Flex workspace market to flourish as 35-40% of companies prefer hybrid working | The Financial Express

Flex workspace market to flourish as 35-40% of companies prefer hybrid working

To ensure the seamless execution of hybrid work model amid office expansion in multiple locations, organizations are increasingly partnering with flex space operators.

Flex workspace market to flourish as 35-40% of companies prefer hybrid working
Co-working adoption will retain momentum with an increased need for flexible and on- demand office spaces.

The onset of the pandemic led to the migration of the Indian workforce back to their hometowns, and as flexibility became the core of workplace strategies during the pandemic, the workforce still demands similar flexibility in the post-pandemic world. Consequently, organizations of all sizes are adopting a hybrid work model to offer the benefits of both, working from home and working from the office, to their employees, according to the ‘Indian Flex Occupier’s Survey 2022’, done jointly by Awfis, India’s leading network of co-working spaces, and Qdesq, a tech-enabled workplace provider.

To ensure the seamless execution of hybrid work model amid office expansion in multiple locations, organizations are increasingly partnering with flex space operators, and 35-40% of companies are embracing the idea of hybrid working, making an ideal scenario for the flex market to flourish.

As per the survey, with things setting back to normal and offices reopening, the majority of the workforce prefer to work 5 days/ week from the office, an environment they feel will be healthy for higher productivity, better team collaboration, and in-person interactions, benefits that were traded for the comfort of working from home.

The second best-preferred model of working is hybrid, where occupiers prefer to enjoy the benefits of working from the office as well as home, thus helping them attain the work-life balance, a demand which peaked post-pandemic.

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However, an interesting point to be noted is that the eagerness to work from the office remains robust among the occupiers, whether they choose to work 5 days a week or 2 days a week from the office.

Commneting on the same, Amit Ramani, Founder & CEO, Awfis, said, “The long-term future of the entire business will be determined by the current occupier patterns, which are also creating new expansion opportunities for flex space operators in the short term. This is an opportune time for flex space operators to reinvent their workspaces, diversify their presence in cities, and carefully analyse tenant expectations to accommodate them effectively as flexibility continues to hold sway over workplace strategies of enterprises of all sizes.”

“The pandemic-induced shift in occupier demands completely transformed the coworking sector in India. In times of uncertainty, the coworking industry saw a new set of workplace requirements that later evolved into a new style of working after the global affliction. At Awfis, we recognised these changes as a revolutionary growth opportunity and immediately redesigned our products through innovation, paving the path for success, growth, and expansion,” said Sumit Lakhani, Deputy CEO, Awfis.

Paras Arora, Founder & CEO, Qdesq, said, “The post-pandemic era is a witness to the deployment of new workspace models to maintain profitability, instil work flexibility and employees’ well-being. No longer confined to small startups, the flexible workspace segment, today, is embracing the arrival of various big enterprises. As firms continue to evolve with the changing market dynamics, the workforce expectations, too, have changed with new working models like hybrid, work-from-home, and working from office coming to the fore. Amid such new and emerging trends, the need for key stakeholders to understand the mindset of modern-day businesses and their workforce to make informed decisions has become imperative. Our latest survey report, aimed at offering a better perspective, gives valuable insights into the changing preferences of flexible occupiers. It highlights the key impetus for enterprises to finalize the workspace, amenities priorities, and perspective on tech enhancements, among others.”

The survey shows how occupier needs have drastically evolved and will turn out to be favorable for the coworking industry’s growth. The majority of respondents are ready to partner with coworking players to seamlessly implement a distributed workforce strategy, while 30% of respondents are looking for cost-effective alternatives to rental offices for financial flexibility and the remaining respondents want to choose managed offices to free themselves from workspace administration responsibilities, which can otherwise be professionally managed by office space providers.

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First published on: 23-11-2022 at 01:21:06 pm
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