What is the future of coworking spaces

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. 

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?

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.