Sell for More News is a weekly blog series with interesting information from the world of commercial real estate.
We’ve all heard of Co-working…but Co-living? I predict 2019 will be the year Co-living makes its way into the popular vernacular.
For example, a company called Medici is raising a billion dollars to become the “WeWork of Co-Living.” Other co-living startups include Common, Ollie and Starcity.
Most co-living operations offer private bedrooms plus shared kitchens, living rooms, bathrooms and other common areas. Leases are generally less expensive and more flexible than conventional apartment agreements. Meaning, it’s dorm style living for grown adults!
Co-living operators hope to disrupt the conventional apartment leasing model. Unlike the explosive growth of shared office providers, co-living has remained mostly a niche real estate pursuit in America.
A few related notes on Wework:
- WeWork opened co-living sites under the WeLive brand in Washington, D.C. and New York in 2016 but quickly postponed plans to expand across the country, opting to focus on its office business.
- It’s been reported that WeWork offered to acquire Medici.
Medici opened its first US location under its Quarters brand on the Lower East Side of New York City last year, followed by a second building in the East Village in February. This year it opened its largest property, a 75-unit, 175-room location on the top five floors of a 10-story building in Chicago’s Fulton Market.
Medici has two brands, Quarters and Medici Living. Quarters branded properties offer longer-term leases targeting young professionals and entrepreneurs. They sublease furnished apartments ranging from studios to five-bedroom suites. The locations have shared kitchens and bathrooms, and an assortment of indoor and outdoor lounges, fireplaces, grills and recreation areas.
The company’s other brand, Medici Living, is aimed at students and interns, with shorter-duration leases and online bookings. The three Medici locations are more than 96 percent occupied.
Look for Co-living momentum to build in 2019. It will be fun to follow.
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About Beau Beach, CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Prowess IRES which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 414.324.4938, 615.603.9770, click to schedule a call or Beau@ProwessIRES.com