Have you seen a jump in the number of “co-working” spaces in and around your city? The “serviced” office model is rising in popularity and has been for the past decade. Back in 2007, the trend was almost unheard of, with only few co-working spaces in UAE. Now, there are more than 200 business centers and business lounges in the country and we’re projected to see more by 2020: the year the Dubai Expo will take place.
One of the biggest drivers of this trend is the business-friendly environment in incorporating a business in UAE. With more than 50 free trade zones and economic zones offering attractive start up packages as well as the various incentives launched by Economic Departments, creating a business has no longer been easier and accessible than now. That’s why, choosing a business location is no more a big hassle. But why are co-working and shared office spaces so appealing to millennials in the first place?
In case you aren’t familiar with the idea, a shared office space (or “co-working” space) is an abstractly defined location where individuals from multiple businesses can engage in work. In many cases, members of a shared workspace will pay a monthly membership fee, almost like a gym, for regular access to the building, and premium charges for accommodations like meeting rooms or special equipment.
GRG Business Center in Healthcare city, for example, can be rented for events on a temporary basis, or you can become a full individual member for between $80 and $400 per month, depending on your needs—far less than a full office space would cost.
Why Entrepreneurs Love serviced offices Spaces
So how are these office spaces able to thrive with the millennial population?
1. Lower costs.
Co-working spaces are almost always cheaper than their full-office counterparts. With membership fees potentially under $100 a month, shared spaces have a major advantage.
2. Fewer responsibilities.
Millennial entrepreneurs who partake in shared space also have fewer responsibilities to worry about. Things like cleaning and maintenance are taken care of by the business center’s owners.
3. Networking opportunities.
In a shared office space, there are usually dozens of other people—if not hundreds—occupying the same location as you, and those demographics will likely change every month. It’s a perfect place to meet new people in the professional world to broaden your horizon.
4. Smaller commitments.
Entrepreneurs and solopreneurs also like the idea that they don’t have to commit. Co-working space, on the other hand, has flexible lease terms and can be reduced to a monthly, daily, or hourly If your needs change often, this is a must.
5. Support for startups.
Thanks to a strong government support for innovation, creativity, and entrepreneurship, UAE has managed to create a growing start up eco-system in the country with the emergence of many incubators that offer mentoring and co-working spaces.
6. Resistance to traditional offices.
Finally, remember that these young entrepreneurs are resisting the urge to comply with traditional office structures (for better or worse). They’re breaking down corporate hierarchies, dismantling 9 to 5 mentalities, and even redefining social norms in business interactions. Shared offices offer more opportunities for individual expression, and offer a counterpoint to traditional office culture. To put it simply, they’re new and they’re hip.