Jun 21, 2018
Every year, you have more and more small businesses deciding to shun conventions and eschew threadbare rules. They are now…
Cheaper investment, an atmosphere conducive to productivity, amenities, flexible work and a chance to build your network – these are the precise reasons why coworking is here to stay in India.With already a growth of 50% in just two years, here are the key trends of coworking spaces in 2018:
Increase in demand:
India is currently one of the top 10 destinations in the world for the growth of the start-up industry. Also with the union budget (2018) being mostly in favour of start-ups and promoting the basic infrastructure (wi-fi hotspots, digitization, etc.) needed by them, the number of coworking spaces is only going to rise in 2018. Start-ups are always looking for opportunities to cut down their operational costs and coworking is one such golden avenue. You don’t have to invest in furniture, a building, infrastructure, etc. That is why, apart from the 4 metro cities, even other major cities of the country like Hyderabad, Gurgaon, Pune, etc. will witness an increase of coworking spaces.
MNCs to begin co-working:
With knowledge being the competitive edge of today’s industries, coworking is a major source of knowledge. In the US, business giants like IBM, Microsoft, and AT&T have already begun investing in coworking spaces to keep their engineers motivated and abreast of the latest innovations and industry trends. The Indian counterparts of such MNCs shall follow suit in the near future as coworking is an ideal platform to track and tap new talent and ideas in the form of struggling start-ups.
Flexible work schedule will be more feasible:
Coworking facilitates an employee’s work-life balance due to its flexible timings, environment, and locations. Since work-life balance is the major job expectation of an employee in the today’s world, many companies can now provide this for their employees by taking advantage of co-working. This will help firms retain their employees and instil loyalty in them.
More coworking spaces mean more competition. That is why companies providing coworking spaces will increase and better their facilities to beat competitors. The inclusion of a full-fledged cafeteria, day-care center manned with professionals for kids, gym, recreation room, etc. seem to be plausible additions. Apart from these provisions, 24-hour services and organizing network-building events are also likely to increase.
Coworking is the most lucrative avenue for realtors at present but it is feared that some may distort the basic essence of coworking by entering into contracts that give exclusive coworking rights to a sole company, only for profit. This would mean no optimum use of resources by others, limited network building and lack of freshness. That is why real estate investors need to be informed of the importance of enjoying the benefits of coworking as it is.
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