In an exclusive interview, Sharad Bajaj, Co-Founder & Managing Director, Office Beanz Private Ltd, talks about the co-working space and shares his business outlook.
With co-working rapidly becoming the hottest concept in India’s commercial real estate, a lot of renowned developers are now turning their focus to it, while many new players have also entered this space in recent months and years. Gurgaon-based Office Beanz is one such player which during the last one year of its operations has opened 3000 seats in Gurgaon, and plans to expand to 7500 seats during the next one year. In an exclusive interview with Sanjeev Sinha, Sharad Bajaj, Co-Founder & Managing Director, Office Beanz Private Ltd, talks about the co-working space and shares his business outlook. Excerpts:
Why is there so much buzz around the co-working space these days?
India is a growing country with so many start-ups. The entrepreneurship scenario is buzzing with old and new business people. This is where co-working spaces have been able to build their utility by providing a readymade office to the business-focussed, fast-moving corporate world. They are available at literally no CapEx. The co-working space provides an infrastructure that mirrors society, helps large and small organisations outsource their entire infrastructure, real estate, services, and actually becomes a one stop shop almost instantly when one needs to expand fast. And nobody wants to spend CapEx due to the unpredictability in the Indian scenario.
It is claimed that the co-working space may be the next growth driver for India’s real estate. Is this true?
The co-working space allows an atmosphere of growth without working on consequences. It makes for a better environment for people who are sitting out of homes, or coffee shop. Thus, making for a new avenue to the real estate sector. We still have to see how it can become the next growth driver.
What are the current trends in the co-working industry and what changes do you expect in the coming year?
India saw the spurt in co-working around 7 years back with Delhi/NCR, Bangalore & Mumbai leading the way. People, specially start-ups, found co-working hassle-free, although not necessarily always cheaper. Over 12 million people are expected to be working in the co-working environment today. I believe this trend in India is bound to change to the “managed office” space where the same option is available to medium and large scale companies. This is the same idea which led us to create Office Beanz. To create a workplace that mirrors a growing company’s needs with flexibility, hospitality, efficiency, modernity and affordability. We have been receiving encouraging response to the managed office concept and we should be able to tie up with another dozen companies, within the next one year itself.
There are already so many players in this segment. What is your USP and how do you plan to compete with them?
Office Beanz aims to provide both individuals and large offices a round-the-clock corporate environment that is comfortable, cosy yet helping in increasing productivity by attending to every need of the individual, through our professionally-trained staff. We employ mainly hospitality professionals to ensure optimum services and that too adds
to the difference.
Do you also plan to expand further?
In the last one year we have managed to open 3000 seats in Gurgaon, Haryana, at Unitech Trade Towers, Global Business Park & Unitech Cyber Park and we plan to expand to seven-and-a-half thousand (7500) seats during the next one year, expanding to Delhi, Noida, Rajasthan, Mumbai and Bengaluru.