The concept of coworking spaces is not alien to the Indian corporate scene. It is fast gaining ground across all metros, housing large organizations, medium-sized enterprises, and startups because of the flexibility it offers, along with the affordable infrastructure.
With startup culture and online office spaces becoming a common practice among the current corporates and businesses, India is forecasted to become one of the fastest-growing markets for coworking spaces. According to NASSCOM’s 2017 report, India is the third-largest startup ecosystem in the world and was a place for 5000 tech startups. Conventional office spaces and routine working hours no longer prohibit millennials and GenZ from taking a go at a business venture and making it successful despite time, space and regional constraints.
In India, 65% of the population is below the age of 35 years, seeking to be a part of a greater community of like-minded people that might assist them in offloading their stress and promoting companionship on one hand, and fostering collaboration and innovation on the other. Freelancers and work from home employees find the coworking offices a haven offering respite from the isolation of their homes. There are several factors that have led to the metamorphosing and fusing of the office spaces in India. Task Timer depends a vital role in completing the work.
India is the third-largest hub for startups in the world with thousands of them mushrooming in the metro cities. These startups are often faced with budget and scalability and manpower issues. An increasing number of startups are opting for these shared workspaces due to many reasons:
- A physical office address ensures credibility and trustworthiness even though the major operations of the business are executed online.
- During nascent stages, coworking spaces provide for near-complete outsourcing of office space facilities, allowing for core focus areas to be addressed well.
- Flexible office spaces ensure scalability potential for the future when business operations grow.
- Cost-effective and swanky offices now seem affordable within a range of budgets.
- Plus, there’s the opportunity to become a part of a thriving community of professionals.
Shared workspace operators leased more than 7 million sq ft of office space during 2018, according to Colliers International, accounting for 14% of the total leasing during the year. The demand patterns indicate a steep upward trend, with flexible workspaces growing at a rapid pace in India. It’s not just startups, freelancers and small to medium scale enterprises accounting for this growth, but also big corporate houses putting their bets on the multiplicity of benefits provided by these workspaces. Corporates are working on a model of core+flexi office structure with shared workspaces providing an extension to their existing traditional offices.
On the supply side, realtors are intending to encash on the huge profitability and future possibilities these coworking spaces offer to them. Many real estate firms own such offices across all major cities in India. Come 2025, around 42% of the population will work in urban areas creating greater demand for such office spaces.
Flexibility of operations
Coworking space providers, like iKeva, cater to all kinds of office needs – ranging from work desks in a fully managed environment for teams to virtual workspace solution not bound by a desk. Such offices are professionally managed and fully equipped to provide teams with plug-and-play private offices. The core infrastructure is consistently top-notch, and meeting rooms and conference halls can be hired as and when required.
In the case of corporates, these meeting rooms assure a hassle-free interaction with prospective clients and better coordination and collaboration with employees, consultants and other stakeholders. For startups, it ensures ample scope for scaling their operations and adjusting their office space in sync with their current requirements and future plans.
As office rentals continue to rise all over India, it is becoming increasingly challenging for small firms and startups to go in for the traditional office space options. A lot of resources and money is channeled in for the search itself, with commissions to brokers and a hefty security amount attached. These coworking spaces provide customized schemes to suit business needs at affordable prices. Many of the big firms, recognizing the potential in these models, are looking to curb their operational costs and thrive on the utilities offered in terms of accessibility and convenience.
Coworking space will offer cost-saving benefits of up to 25% in most of cases when compared to traditional office spaces. What we get is a fully equipped space with value-added services and recreational facilities.
Managing time and place constraints
Many startups fail, primarily due to a perfect opportunity lost in terms of time and place. Coworking spaces in Mumbai can offer organizations the perks of having their office in prime locations across city without getting into the hassles of finding the right site and pouring in huge costs. Meetings and events can be conducted in different cities to suit the needs of the clients through these spaces. These demand trends are even higher in mainstream corporates nowadays.
Coworking spaces provide a healthy, bright and sociable environment for employees. assisting them in improving work-life balance. ensuring greater productivity and reducing employee turnover and absenteeism. More firms are, unsurprisingly, opting for the coworking model due to these business benefits. Freelancers and startups can dwell and work upon new innovations and ideas as a community and a pool of talents. Flexible working hours along with perks such as cafeteria, vending machines, gymnasium, and recreational centers are a boon to any employee.
iKeva has risen to be amongst the most popular names in the coworking sector in India, owing to its quality services for all kinds of businesses, while supplying them with a professional and fully-equipped environment and brand image. It works as an ecosystem integrating the businesses into one single community, thereby increasing professional network potential and clientele base as well. Coworking spaces are not just trends, they are the next paradigm bound to take over our corporate world globally. The driving benefits of a coworking space have drawn every sector of the commercial world to sip coffee and discuss business in its chambers. Exciting times!