The pandemic may be over sooner or later, however, the world will never be the same again. But the new era will provide many benefits together with effectively brainstorming workplaces all over the globe. In recent years, India’s workforce has risen considerably. In addition, following with the new innovative and creative office spaces, a lot of co-working spaces have appeared.
Co-working began as a freelancers’ movement, but has since expanded into a profitable real estate business for landlords and operators, as well as a critical component of occupier strategy. Co-working spaces are rapidly gaining traction in India, with the business likely to increase every year in the foreseeable future.
Co-Working at Business
A lot of small as well as large firms are popping up right now, and they are looking forward to co-working office spaces. With cheap internet access, technology is developing by huge strides, there is nothing permanent when it comes to workplace space. Most businesses are attempting to keep things more compact, rather than occupying a large leased area for a decade or more. Companies consider obtaining aesthetically pleasing co-working work spaces ideal for high-end client meetings. In India, there is an increasing need for Managed Work Spaces. This is another important reason why the number of flexible spaces in India is expected to double by 2025.
Picture of Co-working in past
The pandemic hit the globe, bringing everything to a halt. It’s clear that co-working spaces, too, couldn’t avoid this calamity. It was also closed down. However, one advantage of co-working spaces was that lockdown evolved working methods. People began to seek new working patterns that gave flexibility, affordability, a comfortable as well as superior working environment after unlocking. All of this just led them to the doors of co-working spaces.
Nowadays, businesses of all sizes demand working styles that may increase operational efficiency, improve employee well-being, adding to it, help them save money. The demand for co-working spaces skyrocketed almost immediately, since it enabled working professionals to work from remote places within the corporate confines of co-working spaces.
Present Scenario of Co-working
The COVID-19 changeover undoubtedly had a long-term impact on the industries. Most spaces are experiencing a strong rebound, and most industry participants are hopeful about the industry’s recovery. The spaces are performing well in the current scenario, moreover are seeing robust operations. The post-lockdown scenario is bringing with it a slew of new prospects for hybrid participants.
Although work from home can be a lifeline for many organizations after a lockdown, it is not something that should be pounded into the working culture of all companies. Flexibility is more important than ever before, with their inherent flexibility, ability to add value, are ideally positioned to adapt and redefine the future of work together with workspace.
The amenities provided by flexible spaces have aided the growth of businesses from all across the country, particularly during the epidemic. As a result, it goes without saying that the trend and culture of co-working spaces are here to stay and will control the business sector’s future. The future of these co-working spaces, particularly in India, is bright, along with the graph of growth will continue to rise in the next years.
According to a joint analysis by CII and a famous real estate brokerage, the co-working spaces industry has the potential to increase by USD 13.35 billion between 2021 and 2025, with a CAGR of 11.31 percent. Furthermore, this study delves deeply into market segmentation by end-user (companies, SMEs, freelancers and startups) as well as geography (APAC, America, and MEA).
According to well-known projections, by the year 2025, all commercial spaces in India will have been converted into hybrid office. As a result, the managed workspace business is on the rise. Furthermore, as a result of these regulated work spaces, India’s economic conditions are becoming more balanced and improved.
Co-working culture has quickly become a popular notion in India. A decade ago, India had not even heard of the concept of flex space. When it comes to co-working, India has quickly become one of the most modern countries, rapidly competing with others. The fact that many Indians wish to be entrepreneurs could be a contributing element to future business growth.
(By Kamal Jeet Singh, National Director, Qdesq)