Co-Living With Susan Tjarksen of Cushman and Wakefield
Joining Phil on this episode is Susan Tjarksen, Managing Director at Cushman and Wakefield. Susan has over 30 years of experience in real estate, in both the public and private sectors. She is a leading expert on co-living and joins us to discuss how buildings are being developed and adapted for the Co-living model to generate more income per square foot while at the same time serving marketplace demands. Co-living is a community style of living where common spaces are shared, and spaces such as bedrooms are private, with each tenant responsible only for their share (rather than everyone in one unit being jointly and severally liable). Susan and Phil discuss why co-living, which has existed for quite some time in various forms, is regaining popularity among the younger professional demographic: millennials. Susan goes in depth about what is attracting more and more people to co-living in the gateway markets. One of the main reasons is affordability, because rent is rapidly expanding in these markets, and the other is convenience. This creates an opportunity for developers and investors. According to a survey by the National Apartment Association, millennials chose to live close to work and travel for entertainment, which makes co-living all the more attractive for young professionals seeking the ideal living situation.