The Tidal Wave Trend of Share Office Space

shared office in Chicago

I’m sure the increasing number of shared office offerings hasn’t gone unnoticed in your city. This model of office use has been consistently rising in the past several years which may seem surprising considering it would have been unheard of only ten years or so ago in the US. Now by some estimates there will be more than 26,000 shared work spaces hosting some 3.8 million people by 2020.

It is unmistakable that a driving force behind this trend is the younger workforce (which much of our team is a part of). The young professionals, entpreneur start-up founders and dream builders. But if you really investigate it this shouldn’t come as a surprise, there are some very specific reasons why this newer concept is so appealing to this generation.

Contrarian to a Traditional Office Setup

Let’s not forget that this millennial generation likes to break the mold wherever possible. They don’t like set hours, fixed locations, and traditional hierarchy for traditions sake. Within a shared office environment, you have more room for business interactions and socializing. This can of course be a double-edged sword. You can find yourself a little limited with what you can do in the space or find distractions a little too common.

Downtown Locations

The fact is that most millennials like to live in urban centers. According to a Nielsen survey exactly 62% of millennials share this preference. Which make sense, the locations are centrally located with abundant transit options and amenities abound including food, entertainment, and clients. Additionally, these central locations also offer ample support for the same start ups. Not only limited to online resources but the industry and other businesses in the area.

Flexible Commitments

They don’t like the idea of tying up a lot of capital in property improvements and long-term lease commitments. They prefer the flexibility that comes with a shared office space and the reduced monthly rent that comes along with it.

More Opportunities and Fewer Responsibilities

As touched on before it is not uncommon to meet dozens of other people sharing the same workspace as you. It’s an ideal place to meet new people in your profession and similar complimentary. Additionally, as a member of a shared workspace you have fewer responsibilities such as cleaning and maintenance which would be taken care of by the building landlord or owner. You can wash your hands clean of any annoying routine tasks.

In short it should be clear that there are both advantages and disadvantages with a shared work space however our leasing agent can help you navigate the options and see what the best fit for you and your business is. Whether you’re a remote worker, professional or an entpreneur we have a shared office option for you.