Coworking spaces are becoming increasingly well-known in India.
They are more affordable to lease and offer flexibility in the workplace and help reduce operational costs.
Coworking spaces, which are a new idea in India, aren’t just becoming the mainstream; they’re becoming fashionable.
The rapid growth of startups across the globe has resulted in a growing need for new and innovative ways of managing resources. One of these solutions happens to be coworking offices. Coworking is a trend that’s set to revolutionize how we work. Numerous studies by respected and well-established organizations indicate that the coworking sector is expected to grow steadily & one of the best examples is for that is the coworking space in Gurgaon.
Because of their inherent benefits of flexibility and cost-effectiveness, coworking spaces enable companies and careers to expand regardless of the limitations caused by pandemics.
In addition to offering flexibility in the location and time of day and an enjoyable environment for employees, these workplaces let companies secure costs for future projects and enjoy an array of options for occupancy duration and size. In India, the market is expanding quickly.
Learn more about what this will mean for India’s work culture over the next couple of years.
Coworking spaces are growing in popularity
The rise of coworking workspaces in India is a reflection of the evolving preferences of India’s younger workforce, as well as the rise of professions that are more autonomous, such as consultants, freelancers, and startups
India is a developing nation, and the new generation consisting of millennials and Gen Z, are looking for work-related opportunities that provide flexibility to pursue their interests and interests.
They generally do not like to travel long distances, and this can cause them to lose time and disrupts their work-life balance. In addition, their preference for flexibility in their work schedules is more evident in the aftermath of the pandemic.
In India, the advantages that coworking spaces have been embraced by a variety of startups as well. Coworking has witnessed an increase of 277% in the first quarter of the year itself. The most appealing part is that this graph isn’t predicted to fall much sooner.
Particularly in India, the concept of coworking has gained enormous recognition & especially coworking space in Bhopal has a great environment. India is ranked third in the startup community in the entire world. This calls for an increase in office space to accommodate these businesses. According to numerous reliable sources, coworking facilities have experienced an increase of 80% in demand. According to experts, with upwards of 1000 coworking companies operating services and the number of companies expected to quadruple within three years, the Indian coworking market is expected to increase in size.
Potential for coworking spaces
Let’s see what offers the coworking sector in India such vast potential.
The fact is that businesses do not wholly oppose working from home. Still, companies think that workers should be working in the same office to increase their motivation, productivity, and effectiveness.
Furthermore, coworking spaces provide an opportunity for flexibility to professionals working in the field. The services provided by these spaces are reasonably priced and allow entrepreneurs to save a significant amount of money and time, not just without compromising the efficiency of their employees.
They have seen rapid growth in the last two years. Coworking spaces are rapidly evolving in the United States by separating them from other coworking spaces by offering modern amenities like cafes, recreational areas, and even a few bars and even offering help with your career.
There are some fixed advantages of coworking spaces like low costs, minimal logistics etc. Coworking spaces, a relatively young concept in India, aren’t just going mainstream now; they are getting trendy.
Coworking space is the future for India
So what is the direction of the coworking industry in India? What will businesses be able to do to support this innovative concept? The facilities offered by coworking spaces have allowed businesses to grow across the country, particularly during the outbreak especially system of coworking spaces in Delhi increased.
So, it is a matter that we say that the fashion and the culture of coworking spaces are in full swing and will determine the future of the business sector. The future of coworking spaces, particularly in India, is optimistic and is expected to witness an increase in the growth graph in the years ahead.
According to the findings of a recent study in the last few years, the percentage of coworking spaces in total office space currently stands at 3.3% and is projected to rise to 4.2 percent in 2023. For total square feet, the market for coworking spaces is predicted to expand by fifty million square feet by 2023’s end.
These numbers clearly show that working professionals prefer working in coworking areas because they are exposed to a space and workplace culture that keeps them engaged and boosts their overall productivity.
With increased awareness and a greater understanding, the need for coworking spaces will continue to grow. They are highly convenient for all employees regardless of their profession. Thus, this type of concept is likely to increase in popularity shortly.
This is among the most significant trends for the future, which is anticipated for these spaces. Working from home is now an efficient concept because of COVID, as employees could work with greater flexibility and freedom without compromising on their professional obligations.
This allowed businesses to reduce their financial burden and lower costs related to fixed office expenses since employees embraced working from home and operating in a coworking space. In response, businesses have begun investing in coworking spaces, which is anticipated to increase in the future. These are the areas where businesses benefit as well. So, the investments in these areas will increase.
The rise of spaces for coworking is phenomenal in India. As a nation in transition, India has embraced the idea of coworking spaces well.
The traditional notion of working from cubicles in offices is being challenged with the advent of coworking’s modern and imaginative concept.
Coworking allows professionals to be flexible and provide them with the space to express their creative side. So, it can be confidently stated that coworking will be the driving force behind the future of corporate work and will be around for a long time.
The occupancy levels in its coworking centres have risen to more than 75 per cent, which has allowed its entire portfolio to turn profitable in November.
“We were able to grow our business to over Rs 800 crore topline for this calendar year, and as of last month, we became profitable,” the CEO said.27-Dec-2021
They are less expensive to rent and offer a more flexible environment and reduce operational expenses.
Coworking spaces are the new norm and the future of working for the next generation.