Millennials are changing the face of the office property market. As a strongly independent and tech-savvy group, the Millennial-dominated labor force is driving the demand for contemporary, flexible workplaces.
In the Philippines, co-working spaces are a relatively new trend. While the concept only began to flourish locally in 2011, a report from Colliers International has stated that the market has grown by an average of 61% over the last four years. In fact, the total stock of flexible working spaces in Metro Manila has reached 228,000 sqm — a number that will increase with the rise of more innovative offices in the coming years.
Collaboration in a Shared Working Environment
Flexible workspaces are any fully-furnished and ready-to-use corporate space that allows short-term leases with a minimum size of one seat. The workspaces offer a degree of scalability because they can be private, shared, or a combination of both. Companies like aspacemanila.com, a provider of next-generation working spaces, for instance, liberate employees from the traditional set-up of office cubicles by giving them a space to become more creative and generate more ideas.
Apart from the comfort and ambiance of a co-working space, flexible workspaces allow tenants with similar interests to collaborate in a shared space. That way, members can synergize and establish networks in their line of work effortlessly.
Ready-to-Use Office Spaces Appeal to Small Businesses
While business process outsourcing (BPO) companies are a major player in the office property market, the co-working space boom is also appealing to start-ups and freelancers. After all, co-working spaces function the same way a serviced office does: a provider leases a space in the building, while other tenants use the facility. For small companies, the set-up helps them save money for spaces they don’t need. Moreover, it also comes with amenities like Wi-Fi and reception services at an all-inclusive rate.
Dynamic working spaces are attracting the Millennial workforce because it offers the same, comfortable atmosphere of coffee shops or libraries where they can get work done at their own pace. As a result, it is helping drive growth in start-ups and small businesses in the country.