Rising interest in Co-working spaces

In India, co-working spaces are rapidly growing in popularity, and the industry is likely to increase in the foreseeable future. Companies are mapping changes in preferences that are flexible and benefit their interests as well as their employees considering the advent of the hybrid work model that was introduced as a flexible ecosystem for companies to function smoothly during the pandemic. Co-working spaces provide the perfect space for companies big and small to conduct smooth operations and also tailored plans according to the companies' requirements. Employers benefit from co-working spaces since they can provide a central hub without paying for an excessive amount of unused space.

This makes co-working spaces the future of flexible work models. An Anarock report on 'Workplaces of the Future' from CII predicts that the market size of co-working spaces will double at a CAGR of 15 per cent in the next five years.

Here are some key indicators that show how co-working spaces will meet companies' needs in the future.

• Retaining talent
  At the heart of the Great Reevaluation is a desire for better work-life integration. Many workers across sectors are looking to achieve a better work-life balance. Employees are seeking more flexible and sustainable work models that help them contribute to their careers and personal lives. Taking advantage of this collective mindset shift, organisations are rethinking their approach to well-being and work-life integration by implementing flexible work models.
  As a result, businesses that use a flexible strategy are more likely to retain top employees. Companies can set up any type of working model they want with co-working spaces, and flexible and hybrid models like this encourage the worker-first mentality that is so prevalent today.


• Privacy, security and health of employees
  The contemporary workforce doesn't often prefer full-time office jobs, many recognise the advantages of hybrid work. A workspace provides an environment dedicated to productivity and collaboration. Employees are switching to an office space to achieve better focus and efficiency and may also find it convenient to have a soundproof space.
  Cybersecurity is another aspect that companies should be mindful of. Remote employees are susceptible to cyber-attacks. Over 768% of cyberattacks occurred at the beginning of the WFH model during the pandemic in 2020 according to a survey by Esset.
  Finally, there is the issue of health. Companies should ensure that the workspaces they invite their employees to, should have good ventilation, strict cleaning protocols, and clearly explained policies (based on WHO guidelines) in case of Covid-19 surges again.


• Flexibility
  One of the biggest advantages of co-working spaces is their flexibility. While it can be tricky to get a dedicated private workspace, as well as guaranteed access to other amenities, such as meeting rooms, common areas, and other collaborative spaces, co-working spaces customise plans tailored to your requirements.
  As an added positive, co-working spaces are available in most cities, making it possible for companies to branch out seamlessly. It will be most congenial for a company to have multiple locations in multiple cities, offering employees the flexibility to work from anywhere across locations. It gives a company the space to hire talents across states, grow with a sustainable plan and save on travel expenses.


• Premium spaces and hospitality
  Co-working spaces are stepping towards creating an impactful difference. Companies that are looking for long-term hybrid work solutions are less interested in the luxurious touches and are more interested in the quality of services they receive every day.
  Be it childcare, wellness, daily hygiene and amenities or a front desk employee who can assist prospective employees and clients, value-adding everyday services are often more favoured. Benefits like this transform the office from a solitary to a collaborative one, which encourages employees to come to work.


• Sustainable spaces and smaller footprints
  As co-working spaces have an extensive network and are located at multiple prime locations, it is easily accessible for employees to commute short distances. The advantage is that they not only save time and money on travel, but they also minimise pollution and carbon footprint from a sustainability standpoint.
  Co-working spaces, at their core, encourage the sharing of supplies and other resources, thereby reducing waste. By reducing energy consumption per unit, co-working spaces optimise energy usage by changing lighting and ventilation design. Individuals and organisations nowadays understand the importance of preserving resources as it helps them lead better lives professionally and personally. Today, tech parks, office complexes and zero-waste facilities are being built as part of collaborations between builders and business owners.
  The co-working space of the future is looking to deliver on an office experience which encourages collaboration and productivity all the while keeping hygiene a paramount priority. This rather futuristic outlook on a workspace makes the co-working space an upcoming popular choice among companies.
  Companies that deliver an experience that beats home offices with quiet, safe, and productive spaces will likely be able to attract and retain top talent, resulting in further expansion over time.

Citation

1. https://www.financialexpress.com/money/co-working-to-dominate-the-future-of-work spaces-in-2022/2457877/
2. https://dazeinfo.com/2022/06/10/the-great-resignation-in-india-86-employees-resign-next-six-months/
3. https://www.forbes.com/sites/forbesbusinesscouncil/2022/05/26/why-commercial-real -estate-investors-are-betting-on-shared-office-spaces/?sh=573d8993202b
4. https://www.businesstoday.in/opinion/columns/story/co-working-spaces-are-leading-t he-race-for-sustainability-in-real-estate-337777-2022-06-15