Co-working has become a global phenomenon today, and India is taking the lead with several firms entering the market with co-working office spaces. In 2018, co-working spaces transformed the stigma of working in a traditional corporate environment. In the coming year, the concept is expected to flourish more.
The year 2018 has showcased the transfer of power from the owners to the tenants. This has become a reality by the efforts of co-working spaces in bringing the paradigm shift. A look on current trends establishes that the concept that entered the market almost a decade ago will attain new heights in 2019. Design, comfort, innovation, and creativity have become the epicenters for creating co-working spaces for the modern age. As per the statistics, the concept of an open office environment has grown enormously since 2005, and the co-working spaces in operation are predicted to reach 18,900 by the end of 2018. While the Asia Pacific recorded the maximum rise in the number of co-working spaces, America and Europe are also following the ongoing trend.
The riffles created by co-working in 2018
Since the phase of Industry 4.0 has begun, industry verticals across the world are witnessing new concepts in the ever-evolving business world. Co-working has not just broken the stigma of working in the traditional corporate environment with ennui and monotony but also brought to light the effect of thoughtfully planned common working spaces where creativity can thrive with new ideas and innovations every day. From small startups to freelancers and small businesses, co-working spaces create a perfect environment of learning that enables different teams and individuals to connect, collaborate and achieve their goals.
Statista recorded the presence of around 15,500 co-working spaces around the world in 2017, with nearly 1.27 million people leveraging the potential of these community spaces to grow and flourish. India, as one of the fastest developing nations and a service-driven economy, utilised the maximum potential of co-working spaces in 2018. The service sector alone that contributes to 55.56 percent of the national GDP is yet to explore the full potential of this co-working segment. New industry players from across the world have entered the segment with ideal working places for free-spirited mavericks. Working professionals from different verticals have explored their maximum potential with complete comfort, amenities, flexibility in this year.
The budding of co-working spaces in 2019
Co-working spaces are creating vibrant communities of skilled entrepreneurs, freelancers, designers, professionals and tech experts from different verticals to come together for business growth, individual development, up-skilling, and re-skilling. From private offices to brainstorming corners, professional boardrooms, to creative work-spaces, the futuristic co-working spaces are bringing the best opportunity for everyone to learn and grow.
The co-working spaces in 2019 will be defined by design, industry transformation, and requirement of the business future. The new entrants in this segment are encapsulating external surroundings to generate a creatively growing environment and providing world-class amenities and facilities to the working professionals. Co-working has become a global phenomenon today, and India is also taking the lead amongst the Asia-Pacific countries. While real estate will play a critical role in the expansion of co-working places in 2019, new spaces will come up for technology, political movements, and creative fields. On the one hand, established brands will continue to provide a better working environment for professionals. On the other hand, the community welfare and healthy work regime will also be available for people at co-working places.