Why More Millennials Are Pursuing Private Office Spaces

If you like to think ahead when it comes to the economic and recruitment market, consider the following: Millennials will compose 75% Of the entire workforce by 2030.

Did you notice a pretty big jump in the shared office space industry in and around your area? This type of office flourished in the last decade. When we look back at 2008, the trend was unnoticed, with only around 15 legally documented shared spaces in the U.S.A.

And now, more than ever - COVID-19 has taken part in this as well - there are almost over 26,000 private offices. And guess whos in charge of this rapidly growing trend? The millennial's emergence in the business world!

They became entrepreneurs, who started their own business, thinking of joining startups, and most importantly, they are reshaping the ways we work and how we work as well! But the real question is, why are office spaces so appealing to this group of millennials? Before giving a straightforward answer to this question, let's first say what shared office space is.

A shared space office is a location where people, individuals from different business branches can engage in their work. For those who are looking for coworking spaces, bear in mind that, in general, individuals who want to use shared workspace needs to pay a monthly membership fee, just like in the case with the gym. This fee allows 24/7 access to the building, accommodations like working and meeting rooms, and special equipment.

Why are Millennials Moving Toward Coworking Spaces?

There are several reasons why shared office spaces and private offices are so appealing to this youngest group of workers, who came fresh out of college trying to make their path in the business community.

Some of the reasons why millennials adapt to Officevillas's modern shared office spaces and private offices:

#1 Cost-effective

In 99% of cases, they are cheaper than their "twin" full office. Buying a big, entirely new office could eat your entire budget (if you have one!) while leasing some outdated small space will cost you at least a couple of thousands of dollars a month (even more, much more, in downtown). Membership fees for shared spaces are under $200 a month, which presents a big advantage.

#2 Fewer responsibilities

Millennial entrepreneurs who work together in shared office spaces can focus on their job without worrying about other things. Necessary things like maintenance and cleaning are the responsibility of the facility owner. And this is exactly one of the main reasons why millennial entrepreneurs prefer renting office spaces over owning.

#3 Community: Networking opportunities

Another characteristic of these "new era" offices: there are a lot of other people working in the same building, the same space as you. It is a place where you can meet new business people, which is a great opportunity for millennials who want to expand their business network.

#4 Support for startups

The vast majority of millennials truly love the very idea of starting their own business. They are tempted by that entrepreneurial drive. Creating a successful startup from zero, scratch happens very fast these days. This led to a rapid-fire growth in the industry that deals with shared space offices. Shared spaces and private offices are perfect for all entrepreneurs with an uncertain future, a small limited budget that looks for collaboration with other business owners.

#5 Smaller commitments

Millennials are also described as people who don't like to have commitments. If your business needs to change too often, you can use (pay) shared office space per hour.

#6 Urban-centric locations

2/3 of millennials looking for coworking spaces wanna live in big urban cities and have convenient access to resources like restaurants, entertainment, nightlife, and grocery stores. Centrally located, they can walk to the office in a couple of minutes.

#7 Shared spaces vs their full-office counterparts

Last but not least. Millennials are moving away from traditional office structures, corporate hierarchies, nine to five mentalities, and even changing social norms when it comes to employee interaction. These offices offer better opportunities for people to express themselves.

Coworking At Officevillas

Officevillas is a NY coworking business offering a professional and modern environment for millennium entrepreneurs. Officevillas is an ideal solution for people who seek a more inspiring work environment and has everything you and your business need to succeed. From coworking memberships and private offices to event spaces and meeting rooms, we have everything it takes at the best rates! Just give us a call today for more information.