The increased costs of rent and purchase of a property in Metro cities have led to the emergence of co-working spaces. More and more entrepreneurs are opting for a common working space and this idea is growing in India like never before. The trend is well established in the Western Countries and has now proved to be an easier way of working across India as well. Mumbai, Delhi and Bangalore have emerged as the top locations for coworking spaces. Around 9600 co-working seats are available across India with the highest being in Delhi and Mumbai.
Co-working spaces allow the founders a liberty and peace of mind to focus on their business. With a similar minded community around, co-working spaces allow the interaction and building of a business. With small or no teams, the entrepreneurs begin building their dream at the co-working spaces and get an opportunity to save on the rent of the property as well as meet with like minded people they can recruit. Since most startups cannot afford expensive commercial realty spaces, co-working startups are proving to be a boon for them. It suits the requirement of companies that are cautious on the cost front and do not have the financial strength to commit to a long term office space in the traditional market. In certain markets, where the supply is limited, co-working spaces are an ideal way to go. They provide temporary solutions for companies who have limited office space and need to cope with the expanding workforce.
The freelance market is growing rapidly which is another reason for the growth of co-working spaces. Everyone wants to work in a space that will inspire them, boost creativity and give peace. On the other hand, corporates are also looking at co-working spaces to host satellite teams across new cities. Various corporates have taken the co-working path before renting or purchasing new properties. Co-working spaces provide services like a working environment, internet/ Wi-Fi, conference area, game zone and a cafeteria. With additional services, the pricing for the same increases.The spaces offer daily and monthly plans for freelancers and the startups and they can choose based on their business requirements. Co-working spaces are working on the design, business models and offering smart solutions which is the need of the hour. The spaces are a good indicator of the upcoming demand for developers and can act as a great accelerator for the real estate sector.
It is expected that co-working spaces will take over the commercial real estate for small and medium sized teams. The flexibility to expand, the freedom to opt in or opt out as per the requirement is an added benefit of co-working spaces.The competition across the co-working segment has been building up and it is highly important to offer flexibility in pricing across the price sensitive market. The co-working spaces will have toconvince the customer on why they do not need to invest in an office space and instead choose to work at their space.
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