One thing the team at 99spaces spends many hours on is the Future of Work, coworking, and its ramifications across the technology, real estate, and management industries. Much of the discussion revolves around Millennials and their lifestyles, work-styles, and values.
One thing is for sure – they have different ideas as to how the workspace should look and behave. Coworking is proving to be a great fi for many millennials.
Larry Alton has written an enlightening article in Forbes about millennials and why they are flocking to coworking spaces:
1. 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 at least several thousand dollars a month (especially in an urban center). With membership fees potentially under $100 a month, shared spaces have a major advantage.
2. 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.
3. Networking opportunities.
In a shared office space, there are usually dozens of other people—if not hundreds—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.
4. 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.
5. 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.
6. Urban-centric locations.
According to Nielsen surveys, 62% of millennials prefer to live in urban centers, where access to resources like grocery stores, restaurants, and entertainment are convenient and mutually accessible to others. 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.
7. 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.
Read the entire article here.