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The sharing economy has reached Philippine shores. It has changed the way young professionals work, live, and do everything else in between. From co-living spaces that bring fun into a dorm setting to co-working spaces that make the sharing of ideas instantaneous, the sharing economy has made its mark all around and it will only be more relevant in our changing real estate landscape.
The concept promotes flexibility. Defining and nurturing business trends like this and incorporating it into how we live has always been one of the goals of property developers. Different platforms or events pave the way to the continues talk and discussion about these kinds of development.
The Sharing Economy in the Philippine Setup
The Baby Boomer generation is the generation that prefers to live in the countryside owning everything from house to car. They also work comfortably in a traditional company setup. As times change, so do the lifestyle of the new generation. Today, millennials are flocking to the city living in vertical setups instead of the traditional house and lot in the suburbs.
More people work as freelancers and in shared spaces instead of regular offices. The gig economy is thriving, giving people chances to supplement their income and put their skills to good use. People prefer renting homes for staycations instead of staying in hotels. More people choose to share rides than buy cars.
Instead of owning, people now choose to share what they have. They’d rather pay a service than own something.
Now, customers can have a comfortable ride inside a private car or split up the fare by sharing it with other passengers. They can even choose to ride a motorcycle to reach their destination faster.
In the Philippines, the demand for a strong sharing economy has been brewing for quite some time now. As freelancers flock to coffee shops and wi-fi zones to get work done, their need for a different kind of space was only emphasized. The sharing economy brings convenience to young professionals by addressing their need for a “hybrid” working and living set up.
How It Affects the Real Estate Industry
Developers prioritize the need of the people when designing buildings. This has given rise to more sustainable and energy-efficient developments as Filipinos, like the rest of the world, became more conscious of their wellbeing. There is also an emphasis on minimizing one’s carbon footprint and recycling to alleviate the effects of climate change.
Another concept that developers now recognize is the concept of shared spaces and resources. These are some of the examples of developments created in response to the demand for shared spaces:
Developers take the preference of many young professionals to work outside of their offices or homes as a cue to create more than desks and chairs for people to share. What they create is a new community for individuals or startup groups needing a place for themselves.
Instead of paying for meals or drinks for an extended stay in coffee shops or restaurants, working in a shared office is more productive. Guests don’t just get a table and hopefully get an outlet to plug their devices into. Co-working spaces attract the same kind of people–those who are dedicated and focused on the job they need to finish for the day. They may not have a traditional office, but the co-working space is equipped with everything they need, and there is no chance to have a noisy neighbor cutting through their concentration.
The idea of sharing one’s home to strangers would have been frowned upon decades ago. Now, however, property owners make the most of the space they have. Guests can choose to stay at one’s place for a certain period and owners get paid in return.
Traditional homes in the province can have a room for rent, while in the city, it’s the condominium units that are maximized by sharing the space with other professionals working in the vicinity. These setups were structured in a way that the people will have to fit the space, which is already pre-set with bare amenities. Developers came in and presented a better choice: co-living spaces where people can interact and live instead of just existing in their individual corners.
Co-living spaces are perfect for collaboration and socialization, and they are geared towards a work-life balance that people still living out of the metro have a hard time achieving because of the grueling commute daily.
The Outlook 2019 Conference: Sharing the Information
Co-working and co-living spaces are starting to be more prominent in key cities in the Philippines. This is one of the tracks to be discussed on the upcoming The Outlook Conference 2019, an annual gathering conceived by Lamudi and co-presented by The Philippine Daily Inquirer Property and Holcim.
The track “Paradigm Shifts: Exploring the Sharing Economy in Philippine Real Estate” will take a look at how the sharing economy, which was popularized by freelancers and small business owners, became a key trend in real estate and other industries. Eric Manuel of Arch Capital Management will be moderating the track with panelists Jelmer Ikink, Group Director of MyTown; Nick Padilla, Co-founder, CEO & Space Captain of Kahon.ph; and Paul Rivera, Co-Founder & CEO of Kalibrr.
The Outlook Conference will also discuss the following tracks:
- Taking Sustainable Action: Addressing Climate Change Through Real Estate
- New-Age Customer Experience: Transforming Real Estate Marketing in the Age of Disruption
- Fresh Perspectives: Mapping Evolving Real Estate Sales
- Changing Face: Uncovering Alternative Ways to Invest in Real Estate
Interested participants can book their tickets for the event through 0917-545-0801 or send an email to firstname.lastname@example.org.
For more information, visit lamudi.com.ph/outlook2019-conference.
The Outlook Awards 2019: The Philippine Buyers’ Choice Property Awards
Property developers are now building sustainable buildings that also act as hubs for socialization and wellness as a response to the changing trends in real estate. Lamudi’s annual Outlook Awards, now in its third year, recognizes the effort of developers who have taken on the challenge to build with changing trends in real estate in mind. The Outlook Awards 2019 will gather property developers for a night of celebration at the Makati Shangri-La on November 14, 2019.
View the shortlist of nominees here.
For more information on The Outlook Awards, visit lamudi.com.ph/outlook2019.