Millennials Make Up 65% of the Global Coworking Community
According to Pew Research Center, millennials – the generation born between the early 1980s and mid to late 1990s between Generation X and Generation Z- currently make up more than a third of the workforce. Yet, it’s estimated that they make up approximately 65% of the global coworking member base.
This statistic would suggest that although much of the workforce seems to be shifting away from traditional office environments, millennials are adopting coworking more vigorously than other generations.
Why Millennials Are Gravitating Toward Remote Work and Coworking
There are a number of reasons coworking is so appealing to this youngest generation of workers, fresh out of college and eager to forge their own path in the professional community. Here are some of the factors our Atlanta-based coworking team here at SharedSpace found to be most prevalent.
Millennials are consistently described as the most entrepreneurial and risk-taking generation of our time. According to a 2017 study by America’s Small Business Development Centers, half of millennials planned to start a business in the next three years and more than half said that with the right resources they would quit their job to start a business in the next six months.
Inc. points out that millennials “came of age in a world powered by the products of rockstar entrepreneurs – Steve Jobs, Mark Zuckerberg, Alexis Ohanian and TV Shows like Shark Tank…” so it’s no wonder they’re launching their own ventures and thinking outside the box more than other generations – whether it’s freelance work or a side hustle. And that means they’re needing office space to do it in.
Wikipedia describes millennials as “marked by their coming of age in the Information Age” and “comfortable in their usage of digital technologies and social media.” Yet being recently out of college, most millennials may not be able to afford the technology they want and need to run a successful business.
At a coworking office, millennials will find all the advanced technology they need to sustain their business and impress clients. This includes reliable high-speed internet, Apple TVs, color printing and scanning, plus meeting rooms equipped with TV monitors and whiteboards for presentations and video conferences.
Independence and Flexibility
More so than any other generation, this tech-savvy free-thinking cohort seems more focused on life/work balance than those before it and as such is looking to work in less conventional ways.
With 24/7 access, coworking allows them to work at a time that’s best for their schedules. Not only that, but perks like being able to bring your dog to work, grab a beer from a kegerator whenever you choose, or watch Netflix on a community big screen also play to the millennial’s desire for flexibility and independence.
Community is the backbone of the coworking business. Without it, the coworking facility would just be another bland commercial office building or a noisy coffee shop.
Companies like SharedSpace work hard to curate programs and events that bring members together for social and professional purposes. It hosts free weekly Happy Hours, periodic Lunch and Learns for professional growth, women’s networking mixers, Waffle Wednesdays and more, all of which are invaluable in terms of connecting with other professionals who can help your business grow. SharedSpace even publishes member directories encouraging its community to do business with other members in the space.
If you’re a new entrepreneur looking to expand your Rolodex and debating whether or not to invest in a desk at a coworking site, the community is a pretty compelling reason to spend the money.
Like many independent professionals, most millennials can’t afford all the costs that go into renting office space from scratch. Maybe you can afford the rent, a computer and a printer but coworking sites have so many other invaluable services that would otherwise cost a fortune to bring into your own space. That includes front desk reception, IT support, conference rooms, kitchen amenities and sophisticated A/V equipment for presentations and events.
Most coworking spaces offer everything young solopreneurs need plus several tiers of pricing and the ability to choose the type of desk and schedule that fits within your budget.
Not to be underestimated is the power of coolness. Most coworking spaces, being new and nontraditional, offer modern amenities that play into this, appealing to not only millennials but people who want to feel plugged in regardless of their age and career stage.
From the funky EDM beats and coffee house tunes to the locally brewed coffee and open concept design, coworking spaces are designed to make you feel like you’re part of something pretty cool.
With millennials being projected to overtake Baby Boomers as America’s largest generation it’s likely we’ll see the continued growth of the coworking market and their participation in it. So grab your Airpods, your laptop, and an open mind and meet us at a fun and funky coworking location near you.3
Coworking at SharedSpace
SharedSpace is a regional coworking business offering modern, professional environments for entrepreneurial businesses and their teams. An ideal solution for anyone seeking a more inspiring and connected work environment, SharedSpace has everything your business needs to hit the ground running. From private offices to open coworking memberships, meetings and event spaces, our flexible lease terms can help with any short or long-term needs. Contact our community manager today for more information or to schedule a tour.