A coworking office space is well known for its design, flexible lease terms, and minimal to no deposit requirements. In recent years, along with freelancers and startups, big companies and SMEs are demanding shared workspaces too.
Gaining popularity amongst the corporates, the coworking spaces concept has marked itself as an important part of the real estate market. The demand for coworking spaces in major cities like Hyderabad, Bangalore, Pune, and Mumbai has tripled over the last few years. But how has a new emerging concept gained popularity so quickly in recent years? iKeva lists down a few reasons that have led coworking spaces as an emerging segment in the real estate industry.
Increase in Demand
They say real estate is one sector that will always continue to boom no matter the situation.
Coworking space in mumbai used by freelancers and startups are a thing of the past. The highest demand today for coworking spaces comes from big organizations and SME’s. At a coworking space, you will find professionals from all kinds of fields. A freelancer, a startup to a well-established MNC, are all demanding to work from shared office spaces.
With more and more MNCs and startups emerging in India the demand for commercial real estate has increased to a significant amount. Coworking and shared workspaces give companies the flexibility of having office spaces as per their requirement. They can expand their office space by investing in more cubicles in the shared workspace or they can contract their operations as and when needed. This is one of the prime factors which have boosted the demand for coworking spaces in recent years.
Flexible lease agreements, minimal to no deposit requirements are one of the major cost-saving benefits to a company that a coworking space offers. Companies no longer have to invest in large office spaces, they can simply book a cubicle or a cabin for their employee as and when required. Companies spend a lot of capital investing in furniture, machinery, huge conference room spaces, and common areas such as cafeterias, washrooms, lobbies, etc.
The maintenance of the property and the overhead costs like internet bills, electricity bills, property tax are borne by the coworking spaces. Any failure in equipment or services is taken care of by the coworking spaces. Daily staff like housekeeping, cafeteria employees, front desk executives are all hired by the coworking spaces. This saves companies a lot of time and capital and they can utilize this time and capital to focus on other productive activities.
Ergonomics is the study of people’s efficiency in their working environment. For every organization, an efficient workforce is the most important factor. But how does one ensure the efficiency of its workforce? A work environment that is positive and makes its employees content and productive is a must for increased productivity and efficiency. Coworking spaces like iKeva have kept these aspects in mind and have designed their office space accordingly. A plug-and-play office space that employees enjoy coming to every day is a definite solution to increased productivity.
Exclusive Benefits and Services
Shared workspaces provide a wide range of exclusive services and benefits to their members.
A fully functional cafeteria with a barista, well-trained housekeeping, and front desk executives, and monthly events. Services like these help with talent retention and increased employee morale. Increased productivity and efficiency is directly proportional to high employee morale.
Currently, coworking spaces are the third-largest industry after manufacturing sectors in terms of consuming real estate space. It is predicted that traditional offices will soon be a thing of the past, coworking spaces like iKeva are the future. The constant increase in demand for coworking spaces has led to more and more real estate developers to invest in coworking spaces. With an increase in demand and supply for coworking spaces, it has become a trendsetter in the real estate industry.