) as well as C1 (hotel). And yet, moreover, when one starts to look at the sector broadly and globally, it is evident quite quickly that coliving displays far more heterogeneity than Policy H18 allows for. Legislation that protects occupiers and ensures quality standards is crucial, equally though, it is essential that policy makers recognise the ongoing transformation of modern lifestyles and how this applies to the 21<sup>st</sup> century city.</p><p>Without doubt, the variety and contrast, the sheer inability to be packaged and compartmentalised into an easily digestible definition is one of coliving&rsquo;s greatest strengths. In a world where the lines between Living assets are becoming increasingly intertwined, those businesses that are less fixated on traditional uses and more focused on designing living spaces that surpass the ever-increasing demands and changing needs of their customers, seem best placed to adapt, evolve and succeed.</p><p>Increasingly, the focus on those nonphysical characteristics are the elements which are becoming most synonymous with coliving: the customer-centric approach, the hospitality-led management, the design-led ethos, the disruptor-operator mindset. </p><p>The intersection of student, multifamily and hotels is where coliving seems to exist today. And yet it is distinguishing itself and crafting its own narrative through the operator platforms and the passionately entrepreneurial individuals who sit behind them, who understand and relate to shifting occupier trends.</p><p>Moreover, coliving is going to become increasingly relevant to how we will live tomorrow. From a philosophical, societal, environmental, technological and sustainable standpoint, it is the responsibility of us all to ensure we deliver solutions not just for occupiers today, but for future generations. Coliving should and can provide that roadmap.</p><p>As the sector becomes more institutional, this nonconformity may create additional challenges for investors looking to rationalise and underwrite opportunities. However, product diversity, innovation and evolution are essential components to ensuring long-term performance. What&rsquo;s more, this approach seems to sit well with those seeking both a defensive and diversifying strategy. Afterall, the notion that design-led customer-centric assets can cultivate community and create real social impact doesn&rsquo;t seem that controversial to me. Now whether you call that coliving &ndash; what&rsquo;s in a name?&nbsp;</p><img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/richard-lustigman.jpg?sfvrsn=8d08d4a5_1" sf-custom-thumbnail="true" width="200" style="display:block;margin-left:auto;margin-right:auto;" sf-constrain-proportions="true" sf-size="100" />&nbsp;<p style="text-align:center;">Richard Lustigman</p><p style="text-align:center;">Director - Living Capital Markets - Coliving</p>

Co Living, Co-living, coliving

Living Capital Markets Director, Richard Lustigman discusses the ambiguity of this growing market

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<p>In 2019 we brought together student housing, coliving, multifamily and healthcare under one team to represent the full lifecycle of accommodation. This enables us to offer you the necessary depth and breadth of expertise across all Living markets and
    asset classes.
    <o:p></o:p></p><p>The first of its kind, our Living Capital Markets bulletin provides an update on key issues across the whole Living market to help better inform our clients&rsquo; investment decisions and facilitate greater opportunities across the Living spectrum.
    <o:p></o:p></p><p>Our quarterly bulletin identifies market trends, delves into marketing activity, takes a view on yields and explores the impact of significant policy changes. We also highlight observations from a recent piece of sector-specific research, providing further
    insight into each Living sector.
    <o:p></o:p></p><p>Download the bulletin below or get in touch with one of Living team <a href="https://www.jll.co.uk/en/campaign/living">here</a>.</p><p>&nbsp;</p><div style="margin:15px;"><a href="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1581336036/resi/gb/cms/Research/PDFs/JLL_Living_Capital_Markets_Bulletin_Q42019.pdf" target="_blank"><button class="Button primary">Download Report</button></a>
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Q4 UK Living Capital Markets Update

Our UK Living Capital Markets update identifies market trends, analyses market activity in Q4 2019 and explores the impact of significant policy changes across the Living spectrum.

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<p>JLL has committed to net zero carbon in our UK workplaces by 2030 and will also lead the adoption of net zero carbon buildings across the whole of the UK. Using our influence and expertise, we intend to play a leadership role in helping the built environment
    respond with urgency and practical action to the climate emergency. </p><p>We welcome the Government&rsquo;s recent proposal to significantly update <a href="file://eu.jllnet.com/ukshare$/UKRoot/Marketing/LON/15.%20RESIDENTIAL/2020/Content/Blogs/Building%20Homes%20for%20the%20Future/Building%20Regulations%20Part%20L"></a><a href="https://www.gov.uk/government/publications/conservation-of-fuel-and-power-approved-document-l">Building Regulations Part L</a> (conservation of fuel and power). Published in October 2019, the <a href="file://eu.jllnet.com/ukshare$/UKRoot/Marketing/LON/15.%20RESIDENTIAL/2020/Content/Blogs/Building%20Homes%20for%20the%20Future/Future%20Homes%20Standard%20Consultation"></a><a href="https://www.gov.uk/government/consultations/the-future-homes-standard-changes-to-part-l-and-part-f-of-the-building-regulations-for-new-dwellings">Future Homes Standard Consultation</a> includes proposed actions to increase the energy efficiency requirements for new homes in 2020, including future-proofing with low carbon heating and world-leading levels of energy efficiency; set to be introduced
            by 2025. The consultation will impact a number of industry stakeholders, from property developers to environmental organisations and local authorities.</p><p><a href="https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.theccc.org.uk%2F2019%2F02%2F21%2Fuk-homes-unfit-for-the-challenges-of-climate-change-ccc-says%2F&amp;data=02%7C01%7CLydia.Daniels%40eu.jll.com%7C2530e7dcd159448f9e3508d7a89bde79%7Cbfef2b06d2564f8ebd038d3687987063%7C0%7C0%7C637163259741433646&amp;sdata=tZYVTURR8dXEgAW5Jk%2BZXL8Hha3Hf6tqynwau%2FLYXSI%3D&amp;reserved=0">According to the UK Committee on Climate Change</a>, emissions reductions from UK homes have stalled. At the same time, energy use in homes &ndash; which accounts for 14% of total UK emissions &ndash; increased between 2016 and 2017.
    Constructing an average UK home causes over 50 tonnes of CO2 to be emitted, the equivalent of heating an average UK home for 21 years, according to the <a href="https://nextgeneration-initiative.co.uk/"></a><a href="https://nextgeneration-initiative.co.uk/">Next Generation benchmark report</a> released in 2019. </p><p><b>We support the Government&rsquo;s preferred option of a 31% reduction in carbon emissions. However, if key changes are not made to the proposed Part L regulations, the required carbon emission reductions will not be delivered, leading to a less desirable outcome.&nbsp;&nbsp; </b></p><ul><li>The proposed standard is viable - based on JLL&rsquo;s experience advising clients and the Greater London Authority&rsquo;s monitoring of zero carbon home planning applications in 2018.<br /><br /><b></b></li><li>It is imperative that the Part L carbon emission and energy requirements are performance-based and that developers are accountable for the &ldquo;performance gap&rdquo; when homes are actually lived in. This accountability for the actual carbon performance
        of homes will lead to better design stage modelling and construction of homes.<br /><br /><b></b></li><li>It&rsquo;s likely that in the short-term there will be a reduction in housing units supplied in the UK and potentially reduced S106 contributions. In the long-term however, production may normalise as the land market adjusts to new technical assumptions
        on build costs and the supply chain of low carbon building fabric, technology and skills. This assumes a robust, low carbon supply chain emerges.<br /><br /><b></b></li><li>A holistic approach is necessary to build homes that are comfortable, safe and low carbon. Compliance with carbon emissions, overheating, ventilation, average daylight factors, air quality<b> </b>and fire safety standards (as written and proposed)
        will significantly narrow the scope of housing specification to the point that it will break viability of delivery in many schemes.&nbsp;<br /><br /></li><li>Demand-side incentives tied to annual monitoring, such as consumer rebates or lower stamp duties for energy efficient homes, should complement the building regulations changes through the transition phase towards a low carbon housing market. This
        will support the investment and innovation needed for a market based on new technologies to emerge.</li></ul><p>&nbsp;</p><p><b>On the whole, an ambitious national standard is required to develop the supply chain of low carbon building technology in addition to the construction, maintenance and operations skills needed to live in net zero carbon homes.</b></p><p><b>&nbsp;</b></p><p>&nbsp;</p><figure><img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1580382959/resi/gb/cms/Contacts/AndrewFrost.jpg" alt="Andrew Frost" /><figcaption style="text-align:center;">Andrew Frost<br />Head of Residential, EMEA</figcaption></figure><p>Photo credit: Jim Stephenson</p>

Future-proofing UK homes in response to the climate emergency

<p>JLL responds to the UK Government&rsquo;s proposal to increase energy efficiency requirements for new homes.&nbsp;</p>

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<p>&nbsp;</p><p>Sprung from the American &lsquo;multifamily&rsquo; style of renting, build-to-rent in the UK has exploded in popularity over the last seven years, and has made its presence firmly known across the north west.</p><p>Build-to-rent (BTR) schemes are designed and marketed specifically with renters in mind &ndash; none of the apartments go to market for sale individually, and typically the whole block is owned by a single property investor.</p><p>The style takes a cue from the hospitality industry, putting occupier (or &lsquo;customer&rsquo;, as they&rsquo;re often referred to) satisfaction and amenity at the heart of a scheme. Residents can expect to find on-site gyms, communal lounge areas and
    concierges as standard, and the cost for these extras is included in their monthly rent.</p><p>JLL was one of the first managing agents to bring build-to-rent to the north west, having been appointed on LaSalle Investment Management&rsquo;s landmark Greengate scheme, launched in the summer of 2016.</p><p>Greengate was the first taste of BTR for Manchester, and it has remained one of the most sought-after schemes since its arrival in the city, with occupancy levels currently at 96% and a high tenant retention rate.</p><p>Despite the increasing number of units in the region and the additional number being launched this year, our Manchester letting agency saw a 107% increase in the number of lets agreed this July compared with July 2018.</p><p>Happily, Greengate remains one of the leading BTR schemes in the region, and we believe that&rsquo;s because we&rsquo;ve committed to continually improving services for tenants since they moved in.</p><p>In such a crowded market, the only way to ensure you remain at the forefront is through genuinely listening to what your residents want and tailoring your offering around them.</p><p>As BTR living has become more and more commonplace, many operators have looked to &lsquo;outdo&rsquo; one another by providing blocks with increasingly luxurious amenities. Whilst those facilities will undoubtedly make renters sit up and take notice,
    they become somewhat meaningless if the resident experience is lacking.</p><p><b>Doing the basics brilliantly</b></p><p>This applies to every area of the customer journey and is the reason why our client has had to consider city logistics as part of its occupier offer at Greengate.<br /></p><p>It&rsquo;s a symptom of a couple of things; firstly, the urban living renaissance Manchester is currently in the throes of, and secondly, the meteoric rise of online retail. The latter is one of the most under-considered factors when developments are
    being drawn up.</p><p>To put it into context, Greengate this year took over 29,000 parcels for residents, which puts a huge amount of pressure on the management team. Back in 2017, before it got to this level, we sourced and installed an automated parcel locker solution which
    allows us to efficiently deliver parcels to residents and alleviate some of this pressure.</p><p>Yes, it&rsquo;s not the most glamorous thing in the world, but it&rsquo;s imperative that you have infrastructure that works before you start placing the cherries on top.</p><p><b>Recruitment, recruitment, recruitment</b></p><p>The staff on the ground in BTR blocks are a core part of the customer experience, and many operators have been having a tough time recruiting the &lsquo;right&rsquo; people.</p><p>Former estate agents or facilities managers don&rsquo;t always have the correct skillset, as their roles haven&rsquo;t historically been customer-facing enough. Instead, we&rsquo;re finding that people with a hospitality or client-facing background are
    more suited to the roles we need to fulfil, as personality and customer management skills are the most important things.</p><p>The relative lack of talent can be linked to the fact that, outside of the property industry, many people still aren&rsquo;t 100% clear on what BTR is; thus far, it&rsquo;s only been brought to major cities in the UK, so there are still a lot of people
    yet to encounter the model.<br /></p><p><b>Building for the future</b></p><p>Whilst BTR might still be classed as emerging to many, it&rsquo;s certainly taken the residential rental market by storm, particularly here in the north west.</p><p>It&rsquo;s an interesting future ahead. There&rsquo;s lots of new BTR product in the pipeline and a few different models coming out of the ground, including fragmented models which are run like a build-to-rent development but have more than one landlord.
    Everything that&rsquo;s come out the ground in Manchester so far has been single ownership, so that will be a change of pace.</p><p>Looking beyond that; many BTR schemes in Manchester up to this point have predominantly been speculatively built by a developer, and then institutional investors have bought them upon completion &ndash; so it will be interesting to see how purpose-built
    BTR developments differ from those speculatively built for the sales market and then adapted for the rental market.</p><p>Ultimately, despite the residential property market getting ever-more crowded, it will always come back to quality. Quality, and understanding what your customer needs, will always ensure you stand out from the rest. </p><button class="Button primary"><a style="color:#ffffff;" href="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1579100200/resi/gb/cms/Research/PDFs/JLL_PrimeCentralLondon_Jan2020.pdf">Download the report </a></button>

Why resident experience is more important than ever in Manchester’s build-to-rent market

<p>Capital Markets director Lee Hill offers his thoughts on doing the basics brilliantly, the future of build-to-rent in Manchester and thinking outside the box to stand out in this crowded market.</p>

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<p>The Prime Central London sales market picked up at the end of 2019 as the General Election result injected positivity and a more certain outlook. Looking forward, the rise in turnover witnessed in Q4 should follow into Q1, with a stronger rally in transactions
    as more buyers and sellers return to a more liberated market. </p><p>The Prime Central London lettings market is facing an acute shortage of properties to let, which has led to the highest rate of annual rental growth for over seven years. 2020 could be a year of mixed fortunes for the lettings market. Greater political
    certainty is likely to bolster rental demand. Nevertheless, the improved performance of the sales market may draw away some lettings demand.</p><p>Want the full picture on Prime Central London&rsquo;s sales and lettings markets? Download the report here for a look at what happened in Q4 and what&rsquo;s to come:
     </p><div style="margin:15px;"><a href="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1579100200/resi/gb/cms/Research/PDFs/JLL_PrimeCentralLondon_Jan2020.pdf" target="_blank"><button class="Button primary">Download Report</button></a>
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Prime Central London – January 2020

Our latest research explores the performance of the Prime Central London sales and lettings markets in Q4 in 2019, in addition to what the future holds in 2020.

Our latest research suggests that 2020 will be a year of recovery for the Prime Central London sales market.&nbsp;

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<p>The uncertainty hanging over the UK economy since the 2016 EU Referendum should now gradually subside following the Conservatives&rsquo; majority win in the General Election.</p><p>With a parliamentary majority, the Prime Minister&rsquo;s deal with the EU is expected to pass and the Article 50 process will end on the 31<sup>st</sup> January 2020. The nature of the future relationship between the UK and EU will be a key feature of
    2020 but there will at least be a greater degree of certainty for business. </p><p>The pound has shown signs of strengthening following the election result, while the economic fundamentals such as employment and real wage growth will help to underpin confidence. The greater certainty in the outlook &ndash; for households, businesses
    and housebuilders &ndash; should in turn lead to notable increases in house prices, housing transactions and housing starts across all regions of the UK. There is also expected to be an uptick in investment activity in the student and multifamily
    sectors.
</p><p>Against this political backdrop JLL has identified the fundamental certainties which will shape housing delivery in the coming years. These certainties sit alongside our <a href="https://residential.jll.co.uk/insights/research/uk-residential-forecasts-2020">positive housing market forecasts</a> for the next five years.<u> </u></p><ol><li>Housing will remain a key item on the political agenda:
        <ul><li>The focus will remain on supporting first time buyers. Help to Buy will remain in place until at least 2023.</li><li>Pressure will continue to deliver more Affordable Housing with 1.1m people on the current social housing waiting list.</li><li>Parents are having children later in life which is delaying the desire to purchase family-sized homes and supporting the growth of renting,</li><li>People are living longer creating the need to deliver more elderly-appropriate housing &ndash; some 25% of the UK population will be over 65 by 2030.</li><li>There will be an additional 2.5m people living in UK&rsquo;s urban areas by 2024,</li><li>The need to densify housing and provide flexible and shared living spaces is fuelling the rise of alternative sectors such as coliving.</li><li>London is ranked by JLL&rsquo;s Cities Research team among the seven established world cities,</li><li>The UK Capital is particularly strong for its growth in digital sectors and its ability to nurture talent &ndash; there are more high-ranking universities in London than any other city in the world.</li><li>25% of Britons no have multiple smart devices in their home. </li><li>The thirst for technology will continue to grow meaning homes will continue to accommodate ever more automated devices.</li></ul></li><li>Fundamental population changes will occur:</li><li>Towns and cities will see the highest housing demand:</li><li>London will remain at the world&rsquo;s top table:</li><li>There will be ever more connection between living and technology</li><li>Climate and social awareness will continue to accelerate:</li><ul><li style="margin-left:60px;">All new homes will need to be Net Zero Carbon by 2030</li></ul></ol><p>&nbsp;</p><p>Developers will adapt housing delivery to meeting growing demands around economic, environmental and social impact.&nbsp;</p>

General Election 2019 – JLL Living reaction

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Commenting on the large majority win for the Conservative Party, Nick Whitten, UK Director of Research at JLL

Commenting on the large majority win for the Conservative Party, Nick Whitten, Head of UK Living Research &amp; Strategy at JLL, says:&nbsp;

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<p>With rising demand for higher education set to see full time student numbers grow a further half a million by 2030, PBSA has become a lucrative ticket for real estate investment. </p><p>Our latest Student Housing Report highlights how investor appetite remains robust due to the sectors defensive, income-producing characteristics, despite a number of challenges including a fall in development pipelines and growing rent affordability concerns.
</p><button class="Button primary"><a style="color:#ffffff;" href="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1576764871/resi/gb/cms/Research/PDFs/JLL_UK_Student_Housing_report_2019.pdf">Download the report </a></button>

UK Student Housing Report 2019

This report explores how supply pressures for UK purpose built student accommodation (PBSA) will drive future demand

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<p>Coliving is fast becoming a key component of the wider suite of housing solutions designed to meet the changing needs of urban populations, but what is it and what is the scale of demand across Europe?</p><p>While the estimated 23,150 coliving beds (built or in the development pipeline) represent a fraction of the size of other Living sectors, the speed in which this new sector has grown in the last two years indicates that it will become a prominent part
    of the Living market.</p><p>Our JLL European coliving index explores the size of the coliving market and identifies the top 40 markets across Europe that either already have a strong coliving presence or present longer-term opportunities.</p><div style="margin:15px;"><a href="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1575019172/resi/gb/cms/Research/PDFs/jll-european-coliving-index-2019.pdf" target="_blank"><button class="Button primary">Download Report</button></a>
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JLL European Coliving Index 2019

This report explores the opportunities within the coliving market across Europe and provides insight into the key factors driving demand in this sector.

European Coliving Index 2019

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<p>JLL&rsquo;s Residential Forecasts will help you through this period of constant change offering valuable insight on:</p><ul><li>Brexit, domestic politics and the UK&rsquo;s future economic performance</li><li>House price growth, housebuilding and housing transactions</li><li>Where developers and investors should focus their capital</li><li>Policy shifts affecting First Time Buyers through to Seniors</li><li>Changing housing preferences and the role of BTR/Multifamily</li><li>How technology will change UK Living</li><li>Climate crisis and its impact on UK Living</li></ul><div style="margin:15px;"><a href="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1574695786/resi/gb/cms/Research/PDFs/JLL_Forecasts_-_Living_with_2020_vision.pdf" target="_blank"><button class="Button primary">Download Report</button></a>
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UK Residential Forecasts: Living with 2020 vision

Our Residential Forecasts: Living with 2020 Vision will help you navigate residential real estate in 2020 and beyond.

<p>Its now more than three and half years since the EU Referendum and we are still living in a period of uncertainty. In fact, uncertainty has now become the new certainty. Our Living with 2020 Vision research will help you through this period, navigating residential real estate with operational and insight-led insight.&nbsp;</p>

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<div><p paraid="65283148" paraeid="{c44dffb0-ace1-4c91-9420-54fffbb77cfc}{188}">Based on our latest report&nbsp;<a href="http://residential.jll.co.uk/insights/research/city-dynamics" target="_blank" rel="noreferrer">European City Dynamics</a>&nbsp;and its exploration of shifting populations,&nbsp;our latest blog delves into&nbsp;the changing picture of&nbsp;how individuals interact with a city throughout their lifetimes&nbsp;and the impact of this on future European housing demand.&nbsp;&nbsp;</p></div><div><p paraid="2018664730" paraeid="{c44dffb0-ace1-4c91-9420-54fffbb77cfc}{209}"><a href="https://www.jll.co.uk/en/campaign/living" target="_blank" rel="noreferrer">Living</a>, as an asset category, is fundamentally about people &ndash; who they are, what life stage they are at,&nbsp;and how they want to live.&nbsp;Demand for&nbsp;different homes&nbsp;comes from&nbsp;all&nbsp;age groups&nbsp;&ndash;&nbsp;so understanding&nbsp;age profiles, and how they are forecast to change,&nbsp;is one way to look at&nbsp;pools of&nbsp;relative demand&nbsp;at a national,&nbsp;city and&nbsp;local level.&nbsp;&nbsp;</p></div><div><p paraid="1406556350" paraeid="{63e70322-0598-44ef-814f-24f412a282aa}{3}">Between the centre and suburbs, a city&rsquo;s demographics can change markedly, with a range of implications for planners, legislators, developers and investors.&nbsp;Cities&nbsp;often&nbsp;extend beyond their administrative boundaries, into&nbsp;Functional&nbsp;Urban&nbsp;Areas&nbsp;(FUAs), of which there are 64 in Europe with a population of over one million.&nbsp;48% of their populations live in the city, while&nbsp;a small&nbsp;majority&nbsp;live in the commuter belt.&nbsp;&nbsp;</p><p paraid="1406556350" paraeid="{63e70322-0598-44ef-814f-24f412a282aa}{3}"><b>Figure 1: Functional Urban Areas with population in excess of 1 million. Shows size of FUA (bubble size) and proportion living in city (shading)&nbsp;</b></p><p><img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/fua-map.png?sfvrsn=61ddc077_1" sf-size="100" /></p><p><i>Source: Eurostat. Latest available figures</i></p><p>While there are some similarities, their age profiles are strikingly different. </p><p>Younger people are more likely to live in the city &ndash; 2 million more aged 20-34 live here compared to respective commuter zones, attracted by the proximity to work and density of cultural amenities. But households during family formation years are likely to move into commuter belt zones, where there is often more space and lower affordability pressures. This are nearly 5 million more individuals aged 35-64, and over 3 million more dependents (0-19) living in the commuter belts. Retirees (65+) are more balanced, favouring the commuter zone by just 0.5%, equivalent to 1.7 million more people in the urban periphery. Reasons are likely to be complex and city-specific but may include the relative availability of social, transport and green infrastructure alongside their wealth and purchasing power. &nbsp;</p><p>While there are broad regional trends &ndash; the age profile spreads in Northern and Western Europe are more pronounced, while these are less prominent in Southern and Eastern Europe &ndash; each individual city predictably has its own patterns.&nbsp;</p><p><b>Figure 2: Spread between city and commuter belt populations, by age group (regional, FUAs of over 1m)</b></p><p><img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/age-profile-chart-3.png?sfvrsn=42a92dce_1" sf-size="100" /></p><p><i>Source: Eurostat. Latest available. Measures all individuals by age.&nbsp;</i></p><p>Based on this, it is unsurprising that the biggest biases towards young people living in the city proper are in Copenhagen (+19.6%), Toulouse (+15.2%) and Leipzig (+12.4%). Conversely, the largest discrepancies of retirement age populations living in the commuter zones are Porto (+9.8%), Lisbon (+8.3%) and Madrid (+6.5%). </p><p>However, this trend could be subject to moderate changes moving forward, as growing affordability pressures might push younger people further from the centre, while homeowners, as they age, are perhaps becoming more reticent to move from prime locations to commuter zones. Further, pensioners, who are Europe&rsquo;s cities fasting growing age group and often asset-rich, might begin to adjust their preferences to live in central locations, given their lower space requirements and often higher spending power. </p><p>This paints a complicated and potentially changing picture of how individuals interact with a city throughout their lifetimes, which will have knock-on effects on demand for appropriate homes. Understanding these specific dynamics of city-level demand, therefore, is significant for those involved with delivering Europe&rsquo;s new homes.&nbsp;</p></div>

Asymmetric demographics

Research analyst Tom Colthorpe explores how age profiles vary between cities and commuter belts, and what this means for Living real estate&nbsp;

Research analyst Tom Colthorpe explores how age profiles vary between cities and commuter belts, and what this means for Living real estate.

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<div><p paraid="247887223" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{174}">I had the pleasure this week of visiting Brussels.&nbsp;</p></div><div><p paraid="1855263448" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{180}"> &nbsp;</p></div><div><p paraid="1744889509" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{186}">No - not for&nbsp;that&nbsp;reason. Instead, it was at the behest of the JLL Hospitality team for its annual Benelux hotels conference. A great example of JLL cross-sector collaboration, it was an opportunity to explore with clients and colleagues the literal space between our sectors.&nbsp;&nbsp;</p></div><div><p paraid="94192551" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{196}"> &nbsp;</p></div><div><p paraid="2100890847" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{202}">Whether it&rsquo;s the animation of ground floor space in multifamily blocks, more effective use of hotel lobbies, or soft-testing that cool new F&amp;B offer in a beta location, the traditional real estate sector lines are blurring.&nbsp;&nbsp;</p></div><div><p paraid="279949693" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{208}"> &nbsp;</p></div><div><p paraid="1060683835" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{214}">Most of us have had that soulless experience of a dead business hotel lobby in the middle of the day. Cue flex office space. What about that right space for afternoon casual meetings. Your choice can&rsquo;t obviously be a bar, or shouldn&rsquo;t obviously be a chain coffee shop, but absolutely must&nbsp;be a reflection of&nbsp;your impeccable taste? Cue that new&nbsp;coliving&nbsp;residence. Is it a hotel? Collaboration space? A niche gin bar? The best Ethiopian roast north of Addis Ababa? Someone&rsquo;s living room? All of those things? Who knows? Who cares?&nbsp;</p></div><div><p paraid="2134080930" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{228}"> &nbsp;</p></div><div><p paraid="1969727171" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{234}">The traditionalists among real estate professionals are sucking teeth and wondering about the fundamentals. How do I value that? What fund would it suit? Will it still be here tomorrow? Who knows how to operate it? Will it scale???&nbsp;&nbsp;</p></div><div><p paraid="611674847" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{240}"> &nbsp;</p></div><div><p paraid="1200730975" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{246}">There are also different breeds among you who can see the potential and are completely relaxed about the blurred lines. Moreover, they are already building strategies around space optimisation and monetisation that stretch well beyond the old property silos.&nbsp;</p></div><div><p paraid="1000017022" paraeid="{08d83c6c-88d3-4c6f-85a8-ec41fdf288e0}{252}"> &nbsp;</p></div><div><p paraid="1178276983" paraeid="{1bb44cb3-5b51-4531-8347-71b49e76bf72}{3}">Take a look at the Ace Hotel in Shoreditch, The Student Hotel in Amsterdam. Very different operating platforms, but a clear common thread - people. Lots of them.&nbsp;</p></div><div><p paraid="1670183203" paraeid="{1bb44cb3-5b51-4531-8347-71b49e76bf72}{9}"> &nbsp;</p></div><div><p paraid="842965181" paraeid="{1bb44cb3-5b51-4531-8347-71b49e76bf72}{15}">The animation of the space between sectors is about understanding people. What they want, what they don&rsquo;t want, can they afford it, is it interesting, can I get there. In a real estate world where the lines are dissolving, the basics remain the same.&nbsp;Give&lsquo;&nbsp;em&nbsp;what they want and you won&rsquo;t go far wrong.&nbsp;</p></div><div><p paraid="665399591" paraeid="{1bb44cb3-5b51-4531-8347-71b49e76bf72}{27}"> &nbsp;</p></div><div><p paraid="550464353" paraeid="{1bb44cb3-5b51-4531-8347-71b49e76bf72}{33}">So&nbsp;I come back to the JLL Hospitality conference. The fresh take, from the experts in understanding the customer, was revealing. In a high turnover&nbsp;hotels&nbsp;environment, the opportunity to try new concepts is much more comfortable than in multifamily. It is also more important, as higher traffic means faster obsolescence. Experiment, fail, learn, iterate.&nbsp;</p></div><div><p paraid="1347887944" paraeid="{1bb44cb3-5b51-4531-8347-71b49e76bf72}{45}"> &nbsp;</p></div><div><p paraid="972120087" paraeid="{1bb44cb3-5b51-4531-8347-71b49e76bf72}{51}">As we build our own blurred lines in JLL Living out of the former student, residential and elderly/ healthcare sectors, I&rsquo;m intrigued by the similarities and differences that are already reshaping our client advice. What is retirement living, if not the original&nbsp;coliving&nbsp;product? Can we improve the lives of elderly residents by ripping up the rules and creating more vibrant, more enjoyable spaces for the&nbsp;wider community to enjoy?&nbsp;Of course&nbsp;we can, alongside countless other ideas that are shaping our Living advice to clients.&nbsp;</p></div><div><p paraid="2080387459" paraeid="{1bb44cb3-5b51-4531-8347-71b49e76bf72}{67}"> &nbsp;</p></div><div><p paraid="779641512" paraeid="{1bb44cb3-5b51-4531-8347-71b49e76bf72}{73}">I learned quite a lot in Brussels by stretching across the divide to find some common ground. At least someone made progress there.&nbsp;&nbsp;</p></div>

Blurred Lines

Reflections of our Head of EMEA Living Research and Strategy, Adam Challis, on the Benelux hotels conference in Brussels

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