Start-ups are certainly the community, driving expansion of flexible workspaces in India, but in 2019 we’re witnessing a much more significant and widespread shift in the working culture.
For instance, coworking spaces are no longer just used by small firms as big companies have embraced the shared workspace concept. We believe that big corporates will soon embrace a coworking strategy across the board. This will not just reduce costs but also work well with young, passionate, and creative people to foster development of bigger, greater, and more inventive ideas. Simply said, every employee feels better about his/her job if working conditions deviate significantly from the usual norms.
In the coming years, India is going to become one of the biggest markets for coworking spaces, and by choosing Shared office spaces, there is a significant change in the nature of the workplace. One is no longer constrained by exorbitant rents, lengthy leases, or security deposits. The mind is now free to consider bigger concepts.
This also enables that one does not have to accept systems and cultures that restrict creativity in order to thrive. Small enterprises now; have more opportunities than ever to grow. Going to work these days doesn’t just involve paying the mortgage and staring onto a computer screen. It’s about pushing boundaries, working in an environment with like-minded individuals, making friends, saving time and money, and, fun atmosphere at work of course.
The rise of more independent professions like freelancers, consultants, and start-ups has been accompanied by a change in tastes of the young workforce.
Co-working managed office spaces near me have long been popular in metro areas, and the pandemic only further increased this popularity. Mr. Bhargava, the founder of MyBranch, explains, “Many professionals choose such locations since they provide all office amenities for a fraction of the price and with less risk of responsibility.
Demand for co-working spaces is anticipated to increase due to the rising tendency of start-ups becoming unicorns. Operating out of co-working facilities can be advantageous for big businesses and corporations as well. The epidemic has highlighted the necessity of decentralising activities in order to prevent interruptions in the future and maintain company continuity.
By creating co-working spaces across the nation to entice workers from different regions of the country, businesses may also access a broader and more diversified talent pool.
What are the main selling points for these shared workspaces today? In contrast to an office lease, which has a lock-in duration, they give flexibility in terms of tenure and rentals. Operators also provide daily and usage-based plans.
Co-workers benefit from the completely equipped and functional co-working spaces because they don’t have to wait or spend money on fit-outs. The majority of coworking businesses operate internationally and have sufficient foreign experience to compete in the Indian market. They have the necessary safeguards for network and data security. Their facilities are fully outfitted with cutting-edge telecommunications technology, firewalls, and physical hardware to prevent any data breaches, as well as project management systems to ensure smooth job continuation. The utilisation of current technology increases operator trust.
Occupants of co-working spaces are demanding more health and safety precautions because they want to be sure that their staff are protected from any potential outbreaks. “Companies now recognise that their most valuable resource are their employees and that they must respect their needs and preferences.
The continuous demand for customised workspace design requirements by large firms, desire for satellite offices, and preventative health approach by businesses, and increased focus on technology are a few themes that will rule the co-working market this year.
According to Mr. Kushal, co-founder of MyBranch, who is commenting on the sources of demand for shared workspaces in the upcoming quarters, “Demand will be primarily driven by consultancy, IT, and e-commerce enterprises that are creating many satellite offices in metros. According to estimates from the industry, demand for co-working spaces has already increased by between 80% and 90% from pre-Covid-19 levels.
Now, instead of being just functional, the workplace is more productive and experiential, and one such big initiative for office space is taken by MyBranch. This suggests that the future of this modern asset class is more promising. Smaller firms lack the resources necessary for the industry to scale up on a solid base. Because the strategy operates on a building scale, consolidation has therefore become necessary.
Co-working has successfully transformed the commercial real estate (CRE) sector by capitalising on the idea of the shared office workplace. Therefore, it wouldn’t be an overstatement to say that the best is yet to come for a category that is still in the early phases of development given the strong demand and stimulus that it has been able to amass.