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JLL offers viable living alternative

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JLL, the Philippines’ leading real estate consultancy firm, sees a positive trajectory on co-living spaces as an alternative segment in the residential sector — a form of housing where residents with similar interests and values share living space.

In the Philippines, the co-living segment is another type of residential leasing market, as it expands the options of prospective tenants to live in the metro. Co-living developments serve as an alternative to the residential leasing market that addresses the growing demand for employee housing especially for urban young professionals.

JLL’s Co-Living in Costly Cities-Asia Pacific report shows that a modern and urban lifestyle enabled by co-living spaces is becoming an experience that a significant number of the millennial generation wants or needs.

JLL underlines the 4Cs of co-living that prove to be appealing factors to users. These 4Cs are convenience, cost, community and collaboration.

The Philippine co-living market is evident through the presence of dormitels, a combination of a dorm and hotel services that young professionals consider due to affordability, location, convenience, and safety.

Currently, the majority of dormitels are found in the fringe areas of Bonifacio Global City (BGC) and Makati CBD. These include iDorm; Bonifacio Point; MyTown New York and MyTown Auckland; and the Flats Amorsolo.

JLL believes that co-living is a solution to address growing housing needs due to urbanisation and provides an additional option to the different living types within Metro Manila.

Although development progress is yet to reach its full potential, co-living spaces provide the residential market necessary considerations for a better living experience – convenience, cost-efficiency; strong sense of community and collaboration.

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