Star Property |

Many are re-evaluating their priorities as more options enter the market

Contributed by Sulaiman Saheh 

The market has seen notable shifts in consumer and behavioural trends; both new and old with some going from being a niche to a now mainstream option. More so, these shifts were accelerated and amplified by the two-year pandemic which had caused many to re-evaluate their priorities. 

For the employment sector, strategic readjustment was necessary to accommodate the new needs and demands of post-pandemic employees. This was primarily seen with the embracement of co-working spaces that allows anyone to work remotely and not be locked into one specific office cubicle. As cloud usage and virtual communications became the norm, remote working became more doable and acceptable as a way of working. 

This not only solved the dilemma of space downsizing faced by organisations without having to resort to retrenchments but also gave employees more flexibility to structure their own work style efficiently – be it from a commute cost, convenience or comfort perspective.

But happening simultaneously on the other end of the co-sharing spectrum is co-living which is simply defined as a dwelling unit occupied by several individuals utilising the same facilities and amenities provided within the development. Of course, this type of living arrangement is no new concept as it is commonly practised in student accommodations and rental homes. Instead, the co-living of today is seen as the upgraded and well-facilitated version of conventional renting with such spaces provided and managed by professional co-living service providers. Rather than just having rented a room to yourself within a conventional home and having access to the common areas such as a living room, kitchen and bathrooms, co-living centres have gone several steps ahead to encourage and create a sense of community within the shared dwelling. This is done with the provision of common lounges, entertainment rooms, and work spaces for the digital nomads.