When we talk about the co-revolution in the world of real estate, we are really talking about co-working and the associated flex office growth. From a standing start, the delta on take-up of co-working spaces has been significant, as is the potential for this to affect total stock over time. Meanwhile, retailers tend not to share occupancy other than in market halls and the co-living sector has been much vaunted but lacking in any real support from institutional investors. Until now, that is. Last week DTZ Investors partnered with The Collective to deliver ‘the world’s first institutional large-scale co-living fund’; a raise of £650m, with £60m of the £70m seeded by DTZi pension client capital. Several trends that I talk to in this blog support co-living, including: (a) being single for longer, (b) increasing workforce mobility across cities and borders, and (c) a loss of (and search for) a greater sense of community and belonging in our increasingly impersonal big cities. Above all these, however, is the fact that the industry has so far failed to deliver on satisfying manifest consumer need. In a society where ~30% of school leavers go to university and most live at some point in what are increasingly luxurious student halls of residence or private halls, to then suffer the typically retrograde step of having to share a Victorian conversion with one or two friends, no facilities and no events, when one starts earning cannot be right. You can find out more about the CO-LIV fund, here.