A notable social trend has emerged amongst young people recently. According to the Guardian's 2023 Youth Culture Report, 72% of 18-34 year olds prefer intimate gatherings in private spaces over large clubs or bars. This new form of socialising, a shift away from traditional party culture, typically involves hiring a private space for a period of 2-3 hours. British lifestyle magazine Wallpaper suggests that "post-pandemic, young people are seeking safe and private spaces where they can enjoy their own music and conversations, rather than noisy, crowded clubs.

This trend is manifesting in various ways. London's 'The Living Room', which hosts over 500 private parties monthly, has been recognised as one of Monocle's '2024 Best Social Spaces'. They offer soundproofed rooms, premium sound systems, comfortable sofas, and lighting, along with a bar area where guests can mix their own wine or cocktails. A recent Time Out London article reported that these spaces host a variety of activities, from film nights and music sessions to board games and catered parties, proving particularly popular with young professionals in their late 20s and early 30s.

From the perspective of those running these spaces, the success of this trend is also worth noting. A report by property journal Estates Gazette reveals an average weekend occupancy of 85%, with growing demand on weekday evenings. Manchester's 'Social Hub' saw a 150% increase in revenue last year compared to the previous year, far surpassing the average growth rate for the traditional catering industry. Design magazine Dezeen suggests that soundproofing, privacy, and stylish décor are key to success.

This trend is spreading well beyond the UK, gaining global momentum. Vogue Business has highlighted these private social spaces as "a key business model to watch in 2024," describing them as "a new form of property usage reflects young people's evolving social habits." Analysis by the Financial Times suggests that these spaces are generating over 30% higher revenue per square foot compared to traditional commercial spaces, offering a fresh approach to utilising underused urban areas.

As social gatherings continue to grow in popularity, the demand for diverse venues and cultural spaces is becoming increasingly clear. We look forward to seeing a thriving space business ecosystem develop alongside this trend, supported by our platform, SpaceCloud.