Millennials Flocking Shared Office Spaces- A Paradigm Shift in the Workspace Culture The rise in the number of shared office spaces is a startling development in the real estate industry. The shared office concept or popularly known as co-working spaces amongst the millennials has been breaking the ageold model of conventional office spaces and has become quite popular in the last decade. The trend was almost unknown back in 2007 with only a few number of coworking spaces open in the US for the “remote workers.” It has seemed to pick up an aggressive pace with more than 15000 coworking spaces open across the world and an equal number projected to open their gates for the young and new entrepreneurs by 2020. What is driving this staggering force of a concept forward is the emergence of the young guns or more appropriately, the Millennials into the professional world. These millennials are not up for the routine or normative jobs and are adamant about turning their passions into work. They’re going on to become entrepreneurs, opening their own startups redefining the way we work and where we work along the way. So what is causing this change and what’s special about these shared office spaces in the first place? Understanding a Shared Office Space A shared office space (or coworking space) is an affordable office space equipped with a host of office amenities like hot desks, private meeting rooms, private cabins, flexible workstations, free internet, the smell of fresh coffee and a sense of community. These spaces are creatively designed and stand apart from a traditional office space in terms of design, ergonomics, and most importantly the kind of professionals it hosts. These spaces are typically occupied by freelancers, entrepreneurs, remote workers and startups opting for the “flexible workspace” edge. The memberships to these workspaces are offered on a monthly, quarterly or annual basis hence saving the cost of setting up an entire office space for oneself. Millennials and their love for Shared Office Spaces What drives this millennial workforce to these coworking spaces? 1. Cost-Effectiveness Compared to their regular office counterparts these shared office spaces are feasible in terms of their costing. For startups who are already tight-strung
on their pockets, buying out a large office space can put a lot of burden on the finances. These shared office spaces offer affordable membership plans customized to the amenities that you use. The major advantage with this setup is that it runs on a “plug-n-play” model allowing you to save thousands on the cost of setting up the space or paying for the amenities. 2. Lesser responsibilities With shared office spaces come fewer responsibilities to think about. For millennials already leading with the stress of executing their million-dollar ideas that’s one thing which makes them flock to these coworking spaces. Amenities concerning cleaning and maintenance are already looked after by the owners, making it a perfect option over owning the entire space to themselves. 3. Plethora of networking opportunities Millennials are known to thrive in socially active spaces and the shared office spaces provide a big hub of such social engagements. With dozens or hundreds of like-minded professionals working in the same space as you, the opportunity to network or form professional bonds with them is an obvious choice. These office spaces make for a perfect place to meet new people in a professional capacity giving the Millennials the advantage of expanding their professional network. 4. Support structure for startups Through research conducted about whether Millenials prefer to start their own startup or work for an established organization, the results incline towards the former. A rising number of young professionals love the idea of having their own business and many are following through on that path. With the internet providing for a huge inventory of free resources and the fast turnover rate of these startups, it’s easier to take a startup to culmination. Governments of different countries are banking on these ideas by providing funds and resources, acknowledging their part in the growth of the economy. All this and more has led to a rapid-fire demand for these startups to look for spaces to operate from. A small team can be easily operating from these coworking spaces and in the case when the startup decides to expand the spaces can be availed accordingly. The flexibility and support structure thus offered is a big crowd puller for the Millennial workforce. 5. Ease of urban accessibility According to a survey conducted by Nielsen, 62% of millennials preferred living in urban centers with easy access to the living amenities. Shared
office spaces are conveniently located in urban centers which are mutually accessible to others, making them perfect destinations for millennials. 6. Breaking away from traditional offices Last but not least, millennials are breaking away from the monotony of traditional office structures. They’re moving past from the conventional 9 to 5 corporate mentality, paving ways for the growth of coworking spaces across the world. These spaces offer immense scope for individual expression which is in stark contrast to the traditional office culture.