Coworking has been revolutionizing the work culture across the globe for the past few years. And in India – a country with the second largest labor force in the world – also didn’t remain immune to the winds of this change. As the demand for shared office spaces increased throughout the country, it was felt more prominently in category A cities than in most other cities in India. The surge of start-ups and a new generation of workers who prefer flexible work environment fanned the trend for coworking spaces in these cities.
Coworking: A trend on the rise
Start-ups were the first to get attracted to the coworking culture, but the attraction for shared office spaces didn’t remain confined to the start-ups and freelancers. Not long after coworking spaces made their presence felt in Indian cities, large corporate houses, multi-national companies, and even media houses took notice of the advantages of such spaces. The result was that the popularity of coworking spaces started shooting up at an incredible speed. As per a report by real estate firm CBRE coworking companies would take up almost 10 Million SqFt of office space by 2020.
So, what makes coworking so popular? What makes them the preferred choice of many start-ups, SMEs, freelancers, and entrepreneurs? Let us take a look at the main factors contributing to the demandand ever-increasing popularity of coworking spaces:
A cost-effective alternative to renting and leasing
Thanks to the rapid increase in the prices of commercial spaces across India, it has become a highly expensive affair for a company of any size to lease a traditional office in an urbanized area. The situation is even more alarming for start-ups and individuals who are yet to make a mark in their industry and are not sure about the cash flow. In such a situation, coworking comes across as a fresh breath of relief. To lease a traditional office, you will have to fork out a fixed initial amount that includes a refundable deposit, advance maintenance charge and other expenses for necessary entities like office furniture, gadgets, installation of electrical fittings, etc. On top of that, you will have to bear a monthly expense towards rent, electricity & internet charges, and the like. Now, if you opt for a coworking office space, all that you will need to pay a small monthly rent for your seat. This rent is much less in comparison to a monthly rent of a traditional office. Also, you will be able to use various facilities like meeting rooms, printers, etc. at an affordable or no additional cost. All these make coworking a feasible option even for large companies that want a space for their employees in an industrial hub.
Flexibility matters the most
In the recent times, there has been a shift in the way the new generation of office-goers expects to work. Flexible timings and a more casual or relaxed work environment stand at the top of their priorities. Offices that can offer such facilities to their employees are succeeding at keeping the attrition rate low. An easy and effective way to achieve this objective is to opt for coworking spaces. Just walk into any of the coworking office space and you will be greeted by colorful interiors and vibrant settings that offer a welcoming feel. When an organization rents such a space for its employees, it translates into increased efficiency and productivity on part of the employees.
Scale up or scale down: It’s up to you!
One of the main reasons why traditional offices lose out in the popularity race is the scalability issue. If you rent a traditional office in any part of the country, you lose the advantage of increasing or downsizing your team at your will. If you think of increasing your team, you will have to move out to a bigger space. This means you will have to spend more money on a new lease and then setting up the new office for operations. On the other hand, if you downsize your team and do not decide to move out, you will have to continue to pay the rent for a much bigger space than your current requirement. Seems like a catch 22, doesn’t it? Coworking spaces provide the perfect solution to this issue. You can easily increase or downsize your team as per your requirement. All you need to do is rent out a few more seats to accommodate your growing team or let go of a few seats to downsize.
Facilities: The biggest drawcard of coworking spaces
When it comes to the facilities provided by the Coworking office spaces, they are in no way less than those found in a corporate office environment. Conference rooms, Wi-Fi, whiteboard walls, lockers, printers, coffee machines, cafeteria, special event spaces, relaxing zones, you name them and they have them. For any well-established company that wants to reserve seats in one of the coworking offices, such facilities are a big draw. Having these facilities at their disposal means employees of the company won’t have to compromise on any kind of amenities due to working in a shared office.
In light of all the points mentioned above, it is not a big surprise that coworking is becoming popular by the day in all major cities of the country.
Article contributed by Aditya Verma, Founder, The Office Pass (TOP)
About The Office Pass (TOP) :
The Office Pass (TOP), part of TOP Technologies Private Limited, is a technology platform that connects companies & professionals – especially women – to warm, friendly, ready to use & high quality neighborhood co-working (NCW) offices in Gurgaon & Delhi NCR. Neighborhood co-working office is different from conventional co-working as it caters to people nearby (read < 5 kms). We firmly believe that people love to work in a high quality office facility close to their place of residence or business, rather than wasting time and effort driving or commuting long distance. This makes neighborhood co-working unique in its target segment, marketing efforts & size of offices etc. We take care of all expenses associated with opening & operating an office like office furnishing & equipment, rental, electricity, WiFi, security, housekeeping, printing & scanning etc. You pay a membership fee per seat. This saves you time and money, which can be used to enhance your business. Our offices are tastefully done with open & warm interiors. Our staff is friendly and helpful. We have four coworking spaces in Gurgaon located at Sohna Road,Cyber City, near HUDA City Center metro station & near NH 48. We welcome you to the amazing world of Coworking with The Office Pass (TOP).