Coworking Spaces are home to thriving Startups in Noida
Coworking, an approach that allows professionals from multiple fields to work under one umbrella, has gained significant prominence over the last few years and has emerged as one of the leading contenders for futuristic investments. The 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 in the office spaces such as play zones, game rooms, green zones, discussion hubs, effervescent themes, indoor auditoriums, and more creatives. The Millennials, or the new generation of employees, is highly attracted to these modern coworking spaces which are vibrant, energetic and offer more real-time learning experience through collaboration in comparison to the traditional and structured offices or cubicles.
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 services firm Investors Clinic Infratech Pvt Ltd and KoCreate have combined to invest around Rs 10 crore ($1.31 million aprox.) for building new coworking spaces in a new venture. Investors need expertise in managing offices, and coworking organizations provide them with measures, management, and approach. This joint venture between real estate organizations and coworking establishments provides a win-win situation for both sides. With 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 sector looking to commercialize the 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 companies to put investment in this concept. For instance, Smartworks in collaboration with Singapore based Keppel, bagged Rs 177 crore funds for enhancing their joint venture. 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 also 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 as 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 (SMEs) 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. Real estate sector is collaborating with these firms to bring more solutions for these shared workspaces.
Real Estate invests in Coworking Spaces for Large Corporates
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 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 act as 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 aim at expanding to new horizons with the latest technology, features and services to connect several organizations with the shared workspace concept.