One of the trending concepts of shared spaces is Coworking- it is more efficient in terms of infrastructure and amenities and it provides flexibility to companies in terms of lock-in period as well as customisation and in terms of selecting what kind of work space they would prefer and management plays a vital role in this organisation as they make sure their clients are availing all the facilities as promised and they even bridge the gap between various companies working under one roof and help them network by organising various ice breaking events.
In our country, many start-ups are coming up who need space to grow and develop themselves as future entrepreneurs and as since it is their growing period they do not have the finances for getting themselves a well equipped workspace, that’s where coworking or shared office space comes in the picture, with all the amenities and infrastructure which helps them impressing their clients and moving forward from there onwards. While working in a shared office they get opportunities to network with bigger companies as well and learn a lot in terms of office environment, cracking deals and much more.
Coworking spaces have grown rapidly in 16 major Asia Pacific cities including Bengaluru, Mumbai, Delhi, NCR and Pune. In these metro cities, as the population is increasing, the demand for space is increasing as well and as nowadays with the advancement in technology, all products have a short-span of life, it is very difficult for any company to sustain in the market and hence they prefer shared workspaces where they can share their space which helps in cost cutting & reducing maintenance expenses of the workplace.
The main motto of Coworking is ‘Seek Growth-Together’.
Coworking spaces aim to grow with the companies associated with them as they work together as a family, the entire day they are together and they celebrate major events/festivals together as well so bonding amongst themselves is very important and useful at the same time.
An emerging and rapidly growing sector, the market for coworking spaces doubled in 2017. The growth sustained in 2018 and is expected to reach heights by 2020. Startups have been early adopters of coworking spaces, but the coming years will see corporates tapping into its potential as well. Few big names such as Amazon and Starbucks are leading this trend. The reasons for corporates go beyond cost savings. They are realising that working alongside young, energetic and like-minded people outside the conventional office set up can lead to innovation, boost in productivity and employee satisfaction.
While technology and ecommerce companies have been flag bearers of coworking spaces, we believe more traditional sectors such as banking, insurance, manufacturing, etc. will fuel the growth of agile workspaces this year. Corporates today want to portray themselves as new-age companies with more modern culture to attract young talent. Providing flexible work options is a sound approach.
Today, coworking options are modern workspaces with latest amenities such as fast WiFi, conference rooms, snack bar, game zone, etc. However, they are generic in nature. They are for all kinds of people irrespective of their work or personality. According to Smartworks, we will see coworking spaces catering to particular industries sprouting in 2019.
According to the CBRE report, The coworking industry will also have spaces dedicated to a specific type of people such as health aficionados with healthy snacks, gyms, etc. or night owls with facilities being open 24X7. Currently, about 41 percent are activity-based users, and this is expected to grow to 78 percent over the next two years, driving the growth of such sweeteners.
Coworking, a fast-evolving vertical, was a completely new idea just a few years ago. The industry has seen innovation being built in year-on-year. The above trends will make coworking even more fascinating as we see it grab a larger pie from traditional workplaces. The flexible workspace industry will further disrupt, and these two years are definitely going to be exciting in terms of its rapid growth and transformation.