5 Good Reasons for a Company in India to Choose a Co Working Space
The concept of a co working space may be new in India, but it is quite popular in most of the developing nations of the world. And, the good news is, India is also fast catching up the trend! The numbers of co working spaces are increasing. Freelancers, small companies, start-ups, and even the medium-sized businesses are getting lured by amenities, flexibility, prices, infrastructure, and networking opportunities. For a virtual office Mumbai, Bangalore, Delhi NCR, and even Kolkata are the most popular places.
Why so much craze of co working space?
The buzz around the concept of a shared office space is new and there is a lot of hullabaloo around it. The industry of co working space for offices is fast increasing. There has been a transformation in the demands of the young entrepreneurs as well as the employees and freelancers regarding what they want out of a working space.
In the realm of technology, people are becoming increasingly isolated. Most of the time people tend to spend in virtual spaces via their smartphones or other devices. Thus, shared office spaces inspire people who work in isolated spaces to come together and connect, collaborate and be more productive. Moreover, they can talk to each other and share ideas among themselves. People are looking for cost-effective workspaces closer to home, which would mean less travel time. Moreover, with an increased traffic and poor road conditions, there is a need for a hassle-free and less stressful way to work.
The growth is constant…
According to a report by CBRE, in the year 2017, the amount of shared spaces is estimated to be around 1.5mnsqft in India. There has been a rapid growth of startup incubators in Mumbai, Delhi, and Bangalore. The CBRE estimates that the area of office space for rent in Mumbai and other cities collaboratively is expected to reach around 10mnsqft by the year 2020. The market size is already in the range of 12 to 16 million approximately. And, cities including Bengaluru, Mumbai, Chennai, and Pune will take up the 5-million chunk from the total market size for co working offices.
With an increase in popularity of the co working spaces, the country is estimated to receive around $400 million in 2018 alone!
Understanding the basic space
You do not have to think so complicatedly to understand the model for a co working space. And, everywhere it is almost the same. There are well-designed office spaces that are rented out to the individuals or teams of experts. These startup incubators in Mumbai, Bangalore, or Pune are leased out on the basis of a number of desks required and the time for which these incubators are taken. There are a number of desk options like dedicated desks, hot-desking, and customizable team rooms for small startups. An office space for rent in Mumbai generally has a flexible time option for the freelancer or the company. There are hourly, monthly, or daily packages to choose from. Some of the basic amenities that you can expect are Wi-Fi connectivity, coffee, electricity, conference rooms, and telephone facilities.
The cost of these incubators is often based on the location and the amenities provided. Thus, you pay less and worry less on maintenance by leasing a co working space.