7 reasons why individuals should choose coworking spaces
The last couple of years have witnessed a surge in the segment of coworking spaces. This growth has been fuelled by the disruption in the traditional Indian workspaces, due to the demand for more affordable, flexible, and accessible workspace where the impetus is on productive hours rather than on office hours. In addition to this, the rise in entrepreneurial spirit amongst the millennial generation, especially in the non-metros and Tier 2 cities, is further accelerating the demand for coworking spaces. Needless to say, that even though in its nascent stage, the coworking space industry has enormous potential and is yet to be explored to its fullest.
Coworking spaces, often termed as membership-based workspaces, usually comprise of a diverse group of freelancers, entrepreneurs, MNC’s, and remote workers working together in a shared setting.
To everyone’s surprise, the demand for these spaces is increasing at a phenomenal rate. According to JLL’s report on Coworking spaces, the aggregate coworking space leased from 2017 till Q1 2019 has reached 6.9 Million square feet. The report further suggests that the share of coworking space in office leasing among the top seven Tier 1 cities of India has gone up from 5% in 2017, to 12% by Q1 2019, which clearly is a testimony to the mounting volume of the Indian coworking industry.
Other benefits of coworking spaces include:
- Productive hours rather than job hours
Unlike a conventional office setup, coworking spaces have a varied range of coworkers from across the spectrum of work profiles working for different companies, countries, projects, sectors etc. Therefore, one can simply focus on work, without any direct competition or internal politics that are a matter of concern in a traditional office. Furthermore, working with people with strikingly different KRAs, one can be their own self without trying to juggle between work mode and personal life.
Also, working amongst people with different skill sets means there are more opportunities to collaborate and to grow as a community.
- Better job control
One of the major constraints of conventional offices is the work hours, where coworking spaces are normally accessible 24/7. One has the complete flexibility to work according to their ease, flexibility, priorities and comfort. One can decide to invest hours in case of deadlines or take a long break between work to finish off some chores. They can even choose their workstations as not everyone can work efficiently amongst multiple people sharing the same table, nor everyone can work in a silent corner. Understanding that one size doesn’t fits all, coworking spaces offer some options, if not plethora, to choose.
3. Structured workflow
While ‘work from home’ is being actively promoted by organizations, its efficiency in long run is very much debatable as generally this concept is often thought of as lazing around. Moreover, there are constant deterrents or disturbances, sometimes unavoidable or unintentional. Coworking spaces address these issues effectively as they offer some form of structure that enables certain degree of control amongst oneself.
4. Being a part of the larger community
Communities are one of the perks of coworking spaces. Majority of people like being social and they want to be around like-minded people. These coworking spaces offer social and professional connections in a communal space, unlike working from home or renting an office. In order to cultivate unique experiences, the community managers of these coworking spaces go to great lengths. While socializing isn’t a mandate in such spaces, the members have complete access and autonomy to interact with other members based on their own comfort.
5. Upscale yet accessible locations
Location is what truly matters to many of us. While some tend to stay close to their job locations, others tend to find a job in close proximity to their residences. Many a times, people stick around their appalling jobs, just because the offices are very near to their residences. Coworking spaces breakthrough these shackles. With multiple locations, coworking spaces allow members to choose based on their convenience.
Further, not every entrepreneur or self-employed person can afford a fully functional office with adequate infrastructure in a prime location. This issue is well taken care of by coworking spaces, as they not only provide the basic infrastructure required (reception area, printing facility, cafeteria etc) but also are located in good locations. For some businesses, the location on their business card matters a lot, and having a well-known office address definitely leaves a solid impression on their clients/prospective clients.
6. A modern workspace
Akin to the millennial needs (and wants), each of the coworking space is designed to have that ‘cool’ quotient which has been giving an edge to the start-ups over the traditional organizations. While the office area of fashion eRetailer Myntra is worth applause, Black White Orange based out of Mumbai has effortlessly imbibed that vibe of comfort within its office space.
This is what the new generation of employees’ demand which is effortlessly satiated by the coworking spaces that are crafted to cater to bridge the gaps between what traditional offices have to offer and what this generation wants. (Those dull black leather covered chairs are a passé, beanbags and couches in vibrant hues are the ‘in’ thing.)
7. Cutting the over-head costs
Though meetings in café or coffee-houses is a good proposition but it isn’t viable every time. Besides it’s difficult to control the crowd of coffee shops, unlike in a coworking space where the community always maintains professional decorum. One needs a professional environment to meet and interact with clients. Coworking spaces give you access to meeting rooms with all the needed facilities like video conferencing, tea/coffee service, etc., that could otherwise cost a bomb if arranged on their own.