Tag: coworking spaces

What is the Future of Coworking spaces In India

Future of Coworking spaces In India

Co-working spaces are not too far behind traditional work spaces in their efforts to save the environment. Co-working spaces have the potential to solve the issue of sustainability in real estate, from the future of work to the future of sustainability. Co-working space that involves a shared working environment, often an office, and independent activity.  Individuals are usually not employed by the same person.

The co-working industry in India has constantly experienced extraordinary progress over the past few years. While co-working spaces were already in demand among small businesses, entrepreneurs and startups, the pandemic and subsequent lock downs accelerated the demand among other segments as well.

Recent research and surveys have confirmed the facts of how the co-working industry is thriving.

The pandemic has drawn some significant attention to the need for adaptable, accessible and cost-effective co-working environments. Even the most traditional occupiers began to realize the benefits of co-working during this time. Flexible work spaces seemed like a sensible option as businesses struggled to adapt the new normal. Businesses were compelled to reassess their real estate strategy in order to keep up with the times due to flexible hours, rostered shifts, and work spaces moving closer to homes.

As businesses looked for alternatives to cut expenses and capital expenditures, the co-working sector stepped in to provide a host of advantages.  corporate sought out alternative options to reduce costs and capital expenditure, the co-working industry stepped in to offer a host of benefits. Co-working spaces have emerged as the ideal solution for lowering capital expenditures, emphasizing employee well being, and accelerating the adoption of flexible working arrangements.

Future of coworking spaces is too adaptive as they are evolving with more services and amenities, enabling them to accommodate niche audiences and purpose-driven communities in India. 

Few of the key features that are essential for the future of coworking spaces

Affordability and scalability

Co-working spaces has always been know and recognized because of its affordability. This escalated during the pandemic and introduced the new and effective coworking space concept; the future of coworking space seems to be very bright. With remote working becoming the norm, office spaces began to be seen as an overhead expense that many were not willing to invest in, at least for the near future. Companies began focusing on cost reduction, choosing a flexible organizational structure where some employees may work from home while others could do so from a central location.

Co-working companies entered the market, offering enticing advantages like low-cost seating, robust infrastructure to networking opportunities. They offered companies highly compliant, ready to move setups that were ready to use without any hassle. Additionally, they allowed companies of all sizes to save on capital expenses while lowering the operating costs by up to 15-20%.

Read: Reasons Why Coworking Space Is Important for Business

Location Flexibility

The flexibility factor in terms of locations has proven to be another significant benefit of co-working facilities. While the majority of businesses support working from home, some have had to accept the fact that at least some of their employees will need to go back to the office. This situation has led to a number of industrial realizations.

Instead of a consolidated office located in the center of the country, there is an increasing desire for numerous smaller offices dispersed across the nation. Companies are being sought by businesses to meet their requirement to de-intensify their current offices while maintaining social distance rules.

Fulfilling the demand for dedicated spaces

Companies that operate from traditional office spaces must manage the weight of lengthy lock-in agreements. With most businesses cutting back on staff, they began seeking for alternatives like dedicated desks, flexi desks, and private cabins that offered all the necessary amenities at reasonable prices.

Co-working spaces offer secure work environments that promote employees to plug-and-play, teamwork, and work together. Additionally, the desks are spaced apart to encourage people to organically develop social distance.

Rational model

Mid sized and large enterprises that are concerned with business sustainability have increased the demand for co-working spaces ad COVID-19 has challenged the notion of the typical office. The majority of these organizations want to reduce expenses while keeping a workforce that operates with long-term efficiencies. Such models have been offered by Co-working players. Encouraging long-term commitments from larger organizations.

New normal and new models

Most corporate sectors have had to quickly evolve due to the pandemic, and the co-working sector is no exception. By introducing solutions that specifically address needs throughout the spectrum of work requirements, we are also situating ourselves to continue to expel our growth .

Co-working offers a cost-effective solution that provides more compact office spaces with basic infrastructure amenities that are self-operated, and equipped with WiFi. Such work spaces are very in demand at a time when the majority of businesses have employees coming in on a rotational basis and therefore require fewer chairs.

Also Read: Benefits of Renting a Commercial Office Space

Ending words on future of coworking spaces

The future of coworking spaces is indisputable. Coworking spaces are seen as the new frontier. It has a great deal of potential. Because of this, especially in the wake of the pandemic, these spaces are regarded as one of the business world’s fastest-growing trends. The coworking spaces are excellent for fostering community. All of the work you would have previously completed in the conventional workplace may be completed here, only more quickly. Here, people socialise, have brainstorming sessions, set up meetings, and broaden their social networks. So why not rent a location that offers a lot more advantages than the standard office layout?

Is traditional office space declining over the coworking space?

As work culture evolves, so should our approach to determining which style of the workspace we should use. Work no longer has to be done in a fixed location and may be done almost anywhere. Dedicated offices, for all their benefits, do not simply allow us to react to changes in business culture and demands without a significant trade-off. Flexible workspaces can help with this.

According to research, the strong demand for flex space is expected to continue until 2025, as firms’ headcounts grow and their workforces become more decentralized.

Even with the outbreak of COVID-19, which has enforced the de-densification of office spaces for businesses, this is especially true. Employees are increasingly working from home. As part of their Business Continuity Plan, companies have also divided their employees into multiple workstations and set up contingency workspaces.

Fortunately, in unpredictable and unsettled times like this one, flexibility is the best thing to have.

Is your work environment allowing you to be as flexible as possible? Flexibility isn’t something that every organization has fully embraced as a crucial aspect in office leasing. This is either because they were unaware that flexible office leasing choices existed, or because they assumed the expenses of traditional leasing were fixed.

Startups and individual freelancers are often connected with flexible workspaces. However, given the detrimental effects of COVID-19 on the economic climate, most organizations, including corporations, will likely reassess their typical office arrangements.

Should you choose a flexible workplace or go with a traditional and dedicated office in this situation? And which one is the most appropriate for your business? Before we go any further, it’s important to understand the key differences between flexible workspaces and typical offices.

Coworking space

Premisin Coworking spaces frequently include an open-concept layout that is shared by all members of the space. The spaces are generally outfitted with comfy furniture, shared equipment like printers and Wi-Fi, and even free coffee in order to foster a collaborative and communicative environment.

Advantages of Coworking Spaces include:

  • Workspace that is diverse. Individuals can roam around freely in coworking spaces, which allows for collaboration and networking. There are several opportunities to meet people you might not have met otherwise.
  • There will be no extra costs. Utilities, renovations, and furniture are all covered by your monthly charge. There are no large upfront costs or long-term commitments. Depending on the space you choose, you can pay month to month or choose a different plan.
  • Built-in management. You don’t have to be concerned about office administration.

Traditional office space

Traditional office spaces are private and owned office spaces for your firm, designed for efficiency and focus. The arrangement may be open, similar to a coworking space, but you can alternatively partition it into individual cubicles or offices. You have complete control over your technology and other resources, and there are specific conference rooms for group meetings.

Advantages of traditional offices:

  • private office spaces and meeting rooms offer quiet, professional environments with fewer distractions and scheduling conflicts.
  • individual production. Rather than the collaboration and networking that happens in coworking spaces, traditional offices encourage individual work.
  • professional client-facing environment. Confidentiality and privacy are maintained for clients.
  • personal branding. The entire office space encapsulates your brand.

Which is best for you?

If you’re seeking office space for your company, Premisin coworking spaces can be a good option. These spaces are an excellent method to save money while also boosting productivity. Coworking spaces are the greatest option if you want to build a collaborative, creative workforce. There are several opportunities for networking, cross-industry collaboration, and team communication.

Whether you want to rent a coworking space or buy/lease an office, there are a few things to think about before making a decision. Consider how you want to show your company to potential customers, how your workers will work best and be most productive, and which choice will be the most cost-effective. Clients’ privacy and confidentiality are protected. Your brand is encapsulated throughout the entire office environment.

Traditional offices foster solo work rather than the teamwork and networking that occurs in coworking facilities.

Coworking Space Promotes Well-Being in 5 ways

After the pandemic touched the hard lives around us, we are all acutely conscious of the job and professional life. We were locked inside and put to work for half a year. This phenomenon was new to some, while others had been working in this manner throughout their careers. But we can all agree that working from home has a negative impact on our well-being after a while since we grow bored with the same routine, same spot, same table-chair, and even the same walls around us!

Thankfully, Coworking exists! A workspace that encourages and regulates social connection and takes into account variables such as personal space, physical and psychological closeness, and sense of community makes us feel better. And when we feel better, we perform better at work. Coworking spaces provide a space for people to find a place to do their best work, but it’s more than just adding a room to your office. It’s about revitalizing your work life.

Coworking is a hot topic right now, and the number of coworking spaces around the country is increasing rapidly. It’s easy to think they exist solely to make work more social, but there’s more to them than meets the eye. If a coworking office supports one or more of the five key workplace wellbeing drivers, chances are it will be more successful in being more than just a cool place to work.

Physical and mental wellness are prioritized in coworking spaces

Work is a key component of human happiness and being able to find well-matched colleagues, projects, and space help workers like no other. Working in the same office space can fight feelings of isolation and help regulate stress levels, according to new research: “The positive effect of sharing the same working environment on workers’ health and well-being is significant”. Further, these works show that the individual and organizational benefits are shared across all of the society, not just for the company’s employees.

The adaptability of coworking spaces is being enhanced even further by customized designs, both physical and functional, that emphasize health and wellbeing. This transition comes as a rising part of the global workforce seeks a work-life balance, pushing that trend to the next level by combining wellness and employment in a single condensed location.

Workplace autonomy

Working from home is an experiment for some — some prefer their office to continue with work-life balance, and others need different work timings that help their body clock. For many, a team-based approach to work is key, while content marketing and event marketing are often complementary. With coworking, you can work as hard or as little as you like, and ask for what you need. Cycling by your office, enjoying tea in the office garden, being a “founding member” of the company. What is typically thought of as a modern hub for creativity, Coworking features innovative ways to engage with your community while liberating you from the traditional 9-to-5 work schedule.

The shift from a traditional office to a co-working space can sometimes mean the end of a desk for an employee and the beginning of an open work environment. Cloud companies offer this option to their employees and sometimes even provide physical space for their workers as well.

Social ties

Coworking provides a full range of benefits. Working from inside the area, employees can create their own culture, maintain professional relationships, or attend meetups or performances without having to search for resources outside the rentable workspace. Coworking is a space to find and pursue your goals as an entrepreneur and route around your personal obstacles also known to promote well-being as it provides a network of support, increased productivity, and a chance to share your story.

A coworking workspace is an extension of our professional persona. It is a point of departure from day-to-day life that encourages us to engage in personal development, build authentic relationships, and spend time focusing on our well-being. Redesigning your space to allow for more collaboration and collaboration among your members can actually contribute to an increase in productivity in your workspace. As you change your workplace to work better for both you and your employees, you’ll experience increased retention, productivity, satisfaction, and well-being.

Interacting with other professionals

The coworking spaces are alive with activity. The coworking space is occupied at the same time by people from a variety of industries. Someone is always available for a cup of coffee and a conversation. Loneliness is reduced through social contacts. Having someone work beside you improves engagement, job happiness, and productivity. Challenges become simpler to manage when you have physical and emotional support from others. According to recent studies, roughly 40% of workers feel substantially less pressure when they operate in a group.

Workplace Resources

Working from home may lead to a situation in which household tasks begin to consume your time. Delays in submissions and the inability to fulfill work deadlines can lead to stress and a last-minute rush. When you opt to work from coworking spaces, you get more control over your schedule and experience a more relaxed state of mind. Coworking spaces make working easier and more pleasurable by serving the specialized needs of professionals. Coworking spaces provide unique benefits and amenities that can relieve employees of a considerable load. The conveniences available under one roof contribute to increased staff productivity and well-being.

Conclusion

Coworking workplaces bring a new perspective on conventional workplace work-life balance. Some people see the increased risk of health or safety risks and try to limit their impact. Others see the opportunity to promote well-being.

Can co-working become the future of workspace?

The pandemic has affected almost every area of life and work as we know it, and due to this many organizations have adapted to or transitioned their ways of work from traditional to co-working. It certainly does come with its own challenges.

Future of co-working

It is said that co-working spaces in India could potentially increase at a faster rate if the growth rate of these workspaces were maintained.

But with work culture and society as a whole has undergone extensive changes over the past few months, companies may be concerned about using offices for the moment. However, experts still predict that this could mean good news for the co-working industry if it makes the necessary changes.

Although remote working has its own advantages, at times its drawbacks tend to take over, such as unreliable home technology, constraint home office space, uncommunicative team members, and mental health issues that can come with rearranging home and work responsibilities. 

Moreover, the future of work often requires distinct ways of working. In particular, flexible and vigorous ways of working will very soon become common as they will allow companies to react faster to changing and developing conditions in the business scenario. Along with this trend, more work will be project-based and involve staff from outside, which in turn increases the importance of networking and social skills.

Purposefully designed offices can encourage such new ways of working and co-working spaces to fulfill many of these changing requirements of the market. There is no escaping the fact that the nature of work is changing, however, so it’s worth embracing the positive aspects of that work-life change. What constitutes a job is no longer neatly bound by notions of a career, the nine-to-five, of 40-hour weeks and four weeks holiday leave, and nor should it be.

Entrepreneurs, startups large corporations, and remote employees, and freelancers of all types are moving to co-working spaces in record numbers. Free & fast WiFi, several facilities provided are some of the reasons companies are focusing on while choosing the co-working space but that’s not all;

Opportunity for co-working

Co-working provides a motivating and encouraging environment. Members can take energy from one another even if they don’t talk about their particular projects. Co-working colleagues flourish in a pressure-free environment, politics-free workplace, and competitiveness among the co-workers engaged in the same activity.

Strong sense of work identity

Co-working spaces are unique in that they bring together not only individuals working on all aspects of a business, but also businesses from other industries. Individuals build a sense of worth and relevance in their job by learning about what others are doing.

Work and life balance

Individuals can determine their own working hours in co-working space, which is something that may not be achievable in a traditional office setting. Co-working spaces give flexibility to the individuals to choose their own selective working hours, something which would be impossible in a typical office setting. It is possible to organize your working hours around those of other family members rather than carrying work home or sticking to a regular work schedule. This gives you more time with your family and avoids disruptions.

Employers have discovered that having less control over what an individual does with their time results in higher performance, therefore co-working is beneficial to both employees and employers. Hiring employees without having to supply them with office space is not only cost-effective but also freeing. It’s only a matter of time before the workplace as we know it becomes outdated as employees and companies adapt to this new style of working.

Does Coworking have anything to do with flexibility?

With changing times and work culture, many companies are revising their workspace flexibility approach. Since COVID-19 outbreak, the spaces are set in motion to reinvent the way of working. Meanwhile, work-from-home (WFH) has been a proven-productive-positive way of running businesses in recent days. Businesses have realized that working from home actually works. The prime reason is flexibility.

Coworking spaces offers flexibility as a cookie reward. Whether you want to go for virtual office or a flexible office space; coworking has everything in its bag. Imagine sipping coffee on your window sill with your laptop & actually enjoying meetings; virtual offices makes it possible. On the other hand, with so many workers looking for a schedule-friendly, collaborative, and vibrant environment to work, coworking becomes their first choice.

Spaces modified their procedure for obtaining flexible work arrangements after the pandemic. This was purely intended to encourage members to help them do better in order to fulfill the business needs. Talking about the employee experience, flexibility is one of the biggest advantages for any company. Flexible working has been a potential factor for attracting and supporting new work culture.

Office designs aren’t just about the work; it is more about how to get things done. Flexibility means you will have ideal work environment for all the brainstorming sessions required for your business. Not only this, flexible coworking spaces costs to much greater extent.  They ensure power and data supplies to the employees with comfortable furniture. Speaking of agility, it goes hand in hand with flexibility in such spaces. They return back to touchstone for every new user.