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The Present and Future of the Co-Working Spaces in India

As the start-up ecosystem is high in India, many businesses of different niches and domains are popping up. So, to accommodate these start-ups' needs, India's co-working spaces are at significant adaptation and rise. There are different vital reasons behind the popularity of co-working spaces in India over the traditional office spaces.

  • Flexible work environment
  • Lower maintenance rates
  • Workspaces filled with people of different backgrounds and qualifications

facilities and amenities

Besides, the co-working spaces in India provide different facilities and amenities at a reasonable price or rent. Some of the basic facilities start-ups can expect in the co-working spaces in India are

Conference room

Advanced Technology with high-speed internet connectivity

Parking

Snacks and Coffee

Fun Events

Registered Emails

The revenue concept in the co-working spaces in India is quite different. The owners either earn from the subscription charges or by charging the occupants on an hourly basis. The charges of the co-working spaces vary depending upon the amenities and location.

The Co-Working Industry in India

India's way of working has undergone a paradigm shift from the age-old traditional office hours to the conductive and creative co-working spaces. It is the type of working space that helps businesses develop a community of like-minded people around them. It helps them develop good contacts helpful for their businesses. These types of contracts are very helpful for first-hand entrepreneurs.

As per the survey, the first quarter of 2019 registered a huge rise in co-working space leasing. It expanded from 6.4 Lac sq. Ft to 19 Lac sq. Ft in the first quarter of 2019, and it is expected to increase by another 6-10 million sq. Ft space, mainly in Tier-2 and Tier-1 cities in India by the end of 2020.

Current Trends in Co-Working Spaces in India

The traditional office spaces in India are registering double-digit growth. Hence, India's co-working spaces are popping up as a cost-effective and efficient solution for many start-ups. Some cities high in demand for India's co-working spaces are Mumbai, Gurgaon, Hyderabad, Bangalore, and Delhi. These are the Indian cities that are recording an exceptional rise in the internet and tech-based start-ups.

All the major co-working spaces in India have registered a huge growth rate, both in terms of office spaces and revenue generation. The primary reason behind the growth of these co-working spaces in India includes enhanced office maintenance costs, scaling the office spaces, and the number of start-ups popping up in India.

According to the report, the total number of seats within the co-working industry is more than 16 million in 2020, of which 10.3 million seats are occupied by large corporate and MNCs. Freelancers and SMEs occupy more than 1.5 million seats. The start-ups occupy only the small chunk in the co-working industry of one Lac seats.

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What is the Future of Co-Working Spaces in India?

The co-working industry in India has attracted the attention of many investors. Even the international giants are expanding their footprint by developing new co-working spaces across the nation. Since the youths are opting for entrepreneurship as their career choice, the need for co-working spaces increases. It has urged the growth of co-working spaces in tier-2 and tier-3 cities because cities like Pune, Ahmadabad, and Vijayawada are gradually developing into a start-up hub where more and more co-working spaces are needed for new entrepreneurs.

Combining incubation centers and co-working spaces in India is the next big thing as investors find scope for investments. People are finding colleagues and a healthy working environment in one place. Presently, India's co-working spaces are available for lease, and it is also open for people as a cafe. With more affordable prices and deeper penetration, people would gradually shift towards the modern workspaces in India. The industry is presently valued at around $1 billion, and it is expected to grow up to $8 billion by 2022.

The future of India's co-working spaces is expected to shift from a lease-based structure to an ownership model. It is the concept developed in partnership with the property or landowner, space provider, and developer.

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Common Amenities in Co-Working Spaces in India

The owners of co-working spaces in India offer a healthy working environment and office amenities, including

Shared office space or cabin to work
24/7 access to your workplace
Common lounges, kitchen, or restrooms
Meeting rooms or conference rooms
Printing and scanning facilities with Xerox machine for all
PBX equipment
High-speed and fast internet connectivity

India's co-working spaces are the ideal choice

So, if you are a start-up with a limited budget for office space, India's co-working spaces are the ideal choice. It gives you a healthy working space at a very low price over the traditional office spaces. It is worth considering for the young and upcoming entrepreneurs with a limited budget to lease office space. There are many co-working spaces available, and the selection of these working spaces must be done based on location and amenities.

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FAQs
Is Coworking a profitable business?

When only 40% of spaces are currently profitable, many people still think, can we realistically describe coworking as “successful? Well then, yes, and you can do it only if you take into account some simple factors. Ideally, 72% of coworking spaces become profitable after two years in operation, and the rate is even higher if you run them privately. Now will talk about some of the essential things; coworking is probably not for you if you are looking for a quick profit with little effort. You need to make sure you’ve covered the main elements of every successful coworking business, as it usually takes 12-18 months to start seeing the benefit of your work.

You can make the right amount of money if you have a passion for building a community, offering competitive amenities, and having a well thought out model designed to hedge your risk. You can also cut down the cost by starting your model with a smaller space footprint, and having fewer dedicated rooms could mean lower prices of the fit-out. Additionally, you can also consider offering membership to local businesses in exchange for promotion to your community of professionals if your website.

How does co-workspace work?

Coworking spaces are ideally shared workspaces that offer affordable office space for those looking to escape the isolation of a home office or coffee shop. The shared workspaces provide a suite of office-like amenities, including hot-desks, private meeting rooms, kitchens, coffee, and other things. They provide a community, and the typical occupants are freelancers, entrepreneurs, startups, and small teams who plan to take advantage of flexible space. Cost is another big draw in addition to culture.

The ability to rent out only what you need vs. an entire private office space, which can be costly, is one of these spaces' advantages. The costs vary and allow for flexibility through various membership-based models. You can say it also includes fees, which are monthly or daily. Whether you use a shared desk or want a dedicated one, the member's Membership costs also differ. The freelance economy is growing as young members of the workforce, including Millennials or Gen Z, are increasingly finding themselves in freelance work. For any organization looking to come up with fresh ideas and grow the design and culture serves as an example.

Overall the working of the coworking spaces is very similar to that of any office, just that here multiple small companies come together to work, and share the different facilities such as pantry, meeting room, reception, etc.

What are the benefits of coworking?

Small businesses, independent contractors, and other workers get a space with Coworking spaces to get work done, network, and participate in their local business community., Coworking spaces have transformed the way the modern worker interacts with the business world what was relatively an unknown concept ten years ago. Coworking spaces can be a shared location where people with varying business ideas can get together and learn from one another, from meeting other business professionals to collaborating on independent projects.

Benefits of coworking:

  • More networking opportunity- To connect with other individuals is one of the most significant benefits of a coworking space. You could be robbing yourself of the essential connections needed to drive your business forward if you are working in a home office or independent office.
  • Increased productivity- It is ideally true for small business owners working out of a home office. It can be easy to get distracted when we are at home. You can solidify a “work mode” that can increase productivity by going to another space.
  • Boost in creativity- Coworking spaces can provide bursts of creativity by working with other individuals and exposing yourself to new perspectives.
How much does a coworking space cost?

More and more startups and businesses are interested in moving into coworking spaces as the trend of coworking grows. Flexible membership, lower price than a traditional office, a supportive community, a hard-working vibe are some fantastic benefits of coworking. You can expect to pay comparatively low fees for a space that's dedicated to you, while coworking costs vary from city to city and business to business. No doubt the price ranges from place to place, but you need to know that it should be in tandem with the amenities they offer. A few coworking spaces will offer amenities, including restaurants, courtyards, and even showers, while some will simply provide desk space. All you need to do is some research and make sure you are getting a fair number of amenities for your money.

How do you make coworking profitable?

With so many coworking spaces being set up across the world, the majority of people have this question Are they making money? Well, yes, they are making a lot of money. On average, 100 such spaces have cropped up in the sector. It's more of a real estate play for almost everyone, typically with the mindset of how traditional business centers are run. The road to profitability begins with the network the founder or owner of the space has in the ecosystem in coworking, and only a handful of them have got it correctly. Many factors decide the success of a coworking space.

Until space’s founder or promoter owns the property leasing out property or running it on revenue sharing basis with the landlord. Through networking, the crux to break-even lies in building a community of like-minded people in the space. It will create a steady stream of coworkers joining the space, which is all about the startups, designers, SMEs, freelancers, bloggers, PR professionals, investors, app developers, and consultants, etc. in simple terms, today, coworkers don't join coworking just for a physical space, but for the value, they can get through the community existing at the space.

Why is coworking so popular?

For a while, now the concept of coworking spaces has been around, but its popularity has increased in the past few years. People, including entrepreneurs and self-employed individuals, are ideally looking for an official work environment besides their homes, which can provide them some stability, motivation, and clarity. For those who are trying to grow their business, working from homes or cafes has significant constraints.

One of the biggest real, why they are popular, is because it is a great place to network with one other. Through coworking spaces, you never know but you might get some very potential clients and their numbers. Another reason is that the entire vibe of the coworking spaces is really chilled out and warmth, especially due to their set up and the interiors. Hence, this is the reason why coworking spaces are becoming really popular.

Some of the primary reasons why coworking places have been becoming popular?

They provide a professional setup for your business, providing you a charming place to meet your clients instead of that random corner of a coffee shop.

  • They also help in networking with the related people in your field as you can meet like-minded people and professionals that belong to the same industry.
  • The majority of business spaces organize events, seminars, talk shows, and workshops to uplift the skills of their members. Basically, skills help you in learning new skills and finding great ideas for your business.
  • For businesses that require physical storage or server storage to store their products coworking office spaces are beneficial.
  • Additionally, working in an adequate coworking space helps your brand in getting the ideal exposure and converting visitors to customers.
Why are coworking facilities attractive to entrepreneurs?

To the entrepreneurs and freelancers to put up their business and facilitate business growth, coworking spaces certainly bring in several benefits. Thanks to the crowd and noise as this being a public place. Then you will end up finding your bed more inviting than your work desk most of the time if you happen to work from your home. People find it the coworking spaces attractive as it allows flexible working hours and usually it is 24/7 as most of them are workaholic, ambitious entrepreneurs and freelancers. It matters a little whether you are in the habit of being the night owl or an early morning person when it is a coworking space.

You will have access to your workstation round the clock by opting for a coworking space. When the work burden is more as a busy entrepreneur, you can opt for extra time to work on those days. It helps you in building professional work habits, but at the same time, coworking spaces provide you complete flexibility. From across different industries and business niches, the Coworking spaces are open for all independent workers. At times working from your home can be tedious and lonely, and these spaces are well-known for offering their members a great sense of being a part of such a community, even if people end up working on different projects.

Who uses coworking spaces?

While avoiding the costs associated with fixed or serviced offices, the Startup businesses benefit significantly from coworking spaces as they give new companies the ability to scale up and down. In the early stages of business, many coworking spaces provide additional support, which can be invaluable. Some of the companies which use coworking spaces:

  • Small businesses:- Irrespective of the shapes and sizes, companies can benefit from using coworking spaces, especially small businesses enjoy the perks of sharing office space. Basically, it gives them the perks of a great office environment without any of the overheads involved in running their own office or the restrictions of serviced offices.
  • Freelancers:- No doubt, working from home has many advantages, but it can be uninspiring, lonely, and logistically tricky too, as most freelancers go it alone so that they can work from their space and set their own hours and be their own boss. While maintaining the flexibility they’re used to at home, the majority of the freelancers have turned to coworking spaces to access a professional work environment.
  • Remote workers:- In almost everyone's eyes, 2020 has seen remote work become a feature in one way or another. A few remote workers struggle to work productively from home and miss the social element of being in an office.
What is a coworking company?

Coworking spaces are the ones where many small businesses work together under the same shed but have different cabins. It is way other than a typical office workspace. It is mainly because the people in a coworking environment generally aren’t working for the same company. The flexibility is a significant differentiator here as you don’t need to sign a long-term lease in a coworking space. Still, at the same time, Coworking spaces offer the same amenities you would find in a traditional office, along with a lot more. You can also have basics like WiFi, printers; usually, a few will have a conference room, and some will have tea, coffee, and snacks, etc.

Additionally, a few have startup resources at your disposal, including digital assets, and even coaches and advisors, etc. When you are in a room full of driven people, there is just energy of productivity. There is also a sense of community as it's incredible how far above and beyond the organization will go to help one another succeed. You can get much more flexible deals instead of signing long term leases.

Coworking Space Average Prices and why They Differ?

Generally, the cost of coworking spaces is a little different. Mostly all coworking spaces work on per seat basis. So, for example, if you have taken a cabin where there ate 20 seats and tables, then you would be charged based on the seat and not based on the cabin. The amount can be as low as 5,000 INR per seat and the amount can be as high as 40,000 INR per seat. The difference is due to the popularity of the coworking space and its offer facilities provided, such as location advantage, etc.