Not only does this pandemic completely shift our way of living drastically but the way we work also witnessed a gradual shift. Long gone was the traditional set-up of offices, as coworking spaces have grabbed the limelight. However, if you think that the concept of Coworking spaces emerged after lockdown and the work from home period, youâ€™re wrong. Way before COVID hit, Coworking spaces were already popular among freelancers, MNCs, startups, and businesses.
Yet you may say, that it does give rise to a new style of working.
Vineet Singh, Head of Brand & Marketing - WeWork India said, â€śWhile everyone expected the demand for shared spaces to go down, the pandemic gave rise to a new style of working that included the need for flexible hours, rostered shifts, and workspaces closer to home.
Why? You ask. Well, Coworking spaces have numerous benefits. Like you get to work in a diverse ecosystem. It provides you with the flexibility to manage your time and pace, saves costs, and is a great way to build a diverse network. However, with the imposition of lockdown, these spaces too saw a temporary shutdown. But as lockdown restrictions were relaxed and companies tried to cope with the unavoidable changes, these shared spaces proved to be a practical option for corporate agencies considering their advantages.
In this article, we will tell you how Coworking spaces changed the entire landscape of the corporate world and what's there in store for these shared spaces in the near future.
What was the picture of Coworking spaces in 2020?
2020 was the period when COVID hit the world and brought everything to a standstill. Itâ€™s obvious that Coworking spaces too couldnâ€™t dodge this bullet. It also suffered a shutdown.
However, one thing which fell in favour of Coworking spaces was that lockdown evolved the working styles. After unlocking, people started to seek new working styles that provided flexibility, affordability, and a comfortable and superior working environment. This all just led them to the doors of Coworking spaces.
Not only this, the companies which had plans of buying fresh plots to start a new branch also started to see Coworking spaces as the convenient and economical way to carry on their business amidst the tight business situations post-COVID.
Businesses want the working styles that can provide them with operational efficiency, greater wellbeing of their employees, and help them to save costs. There was an immediate surge in the demand for coworking spaces as it allowed working professionals to work from remote locations within the corporate confines of coworking spaces.
Amit Ramani, Founder & CEO, Awfis says â€śDespite the unprecedented circumstances, the pandemic and subsequent lockdown emerged as game-changers for the co-working sector.
What does the present situation look like?
The turbulence and shift caused by the pandemic surely left a lasting impact. However, a good percentage of the coworking spaces are witnessing profuse growth as the experts hope that the upward trend will continue to make an appearance in the industry graph.
Although post lockdown, work from home came as a lifesaver to many companies to keep them going, but for some companies work from home isnâ€™t something that should be drilled into the working culture.
It's not that companies fully oppose the idea of working from home but firms believe that employees should work in a similar office environment to ensure their productivity, motivation, and efficiency.
Moreover, coworking spaces provide a sense of flexibility to working professionals. The services offered by these shared spaces are affordable and help entrepreneurs to save a considerable amount of finances as well as time and not only this but also without having to compromise on the efficiency aspect of the employees. All these requirements and more can be effectively fulfilled by availing the services of coworking spaces.
All this led them to the Coworking spaces eventually and made these shared spaces more in demand. Therefore, Coworking space is the new normal and the future working style for the upcoming generations.
Future of Coworking spaces in India
So now what will be the future of coworking spaces in India? How are businesses going to contribute to this new idea? The amenities offered by the coworking spaces have helped businesses blossom from all corners of the country especially during the pandemic. Therefore, it goes without saying that the trend and culture of coworking spaces is here to stay and will govern the future of the corporate sector. The future of these coworking spaces primarily in India is great and it is going to see an upward rise in the graph of growth with years to follow.
Also, as per a recent study conducted, the share of coworking spaces within total office spaces presently stands at 3% which is estimated to increase to 4.2% by 2023. In terms of total square feet expansion, the coworking space industry is expected to grow by another 50 million square feet by the end of 2023. These figures clearly indicate that working professionals are keen on working from coworking spaces as they have been exposed to an ambience and work culture that keeps them motivated and increases their overall efficiency.
It is expected that with more awareness and better knowledge, the demand for coworking spaces is going to increase. These spaces are very convenient for every employee regardless of their industrial origins. Therefore, this concept will experience a rise in demand in the future.
This is one of the biggest future trends that is expected for these spaces. Work from home has become a productive concept due to these COVID times as employees worked with more freedom and flexibility without compromising on their professional responsibilities. It allowed companies to save finances and cut down costs in terms of fixed office expenses as employees responded well to the work-from-home and operated from coworking space format. Due to this, businesses have started investing in these spaces and it is expected that it will increase in the coming future. This is where businesses are also benefited. Therefore, the investment in these spaces will rise.
The growth of coworking spaces is great in India. India as a developing nation has taken to the concept of utilizing coworking spaces very well. The old-school thought process of working from office cubicles is now being shattered with the introduction of the new and more creative concept of coworking that allows working professionals to be flexible and give them the room to express their creativity. Therefore, it can be safely stated that the coworking culture will drive the future of the corporate realm and is an idea that is here to stay.