From the first ‘hackerspace’ or C-Base found in Berlin, to the ‘42 West 24’ that sprung up in New York City; from the first official co working space, ’9 to 5 group’ by Brad Neuberg to the first Hub that started at London’s Angel Station from which came over 40 co-working spaces, the idea and motion of co working is gaining popularity faster than one can even imagine.
Co- working is definitely not a new term. The first books which praised the power of co-working were published in as early as 1628. Yet they only admired the co-working power of God and its representatives. Who can say, maybe the idea of the concept emerged from it and changed over time into what it is today: a representation of working independently, but together. After all, most coworkers do work as their own God!
The Co-working industry is still in its nascent stage in the country, with several spaces emerging in the market. This can be easily seen in the fact that over 90% of India’s 300 shared workplace operators have started their first co-working space in the last 12 months! With 3–4 startups emerging every day over the past few quarters, India has become the third largest startup hub in the world, with a total employee base of over a million. In addition, India has a huge freelancer workforce (second in the world), and it is undoubtedly growing at a fast pace. Together these two factors present a potential demand for more than 3.5–4 million seats.
This may also be the reason why The Address is selling out its cabins and free desks like hot cakes on a winter morning, with more than 70% of the co working spaces being already occupied.
It also doesn’t come as a surprise that the co-working segment in India is expected to receive $400 million in investments by 2018, according to a recent study by JLL.
It’s a common ideology that when we break walls, we create breakthroughs in our business and that is proving to be accurate as more and more millennials are shifting to high-tech, easily manageable, hassle free co-working spaces, where they not only interact with their teams, but also get numerous opportunities to learn, discover and increase productivity.
Today, more and more entrepreneurs, freelancers, start-ups, artists, small businesses and large corporations are diving into the unprecedented world of co-working.
Very soon, co-working wouldn’t be just a word; it would be the way we work and the way of the world!