What is Co-working?
Coworking, coworking office spaces, co-working industry… a lot of you must have come across such terminologies and might have wondered what makes coworking the talk of the town and one among the fads to look at. And most importantly, how can you make the most of this whole new segment that is redefining workspaces.
According to the Emerging Trends Report by JLL, the total amount of space taken up by coworking space providers in seven major cities has tripled from 1.1 million square feet to 3.4 million square feet over a period of one year. This clearly indicates the rising demand of coworking spaces in the country and India has become the second-largest market for flexible workspaces in APAC, after China. Here is all what one would want to know about these new workspaces.
Coworking refers to multiple people working in a shared office space, regardless of their organizations, job roles, teams etc. The person next to you could be a web developer, fashion designer, architect, chartered accountant or even part of a big multinational corporation.
Why is there a need for coworking spaces?
India is the third largest start-up hub in the world. Given that India has the second largest pool of freelancers, a huge demand exists for coworking spaces in this country. A traditional office space may not intrigue a bunch of freelancers, but a shared space would not only be cost-effective for them, but would also offer workspace flexibility.
Coworking spaces are smart offices that offer flexibility, community support and create a platform where people embrace collaboration opportunities, thereby bridging the gap between the traditional office spaces and the evolving needs of the millennial workforce.
Location matters... not anymore
Thanks to ‘walk-to-work’ trend, the workforce is preferring to stay at locations nearby to their residences as it saves productive man hours that were being lost to long commutes and traffic. Given the multiple inter-city as well as intra-city locations, coworking zones are emerging as the much-needed solution to attain personal as well as business growth.
Although many organizations are increasingly allowing employees to ‘work from home,’ there are multiple challenges in this set-up, such as internet connectivity, distractions, printer access, meeting rooms, etc.
This is where a coworking space enters the picture. Coworking spaces do not just help one get away from the distractions at home, but they also address the need of proper infrastructure that directly impacts performance. Also, the coworking spaces further the social interactions and engagements, lack of which may result in loss of productivity in long- term.