ANAROCK Property Consultants Feel Coworking Spaces Are Redefining Work Culture Worldwide
India – Coworking spaces have risen in popularity and fame and they are now being used at a much larger scale. While these spaces are rising in popularity in Singapore and other regions, they are now high in demand in other parts of Asia as well.
It is expected by 2020, the demand for these spaces will exceed the demand for traditional office spaces. This claim is huge but true. Coworking spaces are redefining the global work culture and India is no exception. In fact, India provides some of the most fertile grounds for this growth and the overall work environment.
Simple workspaces usually have big desks and chairs and a lot of their space also goes unutilized. However, the change in these spaces is also remarkable and noteworthy because, from simple offices, the transition is being made to bigger facilities with a lot of recreational facilities as well.
The rise in office spaces also comes from the fact that the growth in India has been immense and traditional space structures have changed a lot there. People are now transitioning to spaces that are more accessible and the demand for plug and play offices is also high.
India has seen a rise in startups and SME culture as well. They are now transitioning towards coworking spaces. These shared office spaces are usually located in prime locations and therefore, they provide a good platform for the growth-seeking startups. In addition, they cost quite low as compared to the traditional offices and according to estimates, these offices can help you save $4,000 in rent per year. And that is just one benefit of these spaces. Such spaces also do not need a huge fixed capital investment and they offer higher flexibility to the employers and employees both.
While the coworking sector is at a nascent stage in India, the startups are growing and we see too many of them budding up lately. This only shows that these spaces are in demand and soon, they will conquer the traditional spaces as well.
India has also had many important players emerging in it as far as coworking space operators are concerned, including WeWork, One CoWork, InstaOffice amongst various others.
Estimates reveal that in India, by 2020, the demand for these spaces will rise in India and the figures for growth in the past two years as far as co-working spaces are concerned is also remarkable. These spaces and the traditional commercial real estate leasing market are also increasing in India.
Anuj Puri of ANAROCK Property Consultants, while remarking on the rise in traditional office spaces, said that shared office spaces would continue to grow in India as the demand for these spaces rise. Since people no longer want to spend overwhelming amounts of money on traditional offices, it is clear that they are now shifting to coworking spaces where the costs are relatively cheaper.
India is joining the leagues of all other Southeast Asian countries that have also had massive growths in their coworking spaces.