Millennials’ Thirst for Co-Working Spaces

There are a lot of discussions about millennials since this demographic is considered to be the future. How they live, shop and spend their money is closely studied in a bid for companies to absorb this group’s spending power. Defined as those born from the 1980s into the 1990s, they are accustomed to living with technology and being constantly connected is of paramount concern.

This generation also seeks a different working environment. Flexibility is an important factor when choosing their career path or even an employer. Some might decide to become a freelancer whilst others want the chance to be able to work from home should they not be self-employed. This has affected the traditional nine to five which is no longer the norm and the lines can even become a bit blurred between work and leisure time. A consequence of this is that co-working spaces have emerged to meet this growing trend.

Co-working spaces have created a space for people to work. The nature of their set up is that you might have a mix of people working under the same roof but who all work in different industries. The idea behind them is to give workers everything they would need in a normal office such as meeting rooms and printing facilities but all on flexible terms so that they do not have to commit to long-term office leases. Co-working spaces also allow this collection of people to bounce ideas off each other to help grow their network and increase productivity.

Residential developers have been tapping into this and consider the working pattern of this demographic. An increasing number have been creating designated working areas within condominiums for residents to enjoy. This could be in the form of a library, a business centre or even larger lobby areas that accommodate space to work. The latter being a trend that has been noted in hotels where there is a real emphasis on creating larger lobby areas to give people space to meet and collaborate, which is now be mimicked in homes too. >>How Important Are Facilities?

Whilst they might not be as fully equipped as standalone co-working spaces, co-working spaces at home are becoming as important for renters as the swimming pool or fitness centre. This is particularly the case for condominiums that might not be located close to downtown areas where co-working spaces are based. Plus it also suits startups that do not have the expenditure to spend on a private co-working space. If you are looking to invest in a buy-to-let property then consider the co-working area if you are aiming for this demographic of the tenant.