Apart from offering top-class infrastructure and easing day-to-day operations, businesses are discovering that co-working spaces can help boost productivity.Gautam Duggal
What is the new commonality among startups, enterprises, freelancers, SMEs, and other industry players? The answer: co-working spaces. Shared office spaces have started replacing the traditional individual office setups with a vibrant network of inter-connected community. The concept picked up the pace a little late in India, but it seems that this proliferation will supersede conventional setups.
As per Statista, there were nearly 15,500 co-working spaces worldwide in 2017, of which Asia Pacific (especially India) with 3,975 spaces became the region with the most co-working spaces. The status quo of traditional office setups has been challenged by a dynamic shift in the work environment on a global level. This is not just because of the ease of infrastructure and day-to-day operations; the rising trend of co-working has also proved to enhance productivity. That is why majority of startups and even established enterprises has shifted to this new office ecosystem.
Shared workspaces received an investment over $400 million by December 2018 in India as per a study by Jones Lang LaSalle (JLL). The reason that this industry grew in such a short span is rooted in the multifaceted, hassle-free, and power-harnessing ecosystem offered by co-working spaces.
India has entered the industry 4.0 phase, where timely management of operations plays a crucial role in determining growth and success of an organisation. Today, when there are stakes of pre-requisites for companies to stay comprehensive and competitive in the market, they must rely on instant solutions for their every requirement. The foremost is a fully-functional, technologically upgraded, and effective workspace. In this scenario, co-working spaces are the perfect solution an organisation can opt for. What can be better than having quality infrastructure, a great network to strengthen business relations, and much more at the same place?
Whether it is an established enterprise or an aspiring startup, the biggest hurdle in the race of establishment is setting up an accommodating workspace that meets business requirements. Co-working spaces bring a lot more on the platter, as they ease the economies of scale and offer quality infrastructure with all business requirements at affordable pricing. Apart from availing vibrant meeting rooms with advanced tech, 24/7 robust and strong internet connectivity, best-in-class food courts and cafés, an array of think pods and relaxations zones, co-working spaces also provide a nurturing diverse community environment for businesses.
Such an ecosystem helps companies with an opportunity of networking with other market players and builds mutually beneficial relations with them for business growth. In fact, it serves as a chance for startups to meet potential investors as well. On the other hand, both startups and established enterprises can leverage the co-working ecosystem to attract quality talent from able and skilled professionals associated with the co-working network.
The list of benefits continues with an array of events hosted by co-working spaces, where companies obtain insights from industry experts to succeed in their respective verticals.
Although the winning bet still remains with infrastructure and admin costs yet the multitude of benefits offered by modern co-working spaces has succeeded in attracting startups, enterprises, freelancers, and even industry giants. We have entered the digital age where the market dynamics change in a fraction of time and money churns the right machinery.
This is yet another reason that even industry giants are looking at co-working spaces to leverage the benefits of a fully functional workspace to set up their teams and initiate new ventures. The hassle-free arrangements provided by the co-working spaces have also given companies freedom from legal and technical issues involving landlords, contractors, brokers, service providers, and other parties.
Co-working spaces give a plethora of benefits to thriving startups and enterprises that lead to an exponential increase in productivity. When the companies free up the capital expenditure and focus on developing their core competencies, they don’t just succeed in achieving their business targets but also maximise their ROIs. The collaborations proposed by the flexible models of co-working spaces bring in sync mind, body and work, creating an upsurge in business productivity.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)