Co-living trend on the rise

CEBU, Philippines — After residential condominiums, and other commercial buildings, Cebu’s real estate sector is up for another development opportunity with the rising demand for co-living spaces.

According to the Eppie Acusar, the managing director of Cebu-based property consultancy firm iBuild Management Services Inc., Cebu’s growth in urbanization with the sophisticated young breed of working class pushes the demand for co-living spaces with complete amenities.

What is apparent in Cebu as of now though, is the fast development of more co-working spaces. Co-living spaces on the other hand is yet to be explored by developers and capitalists.

This trend, may slowly replace the traditional boarding-house type of accommodation in Metro Cebu.

“If they don’t have to pay additional for the amenities they enjoy, then [maybe] in the long run boarding houses will fade away,” said Acusar citing Alicia Residences as an example.

Acusar’s company, iBuild Management, which has been doing market intel, and extensive on-ground property research locally, found out that while condominium projects and other commercial buildings are still in demand in Cebu, co-living spaces development is emerging.

“Traditional boarding houses do not offer the amenities like that of a shared residence. In the end , it is more economical for a working class to live where they work and enjoy all the services at the same time. Shared residences have common study area, gym, relaxation areas, and maybe a pool,” explained Acusar.

The rise of co-living spaces is following the success of co-working space facilities, where office address or place to work doesn’t have to be in the private rented unit, but it can be shared to others.

Similarly, co-living spaces offer the same function, only that rooms of a residential unit for instance is shared by dwellers in order to save the cost of rent.

“Strong BPO sector brought challenges to the growing workforce,” she said.

In Cebu for instance, around IT Park and Cebu Business Park (CBP) convenient, worry free living is what these shared residences offer and what the market is after.

“The concept of shared residences makes it attractive to millennials and the Z Generation as they enjoy work life balance,” she affirmed.

It works like the traditional room-sharing concept, wherein renter pays only the bed-space (including water and power). Co-living concept on the other hand is more modern and classy.

Co-living is a new kind of modern housing where residents with shared interests, intentions, and values share a living space where they’re almost like a big family.

Recently, the Cebu Holdings Inc., (CHI), the developer of Cebu I.T. Park and Cebu Business Park announced its move to address the rising demand for shared living spaces in Cebu, with the introduction of its latest projects called “The Flats” to address the growing demand for shared living spaces in the city.