Co-working space is an affordable solution for companies that wish to cater to the creative needs of their employees and set a high standard of employee welfare.
Executive custom-made offices, stylish and comfortable seats, or standing desks- not all companies can internally afford to provide such facilities to their employees in order to maximise their productivity. Luxury co-working spaces provide the advantage of lower utility bills and operational costs in addition to the amenities that they offer. This saves the companies from undertaking the cumbersome process of physically setting up independent offices. Additionally, it saves companies a lot of investment in terms of time and money. For example, a big multinational brand wanted to set up stores in India, and for that, they appointed two people who worked from a co-working office space for six years. This made more sense for them rather than setting up an individual office.
Some of the multi-national companies that have been using the services of co-working space since long include EY, Thomson Reuters, Star India Private Limited, Rolls Royce, Google, Verifone, Deutsche Bank, BOI, and Louis Vuitton. These companies have utilised the premium co-working options to maintain their class. In India, there are less than a hundred branded co-working spaces in operation at present. However, this number is expected to increase by four times over the next three years.
The mundane stall-like cubicles are quickly losing their place, as the mindset of the young workforce has changed towards their working environment. Be it a purely economic decision or a creative need, the demand for shared offices has seen a growth in recent times. With the projection of a mammoth increase in the urban population by 2025, it is safe to assume that the demand for Grade A office space will only increase by manifold. For small and medium companies, it has more to do with the cost of having a separate office. However, in the case of bigger companies, it is about saving time.
Many companies today dream of having trendy offices but very few have the expertise or the resources to make it a reality. Co-working spaces offer a lucrative option in such cases. Initially developed with the start-ups in mind, India has well-established luxury office spaces that cater to the needs of a wide spectrum of clients today. A paradigm shift in the co-working industry is on the horizon as the industry is expected to grow by 40-50 percent by the end of this year.
The market size of co-working spaces is enormous. With the ever-increasing office rentals across business districts in India, co-working operators have the opportunity to compensate and meet the requirement of around 9 million sq ft in one year. The main focus of the co-working space, however, remains the same – to save cost as against the traditional office. As of now, there are less than 100 branded co-working spaces operating in India. The number is expected to expand by four times over the next three years.
Co-working inspires you to break away from the tedium of conventionality and provides you with the opportunity to work as you please. You can work in your own space in whichever way you like and collaborate with others if you so require.
Co-working spaces have a lot to offer. Be it spatial variety, standardised stationery, seamless Wi-Fi connection or a variety of multi-cuisine restaurants-cum-corporate-hubs, co-working spaces are specially designed to cater to your every possible need at work, in order to enhance your productivity. Not just a convenient option for freelancers, co-working cafes are also ideal for corporate meetings like client retreats which provide a different approach within the lines of formality to break the monotony of office working days. They offer hassle-free monthly passes for such meetings.
Helping to fulfil your need for a creative work environment while enjoying the benefits of a corporate lifestyle, co-working spaces prove as a catalyst for productivity which elsewise was missing in the routine of traditional work culture.