There is no doubt that shared office space Tampa and other locales around the country have become exceptionally popular in recent years. Is coworking a millennial/Gen Z-inspired movement? Is it going to become passe as the next wave of workers comes up? Or, is it a lasting shift or a critical evolution in the world of work?
The Evolution of Office Space in South Tampa
Shared office spaces are here to stay. If anything, they are only becoming more popular. We are seeing a steady rise in the number of coworking spaces, ticking up from 2017 and projected to keep rising through 2024 and beyond. And yes, millennials and older Gen Zs do play a role. As this Forbes article, “Why More Millennials Are Flocking To Shared Office Spaces,” puts it: “One of the biggest drivers of this trend is the emergency of millennials in the professional world. They’re becoming entrepreneurs, building and joining startups, and are starting to shape the trends of how and where we work.”
To be sure, they account for a significant portion of the 3.8+ million Americans who choose to take advantage of shared office spaces. But benefits are not restricted by age. In fact, the fastest-growing coworking member segment is those 50 and up. In second place: those 40 – 49.
Regardless of age, the enduring popularity of shared office space in Tampa and cities around the world comes down to several key factors:
Cost Efficiency
When you are running a startup, a solo enterprise, or competing as an independent contractor, cost is always an issue. The good news: in nearly all cases, it is less expensive to rent shared office space in South Tampa (and elsewhere) than it is to lease or purchase a full office. Monthly membership fees are reasonable, and you will not have to shoulder the burden of a multi-year commitment. You can even go month-by-month if that works for you.
Additionally, you do not have to worry about overhead costs, such as insurance and utilities, cleaning and maintenance, or landscaping the yard! Everything is included in your membership. All you have to do is… your job.
Flexibility
As mentioned, conventional commercial leasing agreements are typically long-term commitments (three to five years is common). You are locking yourself, and your business, into a space – regardless of whether your company expands or contracts. You may well end up paying for space you do not need or, on the other hand, being forced to “make do” with accommodations that do not support you, your clients/customers, or your goals.
Shared office space is designed to be as agile as you need it to be. Go in for 18 months, a year, a month. When you need more, or less, you can easily alter the arrangement.
Excellent Location
Statistics show that the majority of millennials prefer to live and do business in urban centers. They want easy access to services, restaurants, entertainment, stores, transit routes, rideshare programs, and other conveniences.
When you choose shared office space in Tampa, you are literally in the heart of central Florida. This is the hub for the area’s economic, cultural, and social life. It’s convenient for you – but it is also easy for your business’s stakeholders (e.g. customers, clients, vendors, suppliers, lenders, partners, etc.) to access you.
Another consideration: you are able to access the prestige of having a Tampa business address. It gives your business greater legitimacy and credibility. And, if you are a solopreneur or someone else who typically works from home some of the time, it looks much better and is much more secure than providing your home address (or that of the corner coffee shop!).
Happiness
The world of work is changing; increasingly, we are prioritizing work-life balance and job satisfaction. The days of punching the 9-5 clock for 40 years and retiring with a pension are, for most of us, over. How we work has changed and where we work has to keep pace.
Harvard Business Review looked at studies that show people who use shared office spaces or co-working spaces report levels of thriving of about 6 out of 7. Their office-bound counterparts are a 5 out of 7 at best. Why?
- They are more likely to see their work as meaningful, and this increases productivity and satisfaction.
- Shared office and coworking spaces bring together a variety of people who are not in direct competition with one another, unlike a conventional office. This allows people to drop their workplace persona and be themselves. It also enables collaboration and connection at a deeper level.
- They feel more in control of their job, work, and life. Having the flexibility and agility to control your schedule, to control your workspace, to decide when and what and how you are going to complete a task leads to greater happiness – and productivity.
- It provides structure. We love coworking spaces because of their flexibility. We also love them because they give our workdays a sense of structure. Rather than sitting in our PJs, we get up, get dressed, and get work done. This can be tremendously beneficial, as well, to our state of mind.
Need Office Space in South Tampa?
As you wade through lease and purchase options, consider the flexibility of shared office space in Tampa. The benefits are diverse, as are the ages, backgrounds, and skillsets of those who work in these settings. Interested in taking your professional life to a new level? Start with where you work. Contact Office Evolution to learn more.