Things you’ll find in this blog
- About Coworking spaces
- Define coworking
- Where it all began
- Coworking Space in India
- Benefits of Coworking
- How to Choose the Right Coworking Space
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? 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 and shared office space for rent are modern vibrant offices that provide the members with a number of amenities. It focuses on productivity and community and is also an alternative to working from home.
Wikipedia define Coworking as “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 contractors, independent 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.
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. Coworking is expected to grow 43% between 2019 and 2022.
Forecast of Coworking around the world by GCUC
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 Space in India
India has emerged as a fast-growing economy with 8000+ startups operating in the market. Coworking Space 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 Spaces.
Picture Courtesy: BHIVE Workspace
Benefits of Coworking
Coworking is a rapidly growing field since they offer benefits/ amenities to its members.
- 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 the space you occupy.
- 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 some way. 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.
- 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.
- Amenities – Coworking spaces offer a wide range of amenities like high-speed internet, meeting rooms, break-out areas for members. These include gaming zones, gyms, a swimming pool and a lounge for the members to maintain a good work-life balance.
- Multi-locations – These days Coworking office spaces in India 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.
- Productive workspace – Productivity is at its highest when you are surrounded by other passionate and like-minded people from different Companies. This could help your business grow in some way or another. Also, the amenities at a Coworking space help 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 a collaborative future and flexible sustainability.
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
- 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.
- Pricing – In a Coworking space you pay only for space you occupy like a hot desk, designated desks or private cabins. This is an advantage of these places being plug-and-play offices.
- Ambience – Shared office spaces are present-day thriving offices which are standardized or customized. It is done at the preference of the member.
- Amenities – They go beyond high-speed internet. Ensure that the Coworking space in India offers meeting rooms and other basic amenities required to run your business.
- Flexibility – Flexible office spaces are a must! Especially for a startup where you might suddenly expand so instead of looking out for a new workspace. The one that is providing you with the convenience of a hustle-free option to shift within the same location is a bonus.
Check out the detailed blog:
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. Also, they get better productive workspaces at better locations and in 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!