BALANCE_FEBRUARY_2020 - 22

SH RING
A
C RING

Libby Williams takes a look at how the sharing economy
is transforming the way we live

ost of us have a complicated
Offering members flexibility, a place in
relationship with the notion of
which to share skills, socialise and network,
sharing - it's something we're told
co-working challenges the rigid form of the
to do from a young age (despite
conventional nine-to-five desk job. Popular
our best attempts to keep our toys and treats all
with small businesses, start-ups and freelancers,
to ourselves!). As we grow, capitalism teaches
many co-working spaces in London offer a
us that through hard work and determination,
range of perks, including on-site gym facilities
we should look to attain greater wealth and
and cafés, regular talks and events, and a whole
accumulate more stuff.
lot more.
However, this has now resulted in some of
Research has found that the additional
us, ironically, having too much... and we're at
workplace perks offered in co-working spaces
breaking point. So, in the midst of economic
can help to increase worker productivity,
uncertainty and with the environment high on
satisfaction and reduce employee turnover. Not
our agendas, it seems to be the perfect time to
to mention it encourages greater socialisation
go back to basics and start sharing.
beyond your direct work colleagues, which
Estimated to grow to a worth of $335 billion
may not prove quite so appealing for more
by 2025 (from $15
introverted types.
billion in 2014), what's
In central London
ALMOST EVERYTHING alone, 10.7 million
known as the 'Sharing
Economy' is mid-boom.
square feet are now
IS SHAREABLE, FROM currently occupied by
Based on the idea of
collective consumption,
space. Just
WORKSPACES TO YOUR co-working
the concept is built
a few of the workspaces
around
peer-to-peer
available to London
FRIDGE CONTENTS
borrowing,
lending,
workers across the city,
donating and giving of
offering a plethora of
goods and services. With almost everything now
perks and benefits, include Fora, Uncommon
shareable - from workspaces to the contents of
and Ministry of Startups.
your fridge - the sharing economy is having a
With sky-high rental and purchasing prices
significant impact on the way we live.
continuing to soar in the capital, it's now not
Take its presence in our working lives.
only our workplaces that we are willing to
In recent years there's been a steep rise in
share, but also our homes.
the number of co-working spaces, with an
Billed as a much-needed solution to the
estimated 35,000 flexible workspaces existing
current housing crisis, co-living - which is
in the world today with a global market value of
also known as 'semi-dwelling', 'semi-hotel' and
approximately $26 billion.
'semi-community', offers a number of enticing

perks without the drawbacks of conventional
renting. Aimed mainly at young city-dwelling
professionals, co-living offers a sense of
community, providing opportunities to meet
like-minded people outside of the workplace
from a diverse range of backgrounds that might
not be possible through conventional renting.
In 2016 this innovative new way of living
made its way over to the UK from China and
the US in the form of The Collective. Based
in Canary Wharf and Old Oak, its modern coliving buildings offer a 24/7 concierge service,
gym membership, all-inclusive bills, cleaning
and amenities, plus co-working space and
a cultural events programme.
Reimagining the way we live, The Collective
spaces are specifically designed to connect
and inspire their tenants. Founder Reza
Merchant says: "Our mission at The Collective
is to build and activate spaces that foster human
connection and enable people to lead more
fulfilling lives."
Other spaces in London offering similar coliving options include Gravity Co-Living in
Finsbury Park and Lyvly, who offer rooms across
the capital that are ready to move into.
RENTING IS EN VOGUE
In a time when fast fashion rules the roost,
there has never been a better moment to assess
what we already have in our wardrobes and
how to reduce our rapid consumption and
disposal of textiles.
Due to our obsession with clothing, an
estimated £140 million (350,000 tonnes) of
used garments go to landfill in the UK every

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