Employees having a meetingThe Millennial generation is known for many things. For example, when it comes to their career, they seem to emphasise on work-life balance. Many of them have become independent employees — freelancers, entrepreneurs, and contractors — as a result. They would still need a place to do their business, though, and their home is not exactly conducive enough with the number of distractions it has.

Setting up an office can prove to be expensive, so Millennials are now driving a new kind of business that specially caters to them — coworking spaces. From America to Australia, office space franchise opportunities are now a growing trend to address this Millennial need.

What is a coworking space?

It’s a place that offers the amenities of an office (like Internet connection) and where people from different businesses can work in exchange for a monthly membership fee. Additional charges may apply if meeting rooms or special equipment will be used.

What makes these shared office spaces enticing to freelancers, entrepreneurs, and startup companies is the flexibility of their month-to-month terms and the cosy atmosphere that inspires their productivity and creativity.

The outlook for the coworking space business is good, with a projected increase of spaces hitting 26,000 in the U.S. alone. You can be sure that this upward trend will happen around the world too, as Millennials dig in as members of the professional community.

What makes coworking space popular?

As mentioned, shared office spaces are not so hard on the budget, especially for those who are only starting their business. Here are other reasons Millennials simply love them:

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• Fewer worries – You don’t need to worry about the office’s cleaning and maintenance. It’s the building owner’s responsibility.

• Offers an opportunity to expand your network – Sharing one office with people engaged in different businesses provides a great way to widen your professional network.

• No long-term commitment – Unlike leases that can last for years, coworking spaces can be rented on a monthly, daily, or even hourly basis to suit your changing needs.

• A better site for startups – Not every business that started in a garage will turn out to be a successful company. Most will need a nurturing environment that a shared office space can provide.

• Great location – Coworking spaces are usually found in urban centres where there is easy access to grocery stores, restaurants, and entertainment — the three things Millennials list high in their priorities.

A coworking space is an ideal way for Millennials to express their individuality while pursuing their career. It’s also seen as a better alternative to traditional office culture. That makes it a cool choice.