The concept of coworking or shared space working has evolved over the last few years, and so are the ways we used to work. From just an emerging concept, coworking came to the spotlight during the pandemic when a lot of enterprises were looking for viable continuity models. Post-pandemic, the viability prompted more and more companies to get a glimpse of the coworking universe, thus pushing boundaries for the segment to grow further. This is clear from the fact that the share of gross leases by flex players grew from 9% in FY20 to 14% in FY23. A report suggests that owing to the surging demand, operator space take-up in the coworking segment recorded a 76% growth over FY22.
Owing to this demand of occupiers on their near to medium-term space requirements, flexible working arrangements, safe return to work of employees, and technology adoption, prominent operators started differentiating themselves by offering end-to-end customized services to the occupiers. This has created a new chapter for the segment where shared yet personalized offerings have become the USPs to meet the changing needs of occupiers. A case in point is Bengaluru, a city that boasts a vibrant IT ecosystem, start-ups, and global MNCs. Here, the demand for coworking is on an upward trajectory and a lot of factors are pushing the envelope.
When it comes to the key advantage, coworking spaces offer the same infrastructural benefits and appeal as a traditional Grade A space, but at a much lesser cost. This is attracting companies, both start-ups and big MNCs as they are getting value out of spaces designed as per the global workplace design standards along with flexible plug-and-play amenities, which can be customized at any given point in time. This helps companies to cut down a considerable chunk of operating costs associated with traditional leasing and rental of office spaces.
Technology is an important part of the personalized shared space offerings which coworking operators offer. These premium and well-crafted office spaces help businesses and people to connect and grow their businesses and technology helps connect all the dots. These coworking spaces are equipped with modern meeting collaboration tools and devices, and have 24×7 high-speed wifi and secured access, which make them ideal for modern occupiers and office goers.
The personalized shared space offerings also include customized spaces as per the precise requirement of occupiers. For example, as per the requirement and nature of businesses an occupier can choose between a high-end private office or can opt for open productivity suites. Besides, there are meeting rooms, designed to elevate the meeting experience and boost productivity. The personalization benefits even allow occupiers to have a dedicated desk with all the benefits of a full-time office.
A lot of operators are taking the personalization game to another level through value-added offerings like Investor Hubs that connect the businesses with angel investors. This is a great networking feature that a lot of businesses are actively seeking and hence opting for these coworking spaces which are more than just office spaces, but a complete platform full of holistic offerings.
Over and above, these workspaces have locational advantages which make them more attractive to potential employees. All the big coworking spaces are situated in prominent locations and business districts, thus creating a melting pot of vibrant and modern talent.
In conclusion, coworking spaces are redefining the way we work and enabling businesses to bring in a workplace culture revolution. In this fast-changing world of businesses where sustainable growth is becoming the priority, the redefinition of workplace strategies is setting the actual pace. Amidst all this coworking spaces and a suite of advanced personalized services are adding more power to the game and unlocking a new realm of productivity, collaboration, and creativity.