Coworking spaces provide the best office solution for all kinds of businesses. Whether you are a startup, an enterprise, or a freelancer, coworking spaces have a workspace solution for everyone.
The future of the coworking industry is bright because of the benefits it offers. Coworking members are pleased with the flexibility, professional outlook, networking opportunities, and more that these workspaces offer. The affordable coworking space price is yet another reason why businesses are choosing coworking over setting up a traditional office.
No wonder, coworking spaces are turning out to be an integral part of business operations. In fact, as per the latest coworking trends, nearly 5 million people from all over the world will be working in coworking spaces by 2024.
In this post, we shall learn more about coworking space pricing and how much it costs to rent a coworking space in India.
The coworking industry in India has grown by 21.3% since 2021. India currently houses around 2197 coworking spaces spread across various states of the country.
The average coworking hot desk cost per day in India is found to be Rs. 300. The metropolitan cities, like Mumbai, Delhi, and Kolkata offer hot desks for around Rs. 400 per day. In cities, such as Chennai, Trichy, Kochi, Indore, and Hyderabad, you can book hot desks at Rs. 200 to Rs. 250 per day.
The occupancy rates of coworking spaces in India are reported to reach 90-100%. No wonder, the coworking sector in India is expected to cross 50 million sq. ft. by the end of the year 2023.
Various factors play a crucial role in influencing the coworking space price structure.
The costs of coworking spaces largely depend on their location. An ideal location should be close to public transport facilities, restaurants, malls, or major highways. The more convenient and accessible the location, the higher the prices.
Most coworking spaces offer various membership plans that you can choose from. These plans are designed to appeal to different types of customers. Based on the offerings, the pricing of the most common coworking membership plans, such as hot desk, dedicated desk, private office, virtual office, custom business services, and more are decided.
Coworking spaces offer different amenities, such as meeting rooms, conference rooms, pantry areas, tech gadgets, unlimited coffee or tea, and more. While some coworking spaces offer these amenities on a complimentary basis, you might have to pay additional costs depending on the type of amenities you opt for.
Besides workstations and meeting rooms, some coworking spaces handle administrative and HR activities, such as mail handling, office maintenance, front desk services, security, and more to help in streamlining your office operations. If you opt for these services, the coworking space price will eventually go higher.
Coworking spaces pricing also depends on the agreement terms. If you are signing up for a coworking space for a longer duration, the coworking space provider might offer you some discounts on the pricing. Similarly, some coworking spaces may ask you for an upfront joining fee or ask for an initial deposit.
Choose the desired membership plan at your preferred coworking space while considering your needs.
Even though businesses conduct thorough research, they often make mistakes when shortlisting the best ones that suit their requirements. Let us quickly have a look at some of these common mistakes.
Selecting an ideal coworking space for your business is a thoughtful decision. Here are a few tips for choosing an affordable coworking space for your business.
The best way to start is by understanding your business requirements and choosing from one of the following membership plans.
Next, decide on the type of coworking space you are looking for. Make a list of the coworking spaces that suit your requirements best to learn more about their offerings, amenities, services, prices, and more. Compare their offerings and pricing structure to help with the decision-making.
Look up customer reviews online or read testimonials from existing members to assess the quality of services offered by these spaces.
Financial affordability is another aspect that businesses must consider when selecting a coworking space for setting up their offices. Set aside a budget for the cost of coworking space membership, initial deposit amount or joining fees, office equipment costs, and others.
Since most coworking membership fees include the costs of internet, power backup, IT support, and furnishings, you will save a lot of money, effort, and time.
Now that you have set a budget and shortlisted the coworking spaces, it is time to finalize the best one and go ahead with registering for the same. You can request the coworking space provider to offer you some discounts on the membership plans. Besides, you can offer to pay full membership costs in advance and negotiate the pricing.
Now that you have made a final decision after careful consideration, it is time to move-in into your new office space and get started with business operations. If you have any space customizations in mind, you can speak to the coworking space provider and check if they can arrange it for you.
Finding the right coworking space is not a tedious task if you are clear with all the requirements – location, budget, and amenities. We hope that this post has educated you about coworking space prices in India and given you actionable insights on selecting the best one for your business.