Coworking an approach that allows professionals from multiple fields to work under one umbrella has gained significant prominence in the last few years to emerge as one of the leading contenders for investing in the future. Now real estate developers are prioritizing these flexible spaces inside the buildings to get more attraction from the market. Many global organizations have started investing in Indian ventures to be part of the coworking revolution. Even several local organizations have gone on to open multiple offices across India to further add into this coworking network.
The increase in the coworking environment can be attributed to the innovations happening in these offices such as play zones, game rooms, green zones, discussion hubs, effervescent themes, indoor auditoriums, and more creatives. So rather than working in regular offices or cubicles, modern coworking spaces are more vibrant, energetic and offer more real-time learning experience particularly for the youngster of today’s generation.
Top cities around India with Mumbai, Delhi NCR, and Bengaluru have the highest percentage of share for these coworking offices with 70% of the startups based in these cities as well. Now newer cities such as Noida, Pune, Hyderabad, Chandigarh, and many others have shown remarkable rise to attract global investments. Especially Noida, being near to the national capital Delhi has become a hub for national and international organizations to build their offices. Shared office spaces with ready to start features are perfectly suited to the fast-paced work requirements.
In the latest investment spree another Noida-based real estate firm Clinic Infratech Pvt. Ltd and Kocreate have combined to invest around $1.31 million around Rs 10 crore for building new coworking spaces in the new ventures. Investors need expertise in managing offices and coworking organizations provide that them with measures, management, and approach. And this joint venture between real estate organizations and coworking establishments provides a win-win situation for both sides. With a modern state of the art features, convenience, flexibility, and effective costs have made this coworking concept perfect for newer startups, enterprises, and as well as freelancers.
Undoubtedly coworking is on the rise with real estate sectors looking to commercialize their assets and get a return for years with these modern approaches for professionals. Similarly many other real estate organizations are combining their workforce with coworking to put investment in this concept. Smartworks collaborated with Singapore based Keppel o bag 177 crore funds for enhancing their joint venture. And in August 2019, the world’s biggest assets management firm funded Rs 375 crore in a Gurgaon based shared working firm GoWork. A CBRE report has suggested that the leasing portion for Coworking spaces is about to increase from 7.1 million sq.ft. in 2018 to around 10 million sq.ft. by the year 2020
India an emerging nation has the highest office requirements among the global statistics. And with numbers of rising startups and freelancers, it will continue to create a potential for future growth. In the early phase, it was Small and Medium enterprises who captured these offices to help them grow in the market. But now corporates and large firms are also looking to build on these offices to expand their ventures into new markets. And real estate sectors are collaborating with these firms to bring more solutions for these shared workspaces.
Shifting towards large companies
Another factor that led to a significant rise in the coworking investment from all sectors was their shift from targeting freelancers, small and medium enterprises towards large companies or corporates. Once they get connected with these large companies they become a partner in offering them spaces at multiple locations. Thus benefiting both companies in scaling and exploiting the market niches with effective planning.
Global organizations such as Amazon Web Services and Microsoft etc with their campaign services use these pre-built offices to get their work done in the remote areas. Some big companies are now preferring these small teams working out from coworking offices as they are closer to their customers as well as startups and other SME. Similarly, corporate banks or telecoms want to trial their products or services away from their traditional bases and closer to startups. And these remote teams at coworking act as a perfect alternative to assist them to build future masterpieces.
Coworking a sharing office concept has gradually converted into a modern industry itself. Many partnerships between traditional real estate sectors and coworking establishments show that the trend is likely to continue in the future.
Coworking now has become the center of attractions for all small, medium and large business enterprises as well as freelancers. Modern flexibility, features, and convenience make these Coworking offices the one for the coming future. And this combined with real estate sectors brings a modern evolution of this concept into an industry itself.
Let’s Connect is one of the established Coworking office space in Noida, Greater Noida, and Delhi. We are looking to expand to new horizons with the latest technology, features and connected several organizations to be at the forefront with the shared workspace concept.