The Sharing Economy in Philippine Real Estate: Co-living and Co-working Spaces

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Over the past decades, many innovations have come into existence that has largely redefined the global economy. There is the mobile-first phenomenon, as consumers demanded services to be accessible at the palm of their hands, a trend that was able to level the playing field for many new and traditional businesses. 

Another progressive concept that has gained significant popularity in the last years is the “sharing economy.” The massive global success of services like Grab, Uber, and Airbnb is a clear indication of this. It has already made its way to the real estate industry in the form of co-working and co-living. 

Co-working or Flexible workspaces

Previously only limited to startups and freelancers, co-working spaces are now experiencing a surge in demand from many local and multinational firms as they continue to prefer short communal office spaces.

According to property consultancy firm JLL, flexible workspaces have slowly become one of the leading drivers of office space demand, a trend that is expected to continue in the coming years. 

As they are currently seeing around 2,000 seats in a year in the past 3 to 5 years, the projected growth of these spaces, JLL said, will be fueled by new operators entering the market. 

Convenience, cost-effective, non-commital

The rise of professionals in the country that has shifted to remote working paved the way for the popularity of co-working spaces. These provide the conveniences of an office while giving the comfort of a laidbackness of a coffee shop that many Filipinos and expats have grown to be attracted to. Similarly, they don’t require a long-term commitment. 

Companies are also drawn to these qualities, as they recognize the need to keep up the rapid speed of change in their respective industries while providing a better and more conducive space for collaboration for their employees. These also allow them to save on operating expenses since nothing is their own. 

Co-living setup

While it hasn’t entirely taken off in the Philippines yet, co-living is said to be the future of living spaces in the country, especially in Metro Manila central business districts. It mirrors the trend that started in Silicon Valley in the US, where IT professionals who identify as “digital nomads” share living spaces with each other to save up on rental costs while enjoying the perk of being close to their places of work.

Proximity to work, work-life balance

In a traffic-laden country like the Philippines, this has the potential to be a booming economy. Younger professionals are now prioritizing work-life balance, which meant refusal to devote half of their days braving the stresses of commuting. They get the luxury of being near their employment while retaining the conveniences of urban living.

Division of costs is also an attractive benefit of co-living. Contrary to renting or buying condo units, these spaces are typically cheaper but still come complete with the usual amenities of a condo community. And since they are sharing a space with their peers, they have more liberty to distribute their living expenses among themselves.

Many of the country’s top developers have started venturing into the trend, prompting the development of buildings and communities dedicated to catering to this new living setup. 

Honoring the Best Co-working and Co-living Providers at The Outlook 2019 

Paying a premium to this new and game-changing real estate developments,  this year’s edition of The Outlook, co-presented by Philippine Daily Inquirer Property, will be recognizing the projects that best exemplified the features and benefits of co-working and co-living and co-working in the past year. 

The Outlook 2019 awards gala will be happening on November 14, 2019, at Makati Shangri-La. It will give due recognition to the trailblazers of Philippine real estate and the property developments that made the most significant impact in the past year under various categories. 

The nominations, which were submitted by the country’s top property players, will be judged and shortlisted by an independent panel of judges composed of some of the most reputable names in the real estate industry. After the shortlisted nominees are determined, a survey among 10,000 active property seekers on the Lamudi platform under categories that match their search preferences will then commence. 

Prior to the awards gala on November, Lamudi will also be hosting The Outlook Conference on October 17 at Makati Shangri-La which aims to highlight key trends and important conversations surrounding the present property sector.

To know more about The Outlook 2019, visit https://www.lamudi.com.ph/outlook2019/.

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