Jul 14, 2021 Blogs Co-working space

What the Future Holds for the coworking industry

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The very thing that remains constant with time is change. Change is a constant factor. What gives it positivity or negativity is the direction in which the change happens. Every firm, every corporation and every field of profession undergoes change. And the meaning of change has amplified as the deadly coronavirus struck the world. Coworking space is a modern approach that is an alternative to a conventional office space. It encompasses a physical space equipped with all facilities needed for day to day office operations and is shared by many individuals. Over the years the industry has grown to a multibillion dollar venture. It was initially intended for entrepreneurs and freelancers. However, after the covid catastrophe it has gradually become an option for multinational corporations and tech giants. 

Currently, the companies worldwide are taking a sigh of relief as the government advances its orders for reopening and further development of every firm in all fields. Owing to the huge losses of men, material and money the economy is now revamping itself to compensate for these losses and safeguarding itself against such catalysis in the future. Initially when the virus broke out, people viewed that the coworking space in Mumbai would be the last option because they are hotspots of social interaction and may facilitate the spread of the deadly virus. 

However, the result was a sharp contradiction of what was predicted. After the lockdown ended, many people resorted to plug and play offices. And to say that this upward trend will be continuing even post corona will not be unreasonable. The future of coworking has seen a boost and the business line can be seen amplifying even while the other businesses continue to struggle for their existence. Multinational corporations, medium and small enterprises, freelancers, entrepreneurs are all shifting their preferences towards shared workspaces. The prediction that coworking might die down even when it is so young a venture has absolutely been proven wrong with the investments multiplying and enrolments going sky high as the demand surges. This shall keep on going on the same track and can be attributed to numerous reasons such as:-

  • To avoid commuting:- In metropolitan cities, travelling long distances is a daily routine. The residence and commercial areas spread by kilometres apart. Most employees use public transport to waste minimum time and reach their destination in time. The various modes of transport include buses, metro trains and local trains are jam packed with uncountable common touch points. They are super spreaders of the contagious virus. Therefore people want to eliminate it as an option. They resort to preferring workplaces near their homes where it is easy to reach by walk or a short journey on a private vehicle. This cuts down half of the stress of reaching the workplace and boosts productivity. 
  • To avoid overcrowding:- Sprawling campuses of big companies turned into abandoned and deserted places during the lockdown. Afterwards, due to government guidelines, the management would only allow a fraction of their workforce to enter the office area as it could lead to overcrowding and disobey the rules of social and physical distancing. As a result, they came out with an idea where the remaining fraction of the employees would work from coworking offices. This will ensure the well-being of one and all. 
  • To cut down budgets:- The unseen and unpredicted disaster uprooted all kinds of businesses, big or small. The only way to survive was to cut down on expenditures and maximise income. Huge properties with rentals and leases and innumerable overhead costs proved too much to tackle. Therefore many SMEs resorted to opting for shared office spaces because they are cost efficient and economical. 
  • To break the monotony of work from home:- Working from home seems to be the safest option but it isn’t so. Unhealthy practices, undisciplined routines, bad postures and unchecked exposure to electronics all day long while facing distractions renders one unproductive. The panacea of all this is an ergonomic and professional ambience that sustains efficiency in a healthy manner. Visit iKeva now for a customised coworking package that suits your needs. 
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