The shared office model is rising in prominence. The number of coworking spaces worldwide has jumped from 1,130 last 2011 to 13,800 in 2017 alone. Part of the reason for this rise in popularity is the increasing number of millennials populating the workforce. Geared for practicality and convenience, shared office spaces are perfectly attuned to new millennial office preferences. With this in mind, here are the five reasons how shared office spaces satisfy the current millennial office preferences.
Shared office spaces tend to cost less than renting a traditional office. Some may think that renting an unfurnished office space is ideal for its low price but with the additional cost of office equipment on top of the rental fees, businesses tend to lose more money.
As opposed to shared office space, workstations and office equipment are guaranteed by the provider. Some office spaces also offer an empty workspace if others prefer working on their own devices.
In addition to the cost benefits, shared office spaces offer flexible plans. There is no need to commit to a long-term lease which is often a requirement with traditional office spaces. Whether a startup wants to use the space for a month, a quarter or a year, plans can be easily adjusted, even when the business needs to start downsizing or expanding.
Most millennials love social interaction. Much of this has to do with the fact that they are digitally native. Modern technology has allowed them to connect easier with friends and family. It has also allowed them to connect with other like-minded individuals without being physically present.
Keeping this in mind, it is easy to see why millennials thrive in shared office spaces. They are able to meet and connect with other people organically. They understand the need for connections in order to grow professionally in their chosen fields. Millennials prefer a culture of unity and collaboration rather than competition. Thus, shared office spaces will remain a popular choice for this generation as they take up even more of the current workforce.
Millennials working in a shared office space just has fewer responsibilities when it comes to maintaining the office. Cleaning and maintenance are conducted regularly by the provider (though some mindfulness is, of course, appreciated).
It is not just maintenance either. Millennials do not have to worry about securing necessary permits to operate the building; the provider has already done that for them. They can enjoy the benefits of working inside a fully equipped office without going all through unnecessary trouble.
Support for Entrepreneurs and Startups
Millennials love the idea of starting their own business. In today’s modern world, learning the right tips and tricks to starting a successful business is readily available online. It will, of course, take a lot of work to actually apply them. Startups have a very high turnover rate which is why they benefit a lot from shared office spaces.
Some providers also provide logistical support for small businesses. These can be in the form of an IT team or recruitment services. To this end, shared office spaces are ideal for a startup’s limited budget and team since it helps reduce the hassle of securing necessities for their base of operations.
62% of millennials prefer living in urban centers according to Nielsen surveys. Urban locations are very convenient for millennials. They are accessible to a wide array of public or private transportation. In addition, amenities like shopping malls, grocery stores, and entertainment hubs tend to congregate at urban centers.
These conveniences also make urban centers a strategic location for businesses. Its accessibility makes it easy for employees to commute to and from work every day. Their proximity to restaurants, gyms and entertainment hubs also makes them perfect for unwinding after a long day at the office.
More and more millennials are starting to enter the workforce. It is estimated that they will make up 75% of the workforce by 2030. Thus, it is safe to assume that shared office spaces will become more prevalent in recent years. This is a boon for startups and small-medium enterprises. Shared office spaces guarantee their business with a great office even with a limited budget.
If you are considering leasing office space for your business, you can start by talking to us here at Anderson Group BPO, Inc. We provide you an affordable office at three premium locations, each offering its distinct advantages for your business. Contact us today to book a personal tour of our facilities through the details below: