Co-working Space is a concept borrowed from the west which has recently evolved and welcomed in our country. It is the use of an office or other working environment by self-employed or working professionals to share ideas and knowledge as they work simultaneously under the same roof. Joints are being utilized as public-interaction spaces urging the community to connect with one another and engage in an exciting idea exchange.
The birth of these co working spaces can be essentially attributed to the startups, as young entrepreneurs are gaining popularity in India but a major reason composes of the inevitable need for real participation and involvement interaction with like-minded people which enable different ideas and take on the same concept.
By 2022, about 42 per cent of India’s population would be living and working in its urban centres. With this growth in the urban population, there will be a far greater demand for shared workspaces in less than a decade. The year 2017 saw a massive spike in the growth of the co-working industry and it evolves further, we will witness an era of flexible office spaces.
While cost-effectiveness is one of the biggest advantages of co-working spaces, but these spaces also provide for some great environment not only in terms of physical infrastructure but also in terms of networking. Some of the co-working spaces in the city have not only tech startups but also freelance writers, legal advisors and people from various fields. Co-working spaces are rapidly popping up across Indian metros and tier-II cities. Through these, start-ups get flexible working options at affordable rents. These spaces offer desks at cheaper rentals in an office-like environment. Co-working spaces are major boost to the real estate sector as they have higher occupancy rate and are more cost-effective for the builders as well.
Benefits of Co-Working Office Space
- Reduce Cost:- You don’t need a cash outlay for all the latest office technology that makes interacting with your colleagues and clients, and sorting your admin so easy. It’s all included in your co-working space pricing. Printing facilities, high-speed internet connection, computerised phone system, reception assistance, coffee lounge and more. You can enjoy access to the office facilities of large corporations, without the high financial demands and maintenance requirements, giving your business a professional air.
- Connecting with Like-Minded people:- Working in isolation prevents you from interacting and honeycombing with people in your industry. The co-working space is largely used by creative business people, freelancers and start-ups who require long or short-term office space and is a melting pot of inspiration, energy and business networking. Enjoying the energy of individuals who share the same philosophy as you, can open many doors for your business, and help you expand and grow your client and supplier base.
- Saves your Time:- Cut out the time it takes you to pick the brains of industry veterans by simply walking across the hallway, or popping into the next office. Brainstorming ideas and even learning new best practice applications to improve your own services, it all saves you time and add value to your company. It’s all about streamlining the time that you charge for.
- Positive Environment:- When you step inside a co-working space, the positive energy is very evident as opposed to dreary offices. In co-working spaces 70% felt healthier, 90% felt more confident, 91 % have better interactions, 92% are satisfied with their workplace, 68% focus better and 64% are more able to complete tasks. The kind of environment that a co-working space provides is more conducive and productive compared to working at home or at an office.
Considering economic conditions and the explosion of technology and online collaboration services in recent years, the rise of co-working spaces makes perfect sense. A co-working office space brings like-minded people together who can benefit from each other’s experience and expertise, network and share contacts, as well as even collaborate on projects together. Most importantly, it’s the clients of co-working spaces which benefit the greatest from this.
Author is Gunjan Johar, Real Estate Analyst & Home Decor Blogger. Views expressed herein are her personal views.