It’s safe to say that millennials - ranging from 20 to 37 years of age - are in fact changing the real estate market. A majority of young people are unsatisfied with the current workforce and traditional job descriptions. So, they tend to shift to entrepreneurship or freelancing. The real estate sector in Dubai needs to take notice of the shift in working demands, workspaces and respond to the changes as this is the future for commercial realty.
Co-working spaces offers young innovative thinkers a shared environment where they can do all kinds of jobs separately or together in a shared space. It steers away from the cubicle-like area and welcomes freedom, productivity, creativity and flexibility in a user-friendly, comfortable environment.
Some millennials prefer to go to a place where they can relax and work in a peaceful environment rather than work in an apartment, as most prefer to get the job done in a shared work space.
There are around 14,000 operational co-working spaces around the world. The city, no doubt, embraces the co-working concept. Dubai Statistics Centre revealed that 48% of the population are millennials between 25 and 39 years of age, all of whom represent the workspace with their bold and trend-setting new ideas. Therefore, there is a need for increase space in commercial realty. Investors and developers in real estate sector needs to invest in off-plan projects in Dubai and facilitate the requirements and growing demand.
Collective 2.0 is a testament to Dubai Government’s forward-thinking policies. The development within Dubai Hills Estate offers appealing co-working and co-living spaces that is specifically catered to those looking for socialization, cross-communication, outsourcing and comfort.
The highly coveted area is designed, branded and positioned with millennials and young professionals in mind. It emphasizes healthy living and communal feel as well as bringing world-class perks to co-living life, with its warm and contemporary spacious apartments, fitness and leisure amenities, and indoor and outdoor lounge areas, where interaction and collaboration is encouraged in homely yet highly functional space.
Bright young professionals and entrepreneurs can connect and exchange ideas with new people and without the intimidating office politics. They can pursue their passion, run errands all within the comfort of their home and be surrounded by a generation of innovative thinkers.
Millennials, known as Generation Y, make up a segment of buying or renting out in the real estate market and so industry players need to cash in on the growing demand for co-working spaces and commercial realty as it the first choice for many. Supporting a flexible lifestyle, the Collective 2.0 is designed for Generation Y to keep them de-stressed and be surrounded with like-minded peers, in a user-friendly, comfortable environment. Commercial real estate investors and developers need jump on the co-working bandwagon and delve in off-plan projects or off-plan properties in Dubai.
