Pricey housing markets mean co-living buildings are on the rise

Summary:

  1. WeWork, a private firm that is the world’s largest provider of shared workspaces and is valued at an estimated $20bn, has a residential arm, WeLive, that is running co-living units out of a leased building on Wall Street in Manhattan.
  2. But Mr Southam sees much more potential if co-living spaces can give residents slightly more private space, allowing them to attract people already living in cities.
  3. It has joined forces with a property firm in Seattle called Martin Selig to construct a new 36-storey building, 23 floors of which will be dedicated to co-living.
  4. Starting from the smallest of rooms and working up may let co-living firms hit upon the perfect balance of shared and private space.
  5. It is being developed by Quadrum Global, a property investment company, whose financial models predict that co-living will substantially outperform conventional rented flats in future because the return per square foot is so high.

Sources: https://www.economist.com/news/business/21727948-co-living-hipsters-not-hippies-pricey-housing-marke:

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