13 Oct Why More Millennials Are Converging In Shared Office Spaces
Seeing a significant jump in the number of shared office spaces in and around Cebu City? The shared office model is rising in popularity and has been for the past decade. Back in 2007, the trend was almost unheard of, with only a few private and public documented coworking and shared office spaces in Cebu City. Now, there are more than 20, and we’re projected to see more than hundred spaces hosting 1 million people by 2020.
One of the strongest drivers of this trend is the emergence of millennials, freelancers and employers in the professional world. They’re becoming digital entrepreneurs, building and joining startups, and are starting to shape the trends of how and where we work.
But why are coworking and shared office spaces in Cebu City and surrounding cities so appealing to millennials in the first place?
What Is a Shared Office Space?
In case you’ve just heard this idea, a shared office space (or “coworking” space) is a specific defined location where individuals from different businesses can engage in work. Mostly, members of a shared workspace will pay a monthly membership fee, almost like a subscription term, for regular access to the building and its amenities, and premium charges for accommodations like meeting rooms or special equipment.
Avant Offices, for example, can be rented for events on a temporary basis, or you can become a full individual member for between P700 per day to P4,00 per month for lounge access and Office Spaces starting at P6,000 per month , depending on your needs—far less than a full office space would cost. Avant Offices is situated between commercial and business establishments in Cebu City.
Why Professional Millennials Love Shared Office Spaces?
So how are these office spaces able to thrive with the millennial population?
Shared office spaces are definitely cheaper than full-office floor counterparts. Owning a large office could set you back tremendously, and leasing a space will cost at least several million Pesos a month (especially in an urban center). With membership fees potentially around P4,000 to P6,000 a month, shared spaces have a major advantage.
Millennials also like the idea that they don’t have to think and be stressed out to long term contracts. Leases tend to cover periods of several years, and owning a building is an investment that can last for a decade or longer. On the other hand, Shared office space, can be reduced to a monthly or daily that suits your needs change often, which is very convenient right?
Millennial entrepreneurs who take part in shared space also have fewer responsibilities to worry about. Cycles like cleaning and maintenance are taken care of by the building’s owners. A significant reason why millennials tend to prefer renting over owning; most of the costly annoying cycles and responsibilities are already accounted for.
In a shared office space and open-seating setup, there are usually dozens of other skilled professional occupying the same floors as you. It’s a perfect place to meet new skilled people in the professional world, which is advantageous to the social millennial who wants to expand their professional network to get support or even acquire clients.
Support for startups.
Most millennials love the risk of starting their own business, and many are following through on that entrepreneurial drive. With the availability of online resources, and the fast turnover rate for tech startups, creating a startup from scratch happens fast these days, and can be done with smaller teams which Avant Offices can support. That increased, rapid-fire demand for startup space has set a rise for shared office space industry; shared spaces are ideal for startup entrepreneurs with small budgets, uncertain futures, and a need for networking with other business owners.
Base from a survey, 80% of millennials prefer to live in active urban centers, where access to resources like malls, supermarket, restaurants, and entertainment are convenient. Shared office spaces usually occupy urban buildings and malls, making them a perfect fit in millennials’ dream locations. Centrally located, millennials can either walk to work easily or use the opportunity to explore more of their home city.
Seeking stylish and modern office space.
Finally, millennials are always seeking for new stylish and modern shared office spaces that suits their lifestyle. These professionals work on projects either for just 5 hours or less, the rest of the hours are just chilling and enjoying the ambiance, which Avant Office surely has. Shared offices offer more freedom for individuals to work, and breaks the traditional office culture. To put it simply, they’re new and they’re hip.
For offshore startups and employers getting remote workers and freelancers, for startup entrepreneurs, and other millennial professionals out there, shared office spaces are quickly becoming the dominant choice in work here in Philippines specifically in Cebu City.