Coworking was earlier quite an alien practice in India but due to the expanding startup culture this western concept has now found its wings in India as well. Coworking has witnessed a massive growth in the last five years. The reason for the growing demand in shared office spaces is the kick start of the startup movement and the encouragement it has been receiving from the government. Ambitious millennials and new generation innovators prefer flexible work spaces and routines.
Coworking spaces have seen a rapid growth in its members with more young professionals who prefer coworking spaces over the traditional office set up. India is the second-largest market for flexible workspaces in APAC, the first being China. A staggering $3 billion has been injected into coworking spaces in APAC in the past four years, according to CBRE research.
Coworking spaces have also grown rapidly in recent years, reaching a total footprint of just under 40 million sq. ft. as of H1 2018 in 16 major Asia Pacific cities including Bengaluru, Mumbai and Delhi NCR, reported by CBRE.
Although startups have been the first to adopt the coworking phenomena, corporate giants have gradually began to explore these spaces too. Many well established corporate have come to notice that working alongside a younger, more dynamic group of professionals can go a long way in boosting productivity and innovation. The shift to coworking spaces for big multinational companies has little to do with cost savings and more to do with employee satisfaction and magnified efficiency and output.
Tech and ecommerce companies are known to be the most popular promoters of shared office spaces but more traditional sectors such as banking, insurance, manufacturing, etc. are anticipated to fuel further growth in such workspaces in the coming years. Corporates are trying to reinvent themselves as younger and vibrant entities to be able to attract the younger pool of talent out there today. Casual decorum, flexible work hours and more consultant and freelance engagement options with companies are the few steps that are being taken to draw in the new generation.
Majority of spaces host tech companies, but they themselves rely on manual processes. Coworking spaces are hoping to become tech-savvy themselves in the next few years. This will make booking and payment for services automated, faster and more organized. Management of these shared offices will turn out to be effortless and automation will eliminate room for human error and bias.
Collaborative work spaces have scope to expand in directions that have not been explored yet. The progress of shared working spaces could see an expansion in the services that they currently provide. Various facilities such as crèches and yoga classes can be incorporated to enable productivity. Many corporate companies organize unique events to increase productivity within private offices, this practice could also be extended to coworking spaces. Networking and collaboration opportunities through an array of regular events can be organized, ranging from pet therapy, indoor games and tournaments, and stand-up comedy.
Coworking can facilitate area wise expansion of companies as well. Companies can have professionals all over the country without having to set up individual private offices but instead have them work out of shared office spaces. Renting coworking spaces that offer the flexibility of being leveraged in multiple locations is something many companies and startups are inclined towards. Travellers too are opting for membership that can be used on the go. Keeping this trend in mind, a lot of coworking brands are planning to open up in newer locations.
Coworking spaces have the luxury to experiment with locations taking bold steps that private offices might not be privileged enough to afford. The dream is to work at the beach or on top of the mountain. While this exact might not be possible, coworking spaces are working to incorporate more elements of nature to create a beautiful work haven, working towards helping workers relax and enhance productivity.
To keep the experience awesome for our users, we have a set of standards which venues must meet:
Your venue's primary business must be the renting of desks, meeting rooms, and private offices.