Sell for More News is a weekly blog series with interesting information from the world of commercial real estate.
Can two very on-trend businesses, coworking and wellness, merge? Life Time Athletic, a high end health club, plans to find out.
I must admit that I’m a big Life Time fan. I’m naturally drawn to health clubs and Life Time works for me because it’s the country club of health clubs. It feels very high end and uplifting. Life Time takes inspiration from Four Seasons, for example. Perfect for active people who don’t value golf but want a similar social experience (me). So when Life Time says it’s entering the Co-working business…I pay attention.
Founded in 1990, Minnesota-based Life Time’s members have a median household income of $100,000 throughout its 139 clubs. Life Time offers its discriminating clientele extensive health, wellness, spa and sports offerings.
For the company’s next act, Life Time plans to make a big leap into co-working…dubbed Life Time Work.
Like the club business, co-working is a subscription business. Life Time sees co-working as a natural way to make life more convenient for its customers. They believe people at the very high end would like to work in an environment where they can go downstairs and get a massage or workout. In five years’ time, they expect to add 50 to 60 coworking facilities.
But that’s not all, they also plan to add housing alongside their clubs and coworking facilities called Life Time Living. The concept is to bring Life Time Work, Life Time Living and Life Time Athletic under one roof…to create a Life Time village. They say it’s been done for hundreds of years in other countries where they have had massive populations. Why not in the US? Why not in the suburbs?
On a final note, these aren’t pie-in-the-sky fantasies. Life Time has its own development company with over 120 architects and engineers. They have their own construction company. They have their own mill shop. They’re a vertically integrated development company that is ready to execute. Stay tuned because Life Time is going to be fun to watch.
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About Beau Beach, CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Prowess IRES which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 414.324.4938, 615.603.9770, click to schedule a call or Beau@ProwessIRES.com