Emerging Trend in India’s Office Sector: Co-working Spaces
Co-working spaces are the new emerging trend of India’s office sector because more start-ups are flocking to shared office spaces. You might have noticed the jump in the number of “shared” office spaces in and around NCR. Such office spaces are rising in popularity and have become quite the trend in the past few years. With the increased demand, we’re projected to see more spaces hosting
multiple offices by 2020.
One of major reasons behind this emerging trend is the preferences of millennials in the professional world. Young people are becoming entrepreneurs who are smart enough to spend less and earn more. Shared spaces are one of the strategies to save as much as possible. Co-working and shared office spaces have other pros that make it so appealing to everyone. Here are a few pros of co-working spaces:
1. Lower Costs
A shared office space is a cheaper way than its full-office counterparts. Buying a large office or leasing a big space can cost more in places like NCR that is considered the urban center.
2. Less responsibility
Offices that partake in shared space have fewer responsibilities to worry about
things like cleaning and maintenance. It is usually the building’s owner’s responsibility to take care of all such things. This is another reason why more people are preferring renting over owning.
3. Smaller commitments
When a place is leased, it tends to cover periods of years usually. On the
other hand, owning a building is a huge investment in itself. But, shared office space can be rented on a monthly, daily, or hourly basis.
4. Urban-Centric Locations
As more millennials prefer to live in urban centers, which have easy access
to multiple resources. More Shared office spaces are occupying urban centers, making them a perfect fit for such co-working spaces.
5. Offers support to new business/startups
Many people now love the idea of starting their own business rather than opting for a govt. job and many are following through on that entrepreneurial drive. Such start-ups, small businesses, and small teams have increased the demand for start-up spaces. This has led to a boom in the shared office space industry as they are ideal for entrepreneurs with small budgets, uncertain futures, and a need for networking.
6. Enhanced networking opportunities
A shared office space includes dozens of other people, which allows everyone to meet new people in the professional world. It is of great advantage to the social
millennial world that is always yearning to expand the professional network.
For all these reasons and more, shared office spaces are quickly becoming the dominant choice in work. This is why investing in shared working spaces through real estate is one of the most beneficial kind of investment during this era.
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