WHEN we think of the word university, “business” would not normally be among the first ideas that would pop up in our minds. Traditionally speaking, when the terms “college” and “university” are brought up, we, more than likely, think of words like education, career and the future.
However, more people are starting to associate educational institutions with some things other than education as of late.
Let’s take a look at Taft Avenue, Katipunan, Mendiola and even Diliman, for example. These areas are home to the country’s top educational institutions that have honed and birthed some of our nation’s greatest leaders. There’s a certain vibe of school pride, a community of hard workers, and world-class academic excellence you can feel whenever you’re in any of these areas.
On the other hand, when we go past all school infrastructures, we see towering condominiums, lively commercial centers and a population of people that are well beyond student life. With no shortage of people entering universities, the business sector has finally seen the advantages of setting up shop around the so-called university towns all over the Metro.
It’s always about location
College towns have been around for ages now. There seems to be a cosmic rule that wherever there is a university, commercial and residential establishments must follow. However, with a university’s population usually reaching tens of thousands, I am not surprised that a fully functional and a thriving community bloom in the process.
The need for housing, dining stops, retail shops and leisure establishments all around these places will never go away. This is why university towns have become hot spots for business owners, real-estate developers and investors. If you go to any of the four places I’ve mentioned above, you would see no shortage of living spaces in the area nor would you see a street void of restaurants and cafés.
De La Salle University, for example, has 12 residential establishments within its vicinity. From dormitories to condominiums to condormitels, the school’s community is not lacking in housing for its students and staff. However, out of the 12, eight act as housing for people other than students and staff. Indeed, many young professionals, newlyweds and retirees have taken root in the likes of Manila Residences, Torre Lorenzo and Burgundy Tower for their affordable prices and their walkability to several commercial establishments and modes of transportation.
Taft Avenue alone is home to 29 schools, a mall, 28 banks, 12 gas stations and 50 restaurants. Each of these translates to virtual economic drivers by generating income and investment payoffs for both workers and entrepreneurs. Moreover, this steady influx of business makes the area a lot more attractive to business owners wishing to expand and franchise, while it presents an opportunity for developers to choose the spot for future establishments. Aside from the residents, university towns are also experiencing something new courtesy of social media. There has been an influx of nonresidents and nonstudents coming to the area because of the blog-worthy and newsworthy restaurants and cafés in these towns.
Take Maginhawa Street, for example. The strip of real estate has experienced a surge in customers due to the number of people raving about the thematic, one-off, dining concepts located along it. From “Me Love You Long Time’s” Thai and Vietnamese-inspired delicacies to “Antiteasis’” cozy and chill café vibe, it’s no wonder even people from the South endure the hours-long drive up North to Quezon City just to get a taste of the Maginhawa experience. With a lot more Filipinos having disposable income coming and staying in and around these university towns, these communities have started experiencing significant development and economic growth.
Come for the diploma, stay for the lifestyle
Within these university towns today, you will more than likely see something under construction—be it a new towering condominium, a commercial center, or simply a new addition to the school—all of which are helping generate economic growth for the area.
University towns have proven, time and again, their capability to be catalysts for economic development and growth. A growing number of alumni have chosen these places to take call “home,” not only because of the unique “millennial lifestyle” culture that they can enjoy within the area, but also because of its proximity to central business districts.
As a supporter of local businesses, I can’t tell you how happy I am that more and more of these home-grown, mom-and-pop-style establishments are popping up around some of the country’s university towns. Another nice thing about this, is, these areas have started encouraging more people to choose living in vertical residences—making for the more sustainable choice in living space.
Now, next time you visit these places, keep in mind that you’re not only satisfying your curiosity for fun; more important, you’re helping drive the economy by taking part in the growing culture of progress taking share in and around these locations.