India is currently a fast-developing country. Our rate of development is way faster than other third world countries that gained independence during the same time. At present, India is the largest country hosting start-ups, after China and the United States of America. Any new trends in the different sectors find their experimentation and implementation in India. This could be because of the fact that we have the greatest youth population than any other country in the world.
A few years ago the coworking revolution was launched in the far West, with minimum popularity. Presently, approximately 35 million square feet of flexible office stock is available across India. There are more than 100 branded coworking spaces operating out of India. There are approximately 300 branded and unbranded or unorganized shared space operators in India. This makes India a promising market, being the centre of attention for the leading players among the commercial real estate market.
With the pandemic still looming large, the current scenario is such that uncertainty prevails everywhere. Especially, after the lockdown, both the government and the public are perplexed regarding the future. Consequently, coworking space in Bangalore experienced a boost in demand, contradictory to what was predicted.
So, here we bring a few points about the future of coworking spaces in India:-
- Constant increase in demand among coworking spaces:- For uncountable reasons that this mode of working is beneficial for organizations of all sizes and shapes, coworking office spaces are continuously becoming a popular choice. Not only is the coworking industry one of the fastest growing industries in India, but it is also helping other industries boom and amplify. The coronavirus catastrophe has unfolded numerous possibilities for shared workspaces that reinforced the end of coworking culture in India.
- Steady shift to tier two cities:- A decade ago technology and IT industries were limited to Bengaluru, Mumbai and Pune. However, with further development the definition of ‘technology hotspots’ have also expanded their realm. Gone are the days when only metro cities were given importance and small towns were deemed appropriate for only small businesses. Now that the small cities have become the hub of unharnessed talent alongside being economical, especially when compared to the higher priced metro cities, they have become a perfectly suitable environment for growth and progress. This has led to the decentralization of coworking spaces away from the major metro hubs towards smaller towns and countryside regions.
- Change in clientele:- When this hybrid type of working was initially launched, it was perceived as a feasible option for freelancers, non-profit organizations and small and medium enterprises. However, for a potpourri of reap benefits that it has unleashed for both the companies and the employees, it has become a hands-on option for corporations of all categories and magnitude. Plug and play offices have now become a favourable alternative, for conglomerates, multinational corporations, SMEs, start-ups, freelancers and even virtual businesses. Lately, the market leaders like Microsoft and Google have also chosen coworking for their employees, thus setting an example for others to follow.
- Changes in the services being catered:- Coworking is not limited to providing a roof on the top and tech infrastructure. It is more of a collaborative place providing mentorship and networking opportunities to the members. These days, plug and play offices are more oriented towards providing hospitality and concierge services such as postal, reception and telephone services alongside a virtual presence. Hence, a coworking office space is much more than a traditional office as it provides community engagement and member benefits coupled with world-class amenities and 24×7 administrative services including power backup among a host of other essential services.
Summing it all up
As it can be seen that the plug and play offices are at a rise in India. It is also estimated that the future might hold even more potential for this booming industry. If you are unsure as to why coworking will be an ideal choice for you or not, here are some reasons you might refer to before taking a call. 66% of coworking spaces in India are based in Bengaluru and Hyderabad and are soon running out of vacancies. In case you wish to know more, check out www.iKeva.com now for customized and collaborative coworking office space solutions that meet your specific needs regarding the present and the future, whether you wish to upgrade or downgrade the scale or increase or decrease your team size.