2019 has just begun with a bang and the coworking industry is witnessing a major boom. The beginning of this New Year is an ideal time to have a look back at the workspace trends of the recent past and also to have a fair estimate of the upcoming trends throughout 2019. There are several conventional workspaces which operate from 9-5 are on the verge of the way out. The modern-day organizations are increasingly switching to the flexi-hours and also adopting the work-from-home option for several of the employees. The newer ideas like the nomad workers and coworkers are indeed appearing as the most promising trends in the present time and this would continue to be trending in 2019 as well.
The year 2005 witnessed the sprouting of the coworking spaces and since then the workspace preference of the business setups and office owners are increasingly shifting towards the coworking and other alternative workspaces from the traditional offices. The end of 2018 saw massive growth in the coworking industry and the drastic increase in the number of coworking spaces added to the booming coworking pool. There are several surveys which are being conducted and they show that 80% of the operating coworking spaces operating in India have earned higher revenues as compared to the last financial year and have become profitable.
A research study has been conducted which involved 100 countries including India across the globe and the findings revealed that the 74% of those who have been interviewed from India have responded that the coworking spaces are absolutely inspirational workspaces for them. The coworking makes it possible for them to share their rich and valuable experiences & skills with others and vice versa. This is indeed a great new for the overall shared office industry.
Why are the workspace preferences increasingly shifting towards the coworking spaces?
One amongst the several visible triggers which are primarily stimulating the massive growth of the coworking spaces is that they are comparatively much cost-effective as compared to the traditional offices. The startups, as well as the thousands of the micro-enterprises which are operating at their initial stage in India, are finding their ways to save money for their business by opting for the coworking spaces.
Secondly, the optimum diversity that a coworking space usually offers is very inspirational for the business owners. A company which works optimally in a coworking space usually have a mixed environment with designers, creative talents, entrepreneurs and developers all working harmoniously together to achieve a great project. Moreover, this is much easier to build a diversified and strong network. The startups can indeed find and connect with the several seasoned experts who have the capabilities of mentoring as well as nurturing the business whenever required from time to time.
How things are shaping up in the coworking industry?
With the market maturing, this is obviously noticed that the prognosis for coworking is indeed great. The existing members of the coworking spaces will certainly help in attracting more members as the coworking spaces would evolve as one of the combined and common workspace with several facilities like an entertainment centre, coffee shop & also feel-at-home experience. Those coworking spaces Mumbai with better funding gradually start providing certain upscale facilities like coworkers’ theatres, health clubs, ATMs, dry cleaning and even at times pigeon-hole rooms for day’s and night’s stay. These facilities would facilitate the trending 24X7 work schedules and preferences of several young and ambitious entrepreneurs.
Coworking spaces across India majorly use pay-per-use model that helps the coworking space owners to have more and more revenue streams besides the major revenue inflow coming from the desk rents. The members usually have to pay only for the services which they use and anything extra needs not to be paid. Another factor which seemingly evolves a major bloodline to the massive growth of the coworking spaces is the wonderful concept of crowd funding and crowd sourcing. With several success stories already built up, private funding has indeed become inevitable. With the money flowing in the coworking spaces, the previously heard negative reviews like noise levels, poor internet connectivity & lack of required privacy are being eliminated big time. The booming coworking space industry is undoubtedly flourishing and witnessing a positive growth in India & would continue to grow even more throughout the passage of 2019.