Experts’ Forecast on the Future Growth of Coworking Spaces in India

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Coworking spaces are undoubtedly hot property in India and there are large investments coming in from various angel investors for them. Coworking spaces are no more meant only for startups but there are large business moguls who are opting for them as well. The massive rise in the trend of coworking is bringing in a wave of disruption when it comes to the segment of office spaces. Coworking spaces are continuing to experience a remarkable growth trajectory across all major cities in India and have witnessed an approximate annual growth of 50% in the recent years.

The remarkably steep growth curve in the coworking space industry is due to the startup boom in India and the fact that several established corporations are vying for a considerable proportion of the coworking spaces as these modern shared offices have all the new-age facilities to offer.

The overall popularity of coworking spaces is on a rise due to the improvements in remote technologies and the increased number of the self-employed professionals. There have been several insightful trends in the year 2018 and one of the major trendsetter is in the recruitment space.

We have witnessed the following changes in the coworking spaces:

  • Major focus on the employee referrals
  • The increased emphasis on the ‘quality of hiring’
  • Usage of analytics and Big Data
  • Major increase in the temporary workforce

The above clearly indicate that the big corporations are keen on hiring candidates even from the several remote locations who can contribute to the company’s growth by working from the coworking spaces. Most of the coworking spaces have proved to be job churners too especially in the profiles of sales, hospitality management, digital marketing and project management.

Industry outlook for the future

The competition amongst the increasing number of coworking space operators is significantly intensifying with more and more centers opening up in the major cities of India. The key feature in making a coworking space successful is creating an experience for the members, building a community of like-minded professionals and creating proper avenues for learning and enabling businesses.

As per a study conducted by CBRE, there has been a steep rise in demand for the customized coworking spaces and this rise is higher than that for generic coworking spaces. The customized coworking spaces would significantly attract talents, particularly, the millennials.

The coworking industry in India is expected to receive an investment as high as US$400 by the end of 2018. The major development of the coworking industry in India is seriously encouraging several occupiers in rethinking their traditional use of the office spaces.

The future holds bright prospects for the coworking industry in India and this industry would primarily focus on innovation and empowerment. This disruption which has come in the office space industry would eventually turn up in creating a flourishing, modern and robust economy in India.

For sharing your views and experiences regarding the coworking spaces, please feel free to write back to us in the comment box below.

 

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