Co-working spaces are providing a new way to work, putting an end to the cubicle life. Workplaces are changing, primarily to meet the new demands of the way millennials approach work in the youngest start-up nation of the world. Traditional approaches to work have been hampered by a vacillating method of working. The demand for coworking space is on the rise as businesses today prioritise the customer experience, digital innovation, continuous improvement, operational excellence, and financial management. Co-working spaces are generating a community of passionate, cooperative people who are gathering, creating, building, and sharing their ideas and discoveries with the world. They serve as an oasis from the typical workplace and job routine.
The co-working facility is currently growing. Mr Narayan Bhargava who is CA by profession understood the complexity of the estate industry, as he had few bad experience working earlier while travelling. He discovered that from locating an office space to operating it, there were several inefficiencies that were costing organisations money, time, and manpower while diverting a lot of attention from their core businesses; as a result, something adaptable and flexible was needed. With a motive to run the office space as an outsourced service and to take over from the traditional ways to modern, Mr Bhargava with his team created the brand MyBranch, an office space solution a kick-start point for businesses.
MyBranch, India’s top managed office space and customized private office provider, is a pioneer in the field of office space solutions and is well known for developing ad hoc workplaces for big corporate names, emerging startups, and small businesses. MyBranch’s office spaces are fully managed and designed to meet the demand for shared flexible plug-and-work locations.
The idea of managed office spaces for rent, which has successfully and drastically changed workspaces around the world, is swiftly gaining traction in India. The idea of managed office spaces, which was first made popular by start-ups, has successfully expanded into a successful real estate business for its owners and has become an important component of strategy for its occupiers. In the near future, these workspaces are anticipated to quadruple each year.
As India’s gig economy gains traction, millennials—who make up 45% of the country’s work force—will increasingly have an impact on the workplace culture. India has been ranked as having the third-largest start-up ecosystem after China and the US with over 5200 start-ups. Start-ups will therefore continue to occupy desks in the shared workspaces. Additionally, businesses are choosing these coworking spaces due to their flexibility and the simplicity with which offices may be set up without facing any administrative challenges.
Rising factor for the managed workspaces
By late 2022, more than 16 million seats and approximately 9 million square feet of space would be needed, according to developers, who anticipate a large demand for coworking spaces. The following are the primary elements fuelling the expansion of managed workspaces:
- Flexibility in work settings: Managed office spaces give employees the flexibility they need to work wherever they are without needing a personal workstation of their own, with various settings catered to different workstyles. Large corporations favour choosing flexible desks for their sales and branch sites since they require less capital expenditure and encourage more teamwork and efficiency. Additionally, cabins and cubicles, adaptable workstations, spaced-out seating that complies with safety requirements, including beanbags and couches, all contribute to creating an enjoyable experience for staff members of the organisation.
- Networking opportunities: Utilizing managed workspaces gives access to like-minded individuals with whom teams may collaborate and develop their business’s great ideas, rather of just taking up space. Managed workspaces provide the perfect setting for effective meetings thanks to their cutting-edge technology and adaptable working circumstances. Teams can work together in these settings to generate creative ideas.
- Attracts new talent: The shared workspace culture is unique, innovative, and very dissimilar different from a traditional office environment. Start-ups are modern businesses that cannot expand and function in solitary circumstances. They require a setting that encourages innovative and teamwork. Additionally, the shared workplace environments’ aesthetics and lively ambiance draw in and nurture original talent. The shared office spaces become a hub for businesses to acquire new talent as professionals and seasoned workers from various backgrounds converge there.
- Preferred by the younger workforce: With at least 72% of founders under the age of 35, India has emerged as the youngest startup nation. As a result, millennials are an important demographic because they make up 50% of the globalised workforce and almost half of all Indians. They choose to work in shared or coworking environments because they are exposed to more job options, can network freely, and can connect with the community without being constrained by corporate limits. The popularity of managed workplaces will increase as the best talent breeds there because of how cool their offices are.
In India’s business hubs, managed office spaces near me have just started the journey. High office rents are forcing businesses of all sizes to reconsider their real estate strategies and switch to these modern offices instead of commercial facilities. The size, scope, and scale of managed office spaces will increase as a result of workspace operators’ capacity to innovate, rethink, and disrupt traditional office models to build solutions that would make future workspaces flexible, affordable, distinctive, and accessible to a broad population.