The last few years have witnessed an unpredictable success for the coworking juggernaut in India. This increased growth has stemmed from the paradigm shift from the traditional office workspace to a more flexible, accessible and community driven coworking space. Companies are identifying emerging market trends and changing preferences to make the most appropriate choice for their office spaces.
The adoption of the hybrid work model post the pandemic and rise of startup culture in the country has played an important role in the boost and demand for coworking spaces in India. Various sectors, predominantly IT and BFSI (banking, financial services, and insurance) are finding coworking spaces as the most suitable option as it works well for their expansion plans and builds an ecosystem for the employees and workforces.
The current market share of flexible workspaces against the total office space market stands at 3 percent and this is expected to go up to 4.2 percent by 2023, as per a report by JLL.
While the past few years have discovered some strong market trends, which have redefined the future of the coworking industry, here are a few reasons why the traditional office space is more likely to be non existent within the next few years and replaced by flexibles workspaces:
Increased productivity:
One of the benefits of coworking is that it provides a plethora of services and you have access to a completely functional office space with all the requirements you expect from a workspace to get work done efficiently and seamlessly. Additional services and products such as meeting rooms, phone booths, café & pantry area, event spaces are also available and accessible to you. This solves for convenience, accessibility and flexibility all under one roof.
Coworking facilitates an atmosphere that stresses on the importance of collaboration and shared values which are inspiring and motivational for today’s workforces. When you work around other like-minded professionals, some of whom have very unique talents and skills, you are exposed to a wide range of knowledge that can help analyze and make progressive decisions thus, improving your work ethic.
- Design oriented spaces
An aesthetic office space gives individuals and companies, both, large and small, the freedom and flexibility to find ways to connect with their team while focussing on important tasks at hand.
From the cafe to the private offices, spaces can be curated to provide privacy like the phone booths or meeting rooms and also at times, an open layout with break out spaces to flexible desks facilitating smoother conversations and creative output.
Design plays a vital role and allows modern flex spaces to accommodate different client requirements as well as help appeal and retain the best and most engaged human capital.
- Flexibility at the core of the business model
Companies who work out of coworking spaces can deal with both, increased team requirements in good times and immediate reduced requirements in bad times as well. Independent professionals and organizations are not restricted to one office space for a long period of time and don’t need to bother dealing with the rent of the space and landlords. They can take up flexible membership plans that provide them with desk spaces and meeting rooms as and when required.
- Robust tech integration and support
Coworking spaces provide customers with top notch utilities and 24×7 tech support to create an environment that enables clients to be the best at what they do. With AI and smart technology gradually taking over, coworking spaces are transforming into modern autonomous workspaces. This helps understand the importance of high-grade technology, servers and Wi-Fi router systems in today’s digitally connected corporate world in order to create a wholesome service experience for co-workers.
- Curated community experiences
A coworking space is nothing without its community. The flexible business model at the very core allows for collaboration in more ways than one. Being part of a coworking community enhances work life experiences in more ways than one. Networking events, panel discussions, informal dinners and meet-ups play an essential role in establishing the community spirit.
Multiple enterprises associate their businesses and brands with an aim to have a global impact or presence. Being a part of a larger circle and community allows them to work towards output and value formation.
When employees and working professionals understand the purpose and the ‘why’ of working, they will naturally provide additional value and gravitate towards a more fulfilling work environment.