According to property consulting agency JLL, flexible office space has grown steadily by 23% each year since 2010. With millennials making up the largest generational group in the workplace since 2016, the demand for flexible space is only accelerating. Millennials expect options when they think about their careers, and the traditional nine to five mindset is becoming a thing of the past. Since millennials have started making up a larger portion of the labor force, coworking, shared offices, and flexible space options have exploded nation-wide. Why is that? Let’s take a closer look at the data.
According to a 2017 survey, millennials cited workplace flexibility as one of the most important factors in job satisfaction. Many attribute creativity and innovation to the collaborative nature of shared office environments. An important piece to this was also ensuring that along with collaborative workspaces there were also private meeting rooms to break off into departmental huddles.
Doubts in Entrepreneurial Ventures
Millennials grew up in an age of ongoing wars and the Great Recession. Pair that with the rising costs of education and student loans, fewer millennials are taking the leap to become entrepreneurs. In fact, millennials are at a 25-year low in terms of how many are starting new businesses. For those who do, statistically this generation has fewer savings than in generations past, making flex space the best option to headquarter a startup. The high cost of signing a traditional lease is just out of budget for many small businesses today.
Expectations for Amenities
It’s no secret that workplace trends have come a long way from rows of stale cubicles. Millennials put a high value of importance on having an inspiring workspace with amenities like fast Wi-Fi, free coffee and breakrooms to help de-stress. Not only do millennials working at these places appreciate the added services, but those in charge like them as well. Features such as conference room use, mail and package handling, pre-furnished offices, and janitorial services included in their monthly payment make the day-to-day much more efficient. Not to mention, administrative tasks like buying ink and paper are taken care of, enabling them to focus on their core business functions and revenue generation.
Finding the right space at the right price is the foundation to running a smooth business. From multinational corporations to sole proprietors, shared offices and flex space are becoming more popularly used as millennials control higher proportions of the workforce.
If you are interested in a shared office space in southern California, contact Barrister Executive Suites. With over forty years of experience, Barrister’s shared offices feature professional receptionist services, experienced on-site management, and modern workspaces equipped with comfortable furnishings and technology needed to get the job done.
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