Companies today are transitioning from the traditional old way of office setup to a more flexible or hybrid work culture. There is an opportunity for a sizable urban population that will probably adopt shared workspaces in less than ten years. A sizable portion of businesses, namely small and mid-sized organizations, have started accepting this emerging space as it is P&L friendly and enables higher productivity, and the possibility of less attrition, due to the contemporary and pleasant setup which is different from the conventional way of working. While a few people, particularly in the creative and media fields, have begun to consider this option, we anticipate that more people will become aware of it.
The challenge of reimagining the workspaces under the changed circumstances has tremendously led to the rise of managed coworking spaces. Traditionally coworking spaces were mainly associated with start-ups, freelancers, and other entrepreneurs now they are gradually becoming the ideal workspace solutions for even more giant corporations.
The demand for coworking spaces in India has hit an all-time high post the covid crisis. As per the reports consolidated by real estate consultant Anarock in January-June 2022, the share of coworking spaces was a whopping 20% out of the 20.8 million square feet net absorption. In comparison, it was only 6 percent of net office absorption of 9.33 million square feet during the same period in 2021. Moreover, research states that the numbers will continue to grow in 2023, with the industry set to reach 50 million square ft by the year's end. Here are some of the factors leading to the rise of coworking space in India.
One significant benefit of the concept driving the companies to adopt the model is the associated cost saving. The cost of leasing a traditional office is always higher in comparison to coworking spaces. Also, it allows businesses to cut down on operational costs to a great extent since it enables companies to share everyday business expenses. Flexibility is another critical factor that has led to its rising demand amongst businesses globally. A co-working model comes with various choices in terms of desk layouts, ensuring flexibility of choice per individual work requirements. In addition, you are only required to pay for what you use and can scale as per changing business requirements.
The work-from-home culture that took precedence during 2020-21, has its own disadvantages that gradually came to light. People started missing the social interaction and camaraderie of a traditional office setup. Sometimes distractions at home also barred them from having the atmosphere necessary for a productive office setting. In such circumstances, Managed coworking spaces give the workforce and the company the much-needed flexibility and the sense of belonging to a community lacking in a virtual workplace. Also, interacting with people from different walks of life and industries provides a new thought process and perspective, ensuring increased productivity and creativity.
The numerous associated benefits have ensured a tremendous demand for coworking spaces. But choosing a suitable space according to your business needs and also keeping future scalability in mind can be challenging. If you are looking for investment in coworking space in Noida, below are some factors that could significantly ease your decision-making process.
The whole idea of shifting to a coworking model is to have an accessible office setting; hence location plays a key role. Ensure you choose the right location that is not only easily accessible but also has facilities like parking, ATMs, Food Court, and more nearby.
Next is to decide the type of space or shared office you need depending upon your business needs. A dedicated coworking space includes hot desks, private cabins, dedicated desks, and more. Also, ensure that the place is scalable in case of growing business demands in the future.
Amenities provided by the setup are also significant factors that require consideration before you invest in Coworking Spaces. Today most coworking facilities are designed with amenities like free wifi, printers, conference rooms, kitchens, a cafeteria, beverage access, power Backup, server hosting, front desk services, and more that make working comfortably but also enjoyable.
Coworking spaces today offer multiple monthly plans that suit businesses with varied budgets. Before renting one, it is essential to carefully scrutinize the offerings to see if they are per your business needs and budget.
Always ensure you do a physical tour of the office before making any commitment. The office atmosphere and environment are crucial in determining your work-life quality later. Well-designed and aesthetic interiors are guaranteed to impact your productivity and creativity.
Lastly, security is another crucial factor that should be on your checklist before you go out to a coworking space on Lease in Noida. Ensure the space is well secured with services like CCTV cameras and biometric entry other than the 24*7 availability of security personnel.
Coworking is set to become the new normal as it is projected to perfectly fill the gap between the isolation associated with work-from-home culture and also making long commutes to offices. By 2024, more than 5 million people are expected to work in a co-working space. With such staggering numbers, the co-working industry sure has a promising future.