Things you’ll find in this blog 

  • About Coworking spaces
  • Definition
  • Where it all began
  • Evolution
  • Coworking in India
  • Benefits of Coworking
  • How to Choose the Right Coworking Space

 

About Coworking

The popularity of Coworking spaces is fast growing around the world. Few people may wonder, What is Coworking space all about, What are the Benefits of working out of Shared Office Space and How to Choose the Right Coworking space, How is it different compared to traditional office space for rent and Business centre available in the market. This Blog is everything you need to know about Coworking Spaces 🙂

Co-working is a shared office space by various companies/persons like startups, entrepreneurs, MNC’s and freelancers, unlike the conventional offices where just one company would occupy entire office space or furnished office. Co-working is famous due to cost-efficient workplaces and flexible work options.  Coworking workspaces are modern vibrant offices that provide the members with a number of amenities and focus on productivity and community and also an alternative to working from home.

Definition

Wikipedia defines Coworking as- “Coworking is a self-directed, collaborative, flexible and voluntary work style that is based on mutual trust and the sharing of common core values between its participants. Coworking involves a shared workplace, often an office, and independent activity. Unlike in a typical office, coworking is usually not employed by the same organization. Typically, it is attractive to work at home professionals, independent contractorindependent scientists or people who travel frequently who end up working in relative isolation.“

Where it all began

The term Coworking was coined in almost a decade ago by Brad Neuberg when he started his first Coworking space “San Francisco Coworking Space”.He wanted to create a workspace to support the community and structure he had always wanted.

A detailed blog on “ The Start of Coworking“ relating to where it all began from by Brad Neuberg.

Evolution

In the past decade, the growth and trend of Coworking have scaled up immensely with an average growth rate at 24%. Market research by Coworking Resource shows that there will be around 21,000 + Coworking spaces around the world and Coworking is expected to grow 43% between 2019 and 2022.

Forecast of Coworking around the world by GCUC

Forecast of Coworking around the world by GCUC

Coworking

There are also many Coworking spaces opening at retail centres which provide their members with numerous benefits/ amenities that are more favoured by members. A study by Jones Lang LaSalle shows that Coworking spaces at retail outlets will grow by 25% per annum through 2023.

Coworking in India

India has emerged as a fast-growing economy with 8000+  startups operating in the market. Coworking in India is expanding at the same pace. The major players operate all major metro cities like Bangalore, Delhi, Mumbai and Gurgaon. These cities are the startup hubs and now the Coworking hubs in the country. There are coworking spaces in every nook and corner of these cities.

Bangalore known as the startup capital of India has also been housing the first few Coworking Office Spaces established in India. Areas like Koramangala (known as the startup hub of Bangalore), HSR Layout, MG Road and Indiranagar are famous for dwelling these Coworking/ Shared Office Spaces.

Picture Courtesy: BHIVE Workspace

Benefits of Coworking

Coworking is a rapidly growing field since they offer benefits/ amenities to its members.

  1. Economical – Coworking spaces are valued for money since it helps in cutting down other expenses that the Company could have incurred in running the office space and no more security deposits. You will be paying only for space you occupy.
  2. Networking – One of the most important reasons why people work out of a Coworking workplace is to meet new people who could help them in the business in some way or the other. At a shared office space, you will meet new people on a daily basis and there are also other networking events organized to bring people together.
  3. Flexibility – Shared workspaces are known to be flexible with their leasing solutions and most of these places are open 24 hours on all 7 days of the week.
  4. Amenities – Coworking spaces offer a wide range of amenities like high-speed internet, meeting rooms, break out areas for members which has gaming zones, gyms, swimming pool and lounge to the members which help them in maintaining a good work-life balance.
  5. Multi-locations – These days Coworking office spaces are located at multiple locations within a city and across the world at the most prominent places. They offer satellite offices for the members as well.
  6. Productive workspace – Productivity is at the highest when you are surrounded by other passionate and like-minded people from different Companies, who could help your business grow in some way or the other. Also, the amenities at a Coworking space helps in maintaining a work-life balance.

 

A small video by Chris Cooley on the Power of Coworking. He is a builder of Coworking spaces and talks about collaborative future and flexible sustainability.

https://www.youtube.com/watch?v=HFuVv7Gx4Yc

Coworking space

How to Choose the Right Coworking Space?

With a lot of Coworking spaces in the market, the question is how to choose the best out of the lot. Here are few points that may help you get closer to your next workspace

  1. Location – Accessible location is a must for the long term happiness of your employees or client. Accessible in terms of transportation facilities in and around the area.
  2. Pricing – In a Coworking space you will pay only for space you occupy like a hot desk, designated desks or private cabins as these places are plug and play offices.
  3. Ambience – Shared office spaces are present-day thriving offices which are standardized or customized at the preference of the member.
  4. Amenities – They go beyond high-speed internet. Ensure that the Coworking space offers meeting rooms and other basic amenities required to run your business.
  5. Flexibility – Flexible office spaces are a must! Especially for a startup where you might suddenly expand so instead of looking out for a new work-space, the one that provides you with the convenience of a hustle free option to shift within their centres or the same location is a bonus.

Check out the detailed blog “ How to Choose the Best Coworking Space”:

http://bit.ly/HowtoChooseCoworkingSpace

 

The trend in Coworking is also catching up in Tier II and Tier III cities. Many tenants will shift their offices to a Coworking space as they don’t want to invest heavily on leases or interiors and also they get better productive workspaces at better locations and at better-managed spaces so that they can only focus on their business. Coworking spaces are also coming up in retail outlets and offer the members a wide variety of facilities.

 

In Short, Coworking is the next big thing in the office space sector!