Cities like Newport Beach and Irvine are adapting quickly to the new Co-working trend. Large Fortune 500 companies and small businesses are capitalizing on the shared space business model and are setting up shop all over Orange County.
As the concept of co-working is quickly becoming the new norm, the shared space market is booming. Over 20 Co-working spaces now serve the Irvine market with more on the way. But what does all the new shared space growth mean?
We believe that the co-working market space is growing rapidly due to a large portion of the millennial generation moving into the workforce. Studies show that this generation values work-life balance when compared to previous generations. For millennials, work has evolved out of the 9-5 to more a lifestyle with time and freedom to enjoy life. Offices and corporations are adapting to this new generation of “worker” through flexible office hours and creative spaces to complete work as part of a team.