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Ultra Reliable and Low Latency Communications (URLLC) play a key role in 5G vertical markets, but pose many technical challenges especially when sharing the spectrum with Enhanced Mobile Broadband (eMBB) customers. This study aims to overcome the spectrum inefficiency issue of fully separate (FS) approach and the contention issue of the fully overlap (FO) approach. We present a user-initiated probability elastic resource (UPER) approach by dynamically adjusting the probability of using the shared spectrum for eMBB and URLLC traffic based on the current success and failure status of packet transmission status. The probabilities of successful transmission are derived for UPER, FS, and FO and partially overlap (PO) sharing spectrum approaches. We find that the successful transmission probability of UPER approach is 28% and 46% higher than FS and FO approaches, respectively. We further evaluate the reliability and throughput performance of URLLC and eMBB. When the URLLC packet load is low, the UPER method can almost achieve the best performance of the FS method. When the URLLC packet load is high, we show that UPER can improve the reliability performance up to 54% compared with other methods. Index Terms-Spectrum management, ultra reliable and low latency communications, coexisting systems. I. INTRODUCTIONU LTRA-RELIABLE and low latency communications (URLLC) of the fifth generation (5G) wireless communications aim for providing time-critical machine-to-machine or human-to-machine vertical applications, such as factory automation, vehicular communications, and augmented reality, etc., [1]-[4]. Most URLLC services require 99.999% reliability performance within 1 msec latency in the data plane [5], [6]. Remote monitoring of patient's the vital signals is an important human-to-machine URLLC applications use case. On the other hand, intelligent transportation systems is an important machine-to-human URLLC use case [7], where