The New Start-up Culture in India Is Calling For A Bright Future for Co-Working Spaces
An ever-increasing start-up ecosystem, expensive commercial real estate sector and the thriving acceptance of out-of-the-box and unconventional offices have causes a spike in the demand for co-working spaces in India. In the year 2017 there has been an increase by almost 50% in the demand for co-working spaces. It has almost reached to a space of about 1 million square feet in the entire Indian subcontinent. A recent market survey has revealed that by the end of the year 2020 branded co-working spaces such as Workloft will expand to four to five folds and there will be at least 500 such centres. By 2025, over 40% of the country’s population will live and work in urban cities. Thus, with the growth of the urban population a greater demand for co-working spaces is likely to arise. All this is a clear picture of the future that shows that shared office spaces are definitely here to stay and for the good.
Start-up revolution has dedicated a lot to the demand for shared offices
The number of job eligible candidates in India is more than the number of jobs available. This leads to more and more youths opting to go for a start-up office of their own even if it is on a smaller scale. Also, the new generation with high profile degrees and some job experience are keener than ever to start their own business. However, with limited funds it is really difficult to get a personal working space and it becomes more difficult when you have a team with you. The cost of commercial real estate is at an all time high and so it is a pricey affair to have your own office. With this, the need for shared workspaces emerged and now you can easily get office space for rent in Mumbai at the fraction of the rate which you would have to bear if you had bought a space.
Shared workspace in India leads to a friendly work environment
Co-working office space in Mumbai typically works on a leasing model in which the provider rents you a desk on a per hour basis. There are also options for monthly membership fees which makes them an attractive choice for small scale firms. If you have a team you can also rent team rooms or cabins. With facilities like meeting rooms, conference rooms, cafes and chill zone, etc, these workspaces provide a friendly environment to work in which is completely opposite to the traditional stuffy offices. With an open environment to work in, you are sure to increase your productivity level. Millennials are now driving the workforce in India and there is an increase in demand for building community spaces for working. Even corporate enterprises form a huge chunk in the demand for shared spaces. With the need to have multiple centres it is quite a convenient and reasonable option to go for co-working spaces placing a few employees at each centre. This saves in a lot of operational costs too.
Mumbai is a thriving spot for co-working spaces. Workloft is the leading provider for shared workspace in Mumbai giving shared spaces along with a number of related facilities to its clients who vouch for its name and wonderful services. The demand for such spaces in Mumbai has already outspaced supply and so this sector is growing and will grow in the years to come.