Though still a relatively new idea in India, co-working is rapidly growing in popularity. India is rising in popularity as a destination for investment as more companies and startups start operating there. People today wish to implement the managed office model even more, and there are various reasons for this.
There has long been a system of extensive infrastructure including offices with individual tables and chairs. However, it is now moving toward collaborative workspaces. This is so because coworking offers a lot of advantages. It provides individuals with a better working environment and helps save time and money.
Statistics in Favour of the Coworking Industry
To meet the rising demand for flexible and managed office workspaces in the wake of the COVID-19 pandemic, the coworking operators aggressively expanded their portfolio last year and leased 21 percent more office space, totaling 4.91 million square feet in 2021 as opposed to 4.05 million square feet in 2020, across the top eight cities of Bengaluru, Hyderabad, Pune, Mumbai, Delhi-NCR, Chennai, Kolkata, and Ahmedabad.
However, according to a JLL analysis, flexible workspaces currently account for 3% of the market for office space overall, and considering the recent increase in demand for these spaces, this share is anticipated to rise to 4.2 percent by 2023.
Numerous advantages of working in a dynamic setting, such as shorter lease agreements, fewer capital expenditures, building maintenance, protection, wellness, security, and minimal maintenance, are prompting an increasing number of businesses to choose coworking over traditional office spaces.
The Relationship Between Workplace Culture And Productivity
Although the outbreak has been challenging, there have been good changes in our ability to work flexibly. Overall, while efficiency is crucial, well-being has been prioritized over it and will continue to be a defining characteristic of businesses both now and in the future. Employers are taking steps to ensure that employees have a work-life balance because they understand the critical link between productivity and well-being.
World-class health and wellness facilities are surrounded by contemporary co-working areas, which reflect the changing nature of the workplace. Greater well-being, as well as productivity, have been related to several environmental elements, such as air quality and greenery. In the end, having the autonomy to design our workday has a big positive impact on well-being.
Coworking has numerous sites.
Corporate houses and multinational businesses frequently need to communicate with clients across several time zones. It is not practical to rent out conventional offices everywhere.
However, coworking can be the ideal remedy for this. Let’s say a large corporation without a base in Delhi wishes to hire a few people there. It will be feasible to purchase a few spots in a shared office space in Delhi rather than an office on rent.
As a result, the business requirements will be effectively satisfied. Coworking may be the ideal choice for extending operations across many locations given the rising real estate market prices and the competition for office space in desirable locales.
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Coworking Facilities Boost Social Infrastructure.
For every human being, a strong social infrastructure is necessary. Their workplace, where they spend a significant portion of their time, primarily satisfies this demand. Devx has created and maintained a strong social infrastructure for its members at work by offering shared workstations, meeting spaces, private offices, and recreational facilities.
In addition to this, members get access to conference rooms, parking, continuous support from the support team, networking opportunities, and events. Additionally, they have unlimited access to both coffee and tea as well as high-speed WiFi.
Co-working Spaces Allow Variable Rent.
The different clauses in the rent structure before the epidemic made it strict. The rent structure has changed as a result of the pandemic, though. Co-working spaces are increasingly more adaptable and willing to discuss lease terms as well as rent prices.
Companies, therefore, prefer a leasing agreement with no restrictions; in other words, they choose a relaxed lease agreement with flexibility or deferred repayments. The office on rent space operators and the businesses benefit equally from this type of agreement.
The co-working environment is constantly changing and aims to provide everyone with top-notch amenities. By choosing a co-working space, businesses can rest easy knowing that their staff will have access to cutting-edge services and don’t have to worry about upkeep or sanitization.
Coworking Spaces Have Enhanced Settings Using Technology
The significant technological advances they have experienced have raised the demand for co-working spaces. They have excellent IT skills and can offer everyone integrated workspace solutions. Office settings and job categories that need repeated work benefit from features like AI.
Employees can then use this time to work together on projects and concentrate on imaginative and creative work as well as strategic chores. In addition to helping them save time, technology will also help them save money. Additionally, coworking spaces’ adoption of cutting-edge technology will contribute to giving workers a comfortable working environment.
Reasons Why Coworking Spaces are Here to Stay
- When you are regularly communicating with your coworkers, which can be difficult in a traditional office setting, you feel motivated to create effective results.
- Working from home causes you to alternate between work for the office and personal responsibilities, but coworking spaces help you to keep your work more organized.
- While it’s true that working alone might occasionally have drawbacks, some people enjoy working alone since it helps them focus. People with varied knowledge bases and personalities can be found in shared workspaces, which can unwittingly aid in information gathering.
- As these tasks are all handled by the co-working space, offices don’t have to worry about cleaning, maintenance, or any other extraneous and bothersome duties.
- As you share a room each day with multiple potential people, it offers you countless networking possibilities that let you widen your business network.
Co-working spaces are indeed a hotspot for networking in addition to all these benefits. Smaller businesses might contact larger ones to learn how they operate. Smaller businesses and startups develop more quickly as a result, which helps them accomplish more objectives.
Future Possibilities
Businesses from all around the country have grown because of the facilities given by flexible spaces, especially during the outbreak. It follows that the culture and trend of co-working locations are going to stay and it will determine the direction of the corporate sector in the future. These co-working spaces have a promising future, especially in India, and the growing trend is expected to continue in the next few years.
Most commercial spaces in India are expected to be transformed into hybrid offices by the year 2025, according to well-known forecasts. In turn, this has led to an increase in the managed workspace industry. Additionally, India’s economic conditions are improving and becoming more balanced as a result of these controlled work environments.
Final Summary
These were a few of the main factors that have made the coworking lifestyle a fad that will rule the business world in the future. Consequently, if you need help achieving your long-term company goals, consider working from coworking spaces.
You’ll be able to reduce unnecessary expenses, boost your company’s efficiency, and network with other working professionals who share your goals of becoming successful in the corporate world.