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Measure the failure of colimit to commute with taking free loops (or Hochschild homology)?
For a space1 $X$, let $\mathcal{L}X = \mathrm{Maps}(S^1, X)$ be the free loop space.
Inclusion of constant loops gives a natural map $X \to \mathcal{L}X$. This is not a homotopy equivalence unless $X$...