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Co-working, the newest phenomenon that has taken Indian work culture by storm, has been equivocally accepted as the way future India is going to work. With investments pouring in from national as well as international investors and bootstrapped start-ups, even the MNCs are now looking the co-working way to initiate their latest operations, the demand for shared office spaces is peaking. According to a study by real estate investment management firm JLL, the co-working segment in India is expected to receive
USD 400 million in investments by 2018, with a growth estimated at 40-50%.
Before you get in the queue to join the endless list of entrepreneurs looking to grab seats at India’s world-class co-working hubs, here are 5 fundamental reasons for co-working spaces’ destined success in India, to help you be absolutely convinced before jumping on the co-working bandwagon:-
Cost Effective: Following an easy model of leasing an office space charging per occupied seat and the number of hours used, co-working spaces can enable an organization save up to 30% in rental costs. Furthermore, organizations are saved from the hassles of providing for fundamental allied services such as internet, phone communication, conference rooms, etc. as such services are already built-in and already included, and are of high quality. Co-working campuses provide sustained internet connectivity, as high as 2 Mbps, impeccable communication devices along with interestingly designed green spaces that offer a relaxed environment to work in.
Flexibility in Operations: As co-working generally follows a lease-based, charge-per-service model, it does not ask for any kind of investment, thus making it very easy to move out. This is especially suited for specific-project based jobs or organizations pursuing a particular objective which makes it necessary to employ professionals for a medium to long-term. Due to the flexibility, co-working spaces have become the new favorites of large organizations looking to upsize and downsize their operations in the markets of tier-II and III cities.
Networking Opportunities: One of the greatest benefits of co-working spaces is the ample amount of networking opportunities available within the space, with different organizations as well as independent professionals including designers, editors, filmmakers, content developers etc., working under the same roof, it becomes a huge learning space through regular interactions where ideas can be bounced off veterans as well as inexperienced yet talented professionals alike. This caters especially to the needs of start-ups and entrepreneurs, making it easier for them to develop a shared work culture wherein different professionals encourage and enrich each other’s work.
Innovative Infrastructure that Caters to Lifestyle Needs of Millennials: Gaming areas, performance spaces, meditation zones, frustration zones, gym, spa, crèches, pop themed cafeterias, breweries and many more, co-working spaces have transformed the way Indians work. No longer looking trudging towards stuffy office spaces every day, modern Indian professionals are blurring the line between work and play, and have chosen co-working spaces as the ideal representative of their changing attitudes. Additionally, such facilities have contributed to the mental relaxation of employees and have also fostered a gender-neutral workspace by allowing female employees to achieve a greater balance between their familial and professional responsibilities.
Ease of Scaling Operations: Different phases in a business cycle require a different scale of operations being deployed. While initially, a business might want to employ only a few resources, a robust growth phase would demand the services of more professionals, with some contractual employment as well. Businesses today, are hence looking for spaces that can adjust according to their needs and not be a drain on the organization’s finances by forcing it to pull dead weight. Furthermore, as co-working space owners strengthen their foothold in the Indian markets, they are veering towards owning, rather than leasing spaces, thereby garnering more freedom to customize the spaces according to the client’s needs and preferences.