Coworking spaces have become a big thing for ALL ages, and the first choice for many millennials.
In 2007, the United States had only 14 registered coworking spaces. The number has since skyrocketed, with over hundreds of thousands of coworking spaces opening across the globe, which equates to over 1.7 million choosing shared office spaces. With the numbers steadily increasing at a 41% compounded annual growth rate, all eyes are now on coworking. So, how did millennials kick-start this coworking trend?
- Choosing small enterprise or startups versus corporate – Unsure of the job market and unsatisfied with traditional job descriptions, many millennials choose startups or freelancing. Coworking spaces support their flexible lifestyle – offering cost-effective, flexible membership terms. Traditional commercial real estate leases are a daunting, long-term three – five-year commitment. Startups can scale and downsize at the drop of a hat, so the idea of a long-term commitment does not match the needs of their business model.
- Millenials embrace the shared economy – Shared offices are like the best of a Netflix and Uber experience: select a service plan based on your actual needs, share the cost of service with like-minded peers, in a user-friendly, comfortable environment.
- Networking and mentoring – Startups and small enterprises tend to be very lean, so the shared workspace is an opportunity for cross-communication and outsourcing. Millenials also have the opportunity to interact with more seasoned professionals but without the intimidating office politics. This creates great mentor opportunities, and for seasoned professionals, a chance to connect and learn from a generation of innovative thinkers.
- Productivity over office politics – Coworking members enjoy a collegiate feeling in their workspace. Working around motivated, energetic people is infectious. Creativity and drive is the norm for the coworking atmosphere, which may explain why so many successful disruptors choose coworking.
Visit Workvillenyc.com midtown Manhattan coworking space to experience the new way of working. Our space supports the needs of growth-stage startups and thought-leaders.