Much like a silver lining in the grim prospects that has been continuing in the real estate market, some new trends are likely to develop during the year. Here are a few things you can expect to trend in the market in the year 2019.Co-working is a trend that has been quickly recognized by young people in the popular metro cities all over the country; co-living is the new age solution to the age-old issue of finding safe and comfortable housing which one can afford. It is also a perfect way to carry on with the professional and personal growth even in a new city and new work atmosphere.
Co-living as a concept is not unheard of. But it has been gaining popularity for the past few years, many people, mostly students and professionals who are shifting base to new cities, areopting to share a flat or studio apartment, usually with other students or professionals. This concept is steadily overtaking the idea of residing in lodges or hostels.On the commercial real estate market front, the percentage of co-working spaces in total office rent or lease increased to 10% in 2018 from 5% in 2017. The experts except for more supply which is likely to come in the near future. Leasing of work places is expected to take a giant leap in 2019. In addition to strong demand for start-ups and small and medium enterprises (SMEs), large mainstream corporates are also actively looking at expansion of work places.
Why is this trend becoming so popular across the country?
The working faces of young India now constitute a huge chunk of India’s working population. They are very flexible when it comes to adapting working conditions but expect a positive development in the way people work. New age workplaces and a cheerful ambiance helps the new age millennial to perform better.
This concept of co-living and co-working also gaining huge popularity from the fact that to many people co-working also is a new way to stay around others—it’s easy to just very easy to start a new friendship or even a new financial venture if you have like minded people sharing the same roof. Other advantages of this new trend include sharing of financial responsibilities, support system of people who are outside the family, developing newhobbies, and a sense of endearment to the new work place.
The future of co-working and co-living
Both in India and across the globe, hundreds of co-living spaces are now developing looking at the interest of the working millennials. According to real estate experts, this trend which started around in 2012, is now gaining much popularity around the world especially in countries like India,Spain in with options of shared or private rooms.
There are many new real estate companies developing, like The Collective in London which actually deals only with properties that are related to co-working and co-living. Therefore, no doubt, this trend of sharing living and workplace has carved a niche for itself in India.