The vision to ‘lead by example’, strongly motivates and drives Sanjay Choudhary, Founder and CEO of Incuspaze, to translate business strategy into actionable goals. His motivation, his will to make things happen and the spirit to keep going are a budding entrepreneur’s dream. With his proactive business efforts and proven track record of spearheading noteworthy strategies, Sanjay is leading the company as it embarks on a growth journey.
In the last few years, the co-working sector has experienced immense success and growth. This exponential growth has stemmed primarily from the marked shift in the conventional workspaces to largely flexible, affordable and accessible workspaces. According to a report by FICCI, the share of the coworking spaces in office leasing has been rising rapidly in India- from 5% in 2017 to 8% in 2018 and more than 12% in 2019. Further, The Business Research Company reveals that the global coworking industry is expected to grow at a CAGR of 2.1% from 2020 to 2021.
There is no doubt in the fact that coworking has now emerged as a fundamental part of the commercial real estate landscape giving tough competition to the traditional office spaces. This is because they have the technologically advanced infrastructure, allow flexible lease term, and cherish work and leisure in addition to boosting creativity. Further, they provide a variety of working models for organisations and allow employees to work out of multiple locations across cities.
Given the high demand and strong impetus that the coworking segment has garnered for itself, it wouldn’t be wrong to assume that the future looks promising for flexible workspaces. Here are the major reasons why flexible and co-working spaces will reign in importance in the coming times:
- Offers Flexibility to Businesses
The on-demand workspaces, usage and accessibility that coworking spaces offer prevent companies from being tied down in long-term leases. One can also rent a coworking space on an hourly basis. This flexibility is a definite advantage for fast-developing businesses because as they grow, they can use the scalability to expand on headcounts and operations.
- Greater Technology Integration
Smart technologies are increasingly being integrated by the coworking spaces into their building design. Smart access, smart receptions, and smart meeting rooms have already ventured in, that allow members and visitors to easily access workspaces, book meeting slots and manage visitors. Further, a lot of processes have become automated from cutting-edge security to visitor management. Virtual assistants, temperature control and touch screen-based technologies are enhancing user experience.
- Wider Geographical Reach
Today, businesses are expanding to multiple locations and geographies, servicing throughout the country. The existing workforce has to be geographically dispersed and be on the move constantly in accordance with the demands of the job. Organisations are looking for workspace options that can help their employees work untethered. Coworking spaces naturally happen to be a perfect fit as they are present at multiple locations and are strategically situated in central business districts which provides ease of commute for employees and partners as well as gives a premium office address.
- Holistic Enterprise Setup
Many companies are reaching out to coworking spaces for independent workspace solutions. This is because flexible workspace models facilitate enterprises with a bigger space that is ready-to-move, prepared with all the fit-outs, so that their employees can just come in and start working. Additionally, there are options for customization too so that enterprises can stay in sync with their brand cultures and ethos. These managed offices have dedicated support staff for everything right from maintenance to layouts and interiors, so bigger companies don’t need to worry about the pre-acquisition hassles. State-of-the-art amenities such as well equipped meeting rooms, private event spaces, 24/7 access and networking opportunities are an added advantage.
Further, coworking spaces give an opportunity to connect and network with like-minded people. According to Deloitte Global Millennial Survey 2019, nearly 15% of millennial employees are dissatisfied with the work culture. The survey suggests that to keep their employees motivated, companies must emphasise inclusion as well as diversity in the workplace; focus on learning and knowledge-based workshops as well as on enriching the lives of their employees. Coworking spaces provide an environment that serves all of the above aspects.
- Keep Startups in Tier-2 Cities in the Loop
As startup and entrepreneurship aspirations rise in tier-2 cities, so does the demand for a workspace ecosystem to foster their growth. With this, coworking spaces become a preferred choice because of cost-effectiveness, infrastructure, and networking opportunities as an offering. The startups and office spaces in tier-2 cities now don’t have to look toward metros for scaling up, as the coworking spaces are geared towards providing them a better environment and functionality.
Summing Up
The growth of the coworking spaces in India has evolved with the evolving needs of the organisations. With the focus to let companies and their people enjoy the vibrancy of a workspace, and enhance their creativity and thinking ability, coworking spaces have contributed towards their work efficiency and overall happiness. Such an environment benefits those looking for a breakthrough. The growth trajectory of flexible workspaces will get a further boost amidst the pandemic when organizations are looking for a safe and healthy atmosphere to bring their workforce back from their homes.