Millennials driving the growth of coworking space

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Millennials can be recognized as the most enthusiastic generation of the era. They like innovation and exploring new things and places. This generation has grown up with technology simplifying life in every way. They look for technology solutions to almost every life and work challenge. In addition, they value experience over materialistic possessions.

‍The Millennials make up 46% of the Indian employees. The millennial employee is at the heart of this trend. As a result, this generation is greatly shaping the work culture. To them, the workspace contributes to the enjoyable experience they desire.

Companies must now prioritize employee engagement and experience. There is a competition for talented employees to hire them. Many companies have understood that millennials value the culture and surroundings of their workplace. Organizations aim to evolve for this talent. They aim to establish highly stimulating work settings. There is a total change in the way of thinking of corporate owners.

 

Traditional work environments need to transform and abandon established standards. Given the new demands and traits of millennials, workspaces must develop significantly more than they had to for previous generations.

Co-working and flexible office spaces are rapidly expanding in India. Shared workspaces attract millennials due to their flexibility and convenience, coupled with minimal administrative barriers. The evolving dynamics of the labor force, along with organizational requirements, have resulted in this expansion.

Coworking spaces are leading this change and serve as the foundation for a smooth fusion of Millennials’ desires and work environments. Coworking spaces provide a practical means for networking and are also fully furnished to enhance productivity. The atmosphere of these environments attracts the modern workforce, not only in India. To stay pertinent in today's competitive landscape, companies must be flexible.

A recent report indicated that flexible office environments are concentrating on renting medium to large-sized areas. Throughout urban areas, it’s not only start-ups but also bigger corporations that are choosing co-working spaces—approximately 50 percent of the demand for numerous co-working providers comes from corporations. The flexible workspace sector is about to represent nearly 40 percent of all yearly commercial real estate absorption in two years.

 

The fact that millennials are only one of the growth drivers for this burgeoning trend of coworking spaces is somewhat true. Also, it is the changing nature of business that is responsible for the growth, to a large extent.

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