Smart Workplaces in Urban Spaces
According to Nielsen surveys, 62% of millennials prefer to live in urban areas*, where they have access to amenities such as grocery stores, restaurants, entertainment and cultural venues. As urban environments become more attractive, the concept of easily walking to work has become more appealing as well. With urban development on the rise for retail and residential properties, it is also positively affecting office spaces by creating a smarter way to use the space available – commonly known as a co-working or “shared” work space.
A co-working space is defined as a location where people from multiple businesses can engage in work. Members often pay a monthly membership fee, like a gym, to utilize these resources. 101Co3 – shorthand for “Collaborate, Co-work, Connect,” – in Mishawaka, IN and Regus co-working space located in Eddy Street Commons across from The University of Notre Dame, are among a growing number of these spaces in the area.
One of the biggest drivers of this trend is the emergence of millennials in the professional world. They are building startups, becoming entrepreneurs and starting to shape the trends of how and where we work.
So how are these office spaces able to thrive with the millennial population?
• Lower Costs
With membership fees potentially under $100 a month, shared spaces have a major advantage.
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.
• Smaller Commitments
Shared office space can have a monthly, daily, or hourly rate. If your needs change often, this is a must.
• Support for Startups
Increase demand for startup space has been an asset for the shared office space industry. These spaces are ideal for entrepreneurs with small budgets and a need for networking with other business owners.
• Fewer Responsibilities
Responsibilities like cleaning and maintenance are handled by the building’s owner.
• Creative Freedom
Millennials are breaking down the corporate social norms and the 8-5 mentality. This is a space where they can have creative freedom and dissolve the traditional office culture.
“People see that living, working and playing downtown are now viable alternatives to suburban commuter life.” – Edward F. Bradley, CCIM/CPM/SIOR