Is Co-Working changing the commercial Real estate Scenario?
The demand for co-working spaces or shared office spaces is gaining rapid demand across the country with an increasing count of up to 13 million people, equivalent to a current population of India’s Silicon Valley Bangalore, Co-working spaces help you to grow your connects as well your business.
Co-working trend in India has become increasingly popular in the two-major metro cites: Mumbai & Bangalore, According to a report by Forbes “above 40% of the workforce will be freelancers, independent contractors, and solopreneurs by 2020”.
India’s increase in startup community and steady economic development are drivers of growth of the flexible work space industry. Is the Co working trends really Changing the Commercial Real Estate Scenario?
As your business keeps growing, a shared office can become a viable option for your scaling team.
Co working spaces are the modern work offices that let you work with a group of more talented people around you so you can get suggestions, opinions, feedback and the required support. The shared offices are now a workplace for everyone. It started as perfect office space for freelancers and small ventures.
Lately, these offices are also chosen by big corporate and MNC’s for their operations. Just like every worthwhile thing has a price, these spaces too have a price of their own. Thankfully, not all co-working spaces are priced the same. They have different plans and costs involved as per their facilities and other attributes.
Low start-up cost
Low start-up cost business where you can start as you want and depend upon how much money you have and you it will be most likely free to handle it. This type of business is good for beginners, they can start their business at very less amount of money. Co-working spaces offers you to work freely as individual businessman take a chance to work in a fully equipped office without worrying about the costs of setting up an actual office.
It is very easy to mount a shared office space as your team grows. You can tailor your contract to suit a one-person business, a team of two, or a company of five and. Flexible work spaces have been proven to increase productivity at a reasonable rate, making it an attractive office option for many corporate and startups alike, but what exactly is it that makes these office spaces so effective at increasing employee output.
Most of the co-working companies are ramping up their presence in metro. Your co-working office should be in a working area or in a good work friendly area because the clients won’t have a hard time finding for the co-working space. It should be in a area where if a person came there for working then he should get the address in his heart of the business district. It should be along with coffee ,tea and specially free WiFi .
- Located in the self-sustaining area.
- Easy access:Near bus depots,train/metros stations.
- Building houses companies other major business offices and a high-end restaurant on the same building.
- Walking distance to major malls best restaurant,movies multiplexes and corporate offices.
- Co-working spaces must be well connected,economical and must have connecting feature for startups to have a spaces inside a co-working.
Renting co working spaces means surrounding yourself with goal oriented and high-achieving entrepreneurs and business people.
There will be high speed WiFi because now a days who doesn’t want a high speed net for working and playing games because co-working space believes in work with fun.
Increased demand activity
Demand for co-working spaces growing rapidly across India, 10 years before most of them where not knowing that what is this but suddenly it is increasing very rapidly.
Co-working space may have its own demand, but commercial real estate leasing market in India has also been on an upswing.and reason behind why it is increasing in Indian is the cost-saving that these flexible office spaces provide to their clients and it is low start up business for any one no tension of money.It gives comfort , class and security for the client.And it also gives you opportunity to work with different person who have different mentality to do same work. There is no hidden cost.
Market opportunity and market growth in Co-working
- 2018 Global co-working forecast:30,432 Spaces emerge.
- 5.1 Billion co-working members add up by 2022.
- The potential number of seats in the co-working industry stands at 12-16 millions , of which the biggest chunk,10.3 million is attributed to large companies,1.5 million to SMEs and another 1.5 millions of freelancer. Startups form the smallest of the lot at 100,000 seats.
Things which make Co-working spaces Hi-Tech
- Customizable private Cabins
- Virtual office
- Night Co-working
- Fully furnished desk
- 40 Mbps internet connection(wired & wireless)
- Air conditioner
- Repair & maintenance cost
I believe this is very good for the people working in the co-working space because its affordable and it is very convenient for every new start up and build their business bigger and bigger with out taking care about the working space. Its very good when many different ideas are exchanged by the people working in the same co-working space. Let us know in the comment section about what you think about this blog. would love the feedback.
Written by : Alok Kumar