The real estate market in India is once again on the rise. These are encouraging signs following a pandemic in which any kind of recovery was unexpected. It would not be incorrect to predict that 2023 is going to be a pleasant year for real estate. Presently, more buyers are interested in investing in co-working spaces. More purchasing will occur in metropolitan and mid-level cities in 2023.
What began unpredictably a few years ago as a hybrid of a business centre, a shared office, and a cafe has evolved into its own entity with a distinct identity. Today, co-working spaces can be found in any city where people can – or must – work independently. There are now over a thousand co-working spaces in cities all over the world. Although most new co-working spaces will receive a lot of interest from potential customers at first, not all will fill up. Co-working spaces are experiencing an unprecedented demand. The occupancy rates at co-working spaces have now shot up to 90-100%, compared with 45-60% a year ago.
Co-working spaces in India are already in high demand following the global epidemic. The implementation of the hybrid prototype is driving businesses to seek out flexible spaces, which is creating new business opportunities in the sector. Businesses are starting to recognize the significance of a smart working space because it stimulates new approaches to work and tends to increase efficiency. As they embrace the co-working space culture, the young generation of entrepreneurs, linked by multinational enterprises and other mid-sized organisations, are re-shaping the sector.
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Co-working spaces are already becoming extremely relevant in the post-pandemic era, not only for business owners and freelancers, but also for big organisations. Companies nowadays are acknowledging hybrid-work culture co-working spaces because they offer location versatility, simplified contractual arrangements, and an easy entry-exit alternative. In the middle of such a change in demand, such spaces perfectly blend in.
Co-working will continue to reside since it appeals to both small and large businesses. Co-working spaces can profit all businesses due to their being cost-effective, convenient, and expandable. Entrepreneurs are now considering flexible work spaces to be a wise investment because it enables them to concentrate on their activities and expansions while trimming frivolous spending. Demand for co-working spaces has already nearly doubled from post-Covid-19 levels and is expected to skyrocket in the coming years.
(By Aman Gupta, Director, RPS Group)