Why More Millennials Are Flocking To Shared Office Spaces

Published on Jan 5, 2018

Why Millennials Love Shared Office Spaces ?

A shared office space (or “coworking” space) is an abstractly defined location where individuals from multiple businesses can engage in work. So how are these office spaces able to thrive with the millennial population?

Lower costs.

Shared office spaces are almost always cheaper than their full-office counterparts. Buying a large office could set you back tremendously, and leasing a space will cost you so much money. With this consideration, shared spaces have a major advantage.

Fewer responsibilities.

Millennial entrepreneurs who partake in shared space also have fewer responsibilities to worry about. Things like cleaning and maintenance are taken care of by the building’s owners. This is one reason why millennials tend to prefer renting over owning; most of the annoying tasks and responsibilities are already accounted for.

Networking opportunities.

In a shared office space, there are usually dozens of other people occupying the same location as you, and those demographics will likely change every month. It’s a perfect place to meet new people in the professional world, which is advantageous to the social millennial who wants to expand their professional network.

Smaller commitments.

Millennials also like the idea that they don’t have to commit. Leases tend to cover periods of several years, and owning a building is an investment that can (or should) last for a decade or longer. Shared office space, on the other hand, can be reduced to a monthly, daily, or hourly If your needs change often, this is a must.

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Support for startups.

Though the data has led to mixed conclusions, most millennials love the idea of starting their own business, and many are following through on that entrepreneurial drive. Thanks to the availability of online resources, and the fast turnover rate for tech startups, creating a startup from scratch happens fast these days, and can be done with smaller teams. That increased, rapid-fire demand for startup space has been a boon for the shared office space industry; shared spaces are ideal for entrepreneurs with small budgets, uncertain futures, and a need for networking with other business owners.

Urban-centric locations.

Shared office spaces usually occupy urban centers, making them a perfect fit in millennials’ dream locations. Centrally located, millennials can either walk to work easily or use the opportunity to explore more of their home city.

Resistance to traditional offices.

Finally, remember that millennials are resisting the urge to comply with traditional office structures (for better or worse). They’re breaking down corporate hierarchies, dismantling 9 to 5 mentalities, and even redefining social norms in business interactions. Shared offices offer more opportunities for individual expression, and offer a counterpoint to traditional office culture. To put it simply, they’re new and they’re hip.

 

Shared office spaces do have some disadvantages, of course; you’ll be limited in terms of what you can do with the space, and if you need to upgrade, you won’t have much infrastructure to scale (you’ll need to start again from scratch). Still, for the remote workers, entrepreneurs, and other millennial professionals out there, shared office spaces are quickly becoming the dominant choice in work.

 

Source: https://www.forbes.com