Second homes, coworking spaces, and third places: when real estate supports entrepreneurship

The world of work has undergone a profound transformation over the past several years. Remote work, the digitalization of business activities, the rise of freelancing, and the pursuit of a better work–life balance have gradually reshaped our relationship with professional spaces. Today, having a traditional office is no longer essential for creating, developing, or managing a business.

In this context, real estate is no longer limited to its primary function as residential or commercial property. It has become a genuine economic and entrepreneurial driver. Second homes converted into temporary workspaces, coworking spaces that encourage professional networking, and third places that stimulate local development are all examples of emerging models that are redefining the way people do business.

How do these new forms of real estate support entrepreneurial growth? How do they contribute to business creation, innovation, and the economic revitalization of local communities and regions?

I. Real estate and the new ways of working

The evolution of working practices has transformed the needs of professionals and entrepreneurs. Advances in digital technology now make it possible to work remotely, collaborate online, and manage a business from almost anywhere.

The rapid expansion of remote work in recent years has particularly challenged the traditional fixed-office model. Many freelancers, consultants, entrepreneurs, and hybrid workers are now seeking greater flexibility in their professional environment.

This shift in real estate usage is reflected in a growing demand for spaces that can serve multiple purposes:

• working,

• living,

• collaborating,

• or hosting temporary professional projects.

As a result, spaces are becoming increasingly versatile and adaptable, capable of evolving alongside changing professional needs.

Second homes are a perfect example of this transformation. Traditionally used for holidays or occasional stays, they are increasingly being converted into fully functional remote workspaces, serving as genuine satellite offices away from the primary place of residence.

Some entrepreneurs choose to work for several weeks or even months from a home located in a rural area, the mountains, or along the coast. This practice, often referred to as a “workation”, a blend of the words work and vacation, reflects a new approach to balancing professional responsibilities with quality of life.

Real estate is therefore supporting a broader long-term trend toward a more mobile, flexible way of working that is less dependent on major urban centers.

II. Coworking spaces and third places: catalysts for entrepreneurship

Alongside these new residential uses, coworking spaces and third places have experienced significant growth. These structures directly address the needs of modern entrepreneurs by offering flexibility, cost efficiency, and networking opportunities.

Coworking is based on a simple concept: sharing a workspace with other professionals. Unlike a traditional office, this model provides access to professional facilities without the burden of substantial fixed costs. For entrepreneurs launching a new venture, it often represents a more affordable and accessible solution.

However, the value of coworking extends far beyond its economic advantages. These spaces also encourage interaction, networking, and professional opportunities. Working alongside freelancers, startups, and small businesses creates synergies, helps expand professional networks, and can even lead to new collaborations.

Third places take this collaborative approach a step further. These hybrid spaces often combine professional, cultural, community, and social activities. They can take many forms, including repurposed industrial buildings, community centers, fab labs, collaborative cafés, or local business incubators.

Their goal is to create a genuine entrepreneurial ecosystem where skills, projects, and local initiatives intersect. In many regions, third places now play a central role in local economic development. They foster innovation, support emerging businesses, and contribute to the vitality of professional communities.

These spaces also address a frequently overlooked human need: reducing the isolation often associated with remote work. For many freelancers and entrepreneurs, coworking spaces and third places provide a sense of community and collective energy while allowing them to maintain their independence and flexibility.

III. How hybrid work is reshaping regions and communities

The rise of hybrid work and flexible workspaces is also transforming the attractiveness of different regions. Major metropolitan areas no longer hold a monopoly on professional opportunities. Increasingly, entrepreneurs are choosing to settle in medium-sized cities and rural areas in search of a different lifestyle and working environment.

Second homes play an important role in this shift. Some are becoming regular workplaces or even semi-permanent professional bases. This trend is helping to redistribute economic activity toward areas that were previously considered less attractive from a business perspective.

Local authorities have recognized this opportunity and are investing more heavily in the development of coworking spaces and third places to attract remote workers, freelancers, and entrepreneurs. These infrastructures contribute to local economic revitalization by stimulating consumption, employment, and professional interactions.

In some regions, third places have become genuine drivers of territorial development. They help sustain local economic activity, encourage innovation, and strengthen social connections within communities.

However, this transformation also presents several challenges. Rising demand for certain types of real estate can drive up property prices and increase pressure on local housing markets. Regions must also ensure that they have the necessary infrastructure in place, particularly in terms of digital connectivity and transportation networks.

The challenge, therefore, is to strike the right balance between economic attractiveness, real estate development, and the quality of life of local residents.

Conclusion

Today, the real estate sector is undergoing a profound transformation driven by new ways of working and evolving lifestyles. Second homes, coworking spaces, and third places exemplify this shift toward a model of real estate that is increasingly designed to promote flexibility, collaboration, and economic development.

By providing access to suitable workspaces, fostering professional interactions, and revitalizing local communities, these emerging models actively support entrepreneurship. They meet the expectations of a new generation of professionals seeking greater autonomy, mobility, and purpose in both their work and personal lives.