For the previous generation, stability meant the right job, which was usually confined to a cubicle for the next couple of decades. For millennials, lasting 5 years in the same job is a feat to celebrate. Despite millions of businesses being added to the list every year, millennials prefer to work from home, or in comforting coworking spaces. A cramped office doesn’t define stability anymore.

Thanks to video calling, Cloud and the Internet of Things, coworkers don’t need to cohabitate during work. With virtual meeting set-ups and amenities offered by shared office spaces, people are adapting to the need of the hour. With every passing year, more companies from varied industries are making the switch to a coworking space. As technology improves, coworking spaces will be the way of the future, starting from 2019.

The Way of the Future

Cowork, a term coined by Brad Neuberg in 2005, has become the new normal. With shared office spaces, entrepreneurs and startups are able to sign short-term leases, starting work without worrying about investment or employee strength. New business owners are able to use the space they need, surround themselves with like-minded professionals and attract a talent pool that’s flexible and agile.

Moreover, a business renting a coworking space isn’t defined by the stigma of 9-5 business hours. Most shared office spaces are open 24 hours, thereby allowing you to get work done as per your specific requirements. According to a recent blog by OfficeVibe, only 30% of employees prefer to work during 9-5 business hours.

According to a recent study performed by the esteemed Ross School of Business, over 200 people working in shared office spaces were interviewed. The study concluded that people prefer to build informal relationships, and like the feeling of networking without necessarily working for others. Additionally, people don’t like to work by themselves. A coworking space solves both problems.

The study also gave a detailed analysis of community building. Most people love to be themselves and don’t want to compete with everyone around them. While working in a shared office space, you’re not part of a competition, but a friendly community that comes together to focus on work and culture.

According to a recent article on GCUC, by 2022, there will be more than 5 million coworking professionals in about 30,500 spaces around the world. Every year, more companies are starting to utilize coworking spaces, thereby ensuring a bright future for the latest workplace revolution. Even technology and banking giants, such as Microsoft, Barclays, IBM and Verizon, have been testing coworking spaces after realizing the value they offer.

What’s the Driving Factor?

In the last decade, coworking spaces merely offered a cheaper alternative to conventional offices. Startups and entrepreneurs could subscribe to rented desks or dedicated areas. However, with several benefits to offer, coworking spaces are now becoming increasingly popular among startups and corporates alike. So, what has been the driving factor?

Greater Flexibility

According to research, there’s been a growing trend in the number of employees and candidates seeking flexibility in the working environment. Modern-day professionals want to have flexible processes and schedules while ensuring that workspaces reflect their desire for freedom and autonomy. Coworking spaces don’t limit themselves to traditional practices and provide a more open, dynamic, easily accessible and favourable environment.

Burgeoning Community

With several new-age startups, entrepreneurs have a long battle to fight for success. The journey can be lonely and intimidating. The lack of like-minded professionals sharing the weight of tough decisions can take a toll on well-being. Coworking spaces, in a way, alleviate this problem. A sense of community prevails and allows professionals to interact and share knowledge. Working in a shared office space can be invaluable for young businesses.

Gig Economy

Between 2005 and 2018, the share of the United States workforce in the gig economy increased from 10.1% to 15.8%. Over the years, it has become more common for individuals to work on a per-project basis. Professionals are more interested in developing soft skills and work across industries and companies. With such practices, working in shared office spaces will support the changing lifestyles and working environments.

Amazing Amenities

Coworking spaces offer several amenities with reasonable pricing models. This will only help increase their popularity. A furnished workspace, 24/7 access, unlimited printing access, WiFi, stocked fridges, gaming rooms and conference rooms are just a few enticing facilities offered by almost every coworking space. What’s more? Free-flowing coffee through the day!

Whether you’re an employee, a freelancer or a business owner, if you want to get work done, a coworking space will allow you to focus, on your own terms, in your own time. With all the benefits, it’s quite hard for entrepreneurs and freelancers to turn down coworking space memberships.

Dublin’s Coworking Scene is On the Rise

Over the next 18 months, more shared office spaces will appear around Dublin. As the market matures and the trend gathers attention, you can expect to see building owners, landlords and serviced office managers get in on the action. Dublin has been actively replicating coworking brands already established in the US and the UK.

However, you can’t deny one important fact. Stakeholders who try to enter the market for a quick profit will most certainly fail. With coworking spaces, there’s a dire need to build a community, provide flexible working environments, and ensure professionals have an amazing experience.

It’s important to build the tech infrastructure, manage the space, market the verticals and deal with barriers. To meet those spreadsheet expectations for revenue, you’ll have to build something special, like CoCreate.

Just like other cities, the Dublin coworking market will adapt and mature. According to studies, the local population already demonstrates a keen interest in shared office spaces. Once the city’s population hits 1 million, there will be a sustainable market. Ireland is pro-entrepreneur, the population is educated, and investments are pouring in for startups in several industries.

Community and networking is part of what Dublin is all about. With coworking spaces, it’s just more organised and defined. With some beautiful buildings, Dublin could come into its element in 2019. Developers will be keen to adapt to the changing needs and will focus on introducing coworking to developments. CoCreate aims to lead from the front, already having amazing coworking spaces in two different locations. Drop by sometime? We’ll be happy to show you around.