The Rising Popularity of Shared Office Spaces

The trend of shared office spaces was almost unheard of in 2007, but since the past few years, collaborative workspaces have become popular with the emergence of millennials coming into the workforce. They are opposing the need to obey traditional office structures, demolishing 9-5 mindset, breaking down the typical corporate hierarchies and are reformulating business norms. Many millennials are becoming entrepreneurs, setting up their own start-ups and are shaping the trends of how and where we work. 

However, the rise in the popularity of shared offices is not entirely dependent on millennials. There are various factors making coworking spaces, the perfect fit for those who are looking for efficiency over tradition.

What is Shared Office Space?

A shared office space also known as a coworking space is a collaborative workspace where SMEs, freelancers, and entrepreneurs can enjoy the benefit of a well-furnished and equipped office space without having to commit to a long-term lease and the hidden costs it involves. The members of a shared office usually need to pay on a monthly basis to gain access to amenities like private working space, meeting rooms or special equipment.

The Executive Centre (TEC) for example, is a high-end, exclusive business centre offering unparalleled amenities and services to meet your business needs. All of its coworking offices in India such as the shared office space in Chennai are equipped with a productive atmosphere, state-of-the-art infrastructure and unmatched business concierge services, providing an elevated and flexible working experience.

Why Millennials Prefer Shared Offices?

Cost-effective: Start-ups and developing businesses do not have the funds to buy or rent an office space, making them inclined towards an effective solution. As opposed to traditional office spaces involving huge costs and long-term contracts, shared office spaces are a lot cheaper and generally require payment on a monthly basis. Therefore, more individuals prefer to go for a shared office space for rent rather than renting traditional office space to uplift their business.

Minimal responsibilities: Setting up a business in a coworking space means fewer things to worry about. Things like the pantry, furniture, cleaning, and maintenance are taken care of by the serviced office owner. This is one of the main reasons why millennials prefer renting over ownership.

Access to networking: Shared office spaces offer a productive environment with professionals from different backgrounds sharing one common roof. This not only helps in the sharing of ideas but also sparks creativity and innovation. Moreover, it serves as the perfect place for people to connect with like-minded individuals and widen their network. 

The Executive Centre’s coworking offices such as the shared workspace in Chennai is home to a pool of talented individuals who frequently interact with employees from different start-ups and thus, enhance their personal as well as professional relationships.

High-end amenities: Coworking offices are not just spaces to set up a business. They offer you much more. Some of the top-notch shared offices provide world-class amenities compared to the traditional ones. Be it high-speed internet services, modern resources to ensure smooth flow of operations or pleasant and cosy interiors to impress your clients, all these services will be offered right away, as you step in.

The Executive Centre’s serviced offices such as the shared office space in Bangalore has a distinguished address and is equipped with top-grade facilities required to empower your business.

Prestigious locations: According to a recent survey, it has been found that most millennials prefer to live in urban areas where essential resources like medical stores, grocery shops, restaurants and so on are easily accessible. Shared office spaces generally occupy distinguished locations of the city, making them a perfect fit for millennials. Due to this factor, millennials look for shared office space for rent in Bangalore, Mumbai, Gurgaon and so on, keeping in mind their desire to grow professionally in a city.

As a result, despite drawbacks like distractions, inability to customize and lack of privacy, shared officespaces are rapidly becoming the millennials’ dominant choice for a place to work.