Who Are Millennials?
Millennials are also called Generation Y, generally described as the generation of people born between the 1980s and 2000s. According to the Pew Research Center, millennials are estimated to make up more than one-third of the labour force. This group of individuals covers the largest part of the workforce in the 21st century. Yet, they also occupy roughly 65% of the global coworking member base.
Millennials were born in the era where the Internet and advanced technology are at the tips of their fingers, so there’s no doubt that they are tech-savvy and have a great ability to adapt to any changing circumstances. This social-driven youth generation craves meeting new people and learning new things. They are known for their resistance to commitment, love for freelance and remote work, an aversion to being tied down by old-fashioned structures, and the idea that resources and expenses must be optimised. If you apply these characteristics to their working style, it becomes quite clear why they prefer the concept of coworking spaces.
1. Lower Costs
While renting a traditional workspace in an urban centre of Singapore can cost at least a thousand dollars per month, a coworking office starts at approximately SGD 100 monthly. You only pay for what you need; therefore, it perfectly suits Millennials who enjoy remote work and occasionally need an office. No excessive costs, no wasted resources, a coworking space will reduce costs significantly.
(RELATED: Top 8 Coworking Spaces in Singapore this 2021)
In the past, people used to strive for a nine-to-five job to pay the bills. Millennials, on the other hand, make it very clear that they want more. They want to work autonomously. They want to become their own boss of their time and work independently of the boss always looking over their shoulders.
Thanks to the availability of secure 24×7 office locations, demand for a space designed for the independent worker has been a boon for coworking space in the market. Flexible coworking offices are ideal for individuals and businesses with tight budgets, uncertain futures, and a need for developing valuable partnerships with other like-minded individuals in the same working space.
3. Urban-centric Locations
Nielsen’s survey indicates that over 60% of Millennials prefer living in urban centres rather than countrysides. Factors like entertainment, transportation, lively atmosphere, the convenience of grocery stores and restaurants greatly influence decisions on where to settle down. Most coworking office spaces are located in the city centres, making them a perfect match for Millennials. Working in a shared space provides Millennials with the opportunity to walk around and explore more of their home city.
4. Fewer Responsibilities
Millennial entrepreneurs, when joining a shared space, have fewer responsibilities to take account of. Since the building’s owner already does all the cleaning and maintenance service. This is one reason Millennials tend to prefer renting more than investing money in buying a place.
It is also very well-known that this young generation adores their independence and are a lot likely to avoid commitment. You can quickly point this trait out by analysing the choices they make every day: Millennials choose renting vehicles or uber over ownership, building up experiences via travel over acquiring physical assets such as homes. Office spaces, long-term lease contracts usually cover several years, and owning a building is a property that lasts for a decade or even longer vs a coworking space which can be monthly, weekly, or daily if your demand is continually changing.
5. Networking Opportunities
Millennials are likely to be the most ambitious and creative generation so far. On the flip side, they still need guidance and support from a solid peer group who share the same lifestyle and interests. Co-working hubs also occasionally organise workshops, events, and seminars that allow the millennial workforce to exchange ideas with other professionals. Being designed as an open culture, coworking space allows users to socialise freely with their co-workers.
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Real Estate Investor, OSDORO
Bachelor of Applied Finance and Bachelor of Laws, Sydney, Australia.
David has been in real estate business since 2002 and has a passion for South East Asian cross border cooperation.
As an entrepreneur, David has won multiple tech industry awards, including 2019 for Best AI Startup GITEX awards, 2019 Best AI Technology Accathon Capital USA and recipient of the Wharton Innovation Fund Grant. His last startup, Woveon, was a New York VC backed AI enterprise business intelligence company that worked on customer data stitching and analytics of billions of conversations.
David is also the recipient of state and national Australia technology prizes including the PWC Innovation Award and Intel Enterprise Technology awards.