Why Co working spaces are becoming a hot property option for office real estate sector?

With contemporary designs and flexible lease terms co working spaces have become the talk of the real estate town. India’s co working sector is growing at a rapid pace with not only startups but large corporates and SMEs also adopting co working culture due to the cost reduction and the flexibility they offer. Amit Raheja, CMD, Wealth Clinic, says, “Initially, in India we had co-working spaces with only the start-ups in mind, but now well developed and luxury office spaces have also become a trend. A paradigm shift in the co-working industry is on the anvil as an era of flexible office spaces is here to stay. The industry is expected to grow by 40-50 per cent by the end of this year itself.”

Here are a few reasons why this segment is garnering the attention of the corporates:

Cost Savings: The reason why startups and big corporates are opting for co working spaces ismainly due to the flexible lease terms andlower deposit requirements.Especially the startups who already have a limited budget, adopting a co working space is an easy way out to eliminate the extra expenses like electricity cost, parking, administrative fees, utilities cost etc.

Networking: Working as a freelancer might be challenging when it comes to networking when you don’t have a working environment where you can interact with your fellow colleagues. Co working space offers a platform where you can work independently and at the same time build networking by sharing a common space with the professionals from different verticals to foster the growth of your business. 

Better Work Life Balance: To promote a better work life balance co working spaces offer a host of amenities that include meditation centre, yoga sessions, gaming zone where the professionals can de-stress and recharge themselves during a day of work. These dynamic spaces can help in thriving personally and professionally.

Greater Flexibility: Coworking spaces offer flexibility in terms of leasing and lower deposits. Most of the co working spaces now have started coming up with various schemes to pay according to your work timings and team size. Moreover, you can always switch to new plans in case your company plans to grow later.

The coworking space model is increasingly becoming popular in India with many big players from the realty sector turning their focus to these shared service spaces that are further anticipated to grow by 40-50% by the end of this year.