BHIVE enters the managed office segment with the launch of Honeykomb
The COVID-19 pandemic has fundamentally changed the way we, as a global workforce, interact, socialise, and collaborate. Companies today are reevaluating their real estate office space requirements. They’re realising what they need is not necessarily more acreage, rather more flexible workspaces. As more companies switch to remote and hybrid work settings, all eyes are on flexible workspaces that offer value-added services and reduce operational costs, without compromising with employees’ productivity.
Shortly after US-based office-space startup WeWork made a splash by showing the world why flexible workspaces were the smarter choice, the concept of coworking has found more takers in India over the past five years.
According to American real estate group CBRE, the flexible office space market in India stood at 36 million sq ft in 2020 and is expected to grow at 10-15 percent till 2023. To add to it, the pandemic emerged as a gamechanger for coworking spaces as it led real estate businesses to innovate and meet the changing needs of consumers.
, one of the oldest and most recognised coworking brands in Bengaluru, is entering the managed office space, with the launch of Honeykomb. The service will enable businesses to create managed office spaces that resonate with their brand ethos, while offering a sense of privacy and without the usual hassles of long-term leases and management issues.
Why it pays to be smart with space
Over the years, BHIVE has seen several Indian startups scale from a one-man army to a team of more than 50 employees. When the pandemic hit, the realisation that clients need more than just a co-working space to function efficiently is what led the company to envision an offering like Honeykomb.
Talking about the initiative, Vinay Karnad, Chief Business Officer, BHIVE Workspace says, "While coworking spaces have gained traction over the years and are suitable for early-stage startups, the demand for managed offices has also gone up as companies look for flexible leasing options. With Honeykomb’s launch, we’ve entered into the alternative space and aim to help today's businesses make smarter decisions in real estate."
Honeykomb caters to enterprise clients and recently funded startups that are looking for managed office spaces with flexible leasing options.
Minting gains with affordable realty
In the past five years, several space providers have been a part of the coworking revolution in India, but most of them focus on enterprise clients and are often quite expensive.
In the managed offices category, Honeykomb is a one-of-a-kind service that offers value for money with great hospitality and customisable designs. The organisation has an in-house architect and a design team that sources materials from scratch and ensures that the spaces look and feel as per the client's requirements.
All electrical peripherals in the space will be equipped with IoT-backed devices that can be controlled by voice or gesture. Honeykomb offers the client zero capital investment and management overheads, and clients don’t have to deal with unpredictable landlords. It has a higher deposit and longer lock-in period than BHIVE Workspace, but as Honeykomb is a bulk deal, it offers better per square feet returns.
"Coworking spaces have a lot of cabins, which reduces flexibility. The workspaces in Honeykomb are more customisable and personalised to the client's needs. We will now compete with managed office spaces like IndiQube and Smartworks," says Shweta Malagi, Principal Architect, BHIVE Workspace.
A key investor of BHIVE adds, “While the managed office space already has established players, Honeykomb offers better location choices for businesses, value for money pricing, and out-of-the-world design that beats all others.”
The future of work is hybrid
Although remote working is preferred by many employees and companies across the world, the need for people to meet, collaborate and share ideas in person is still vital.
It's certain that COVID-19 is going to stick around for the long run, and it would make sense for businesses to opt for a hybrid working model and switch to flexible spaces. Before managed spaces came into existence, companies had to invest in long-term leases and interiors, leaving them with no option if they wanted to downsize or scale when required.
Managed office spaces not only reduce operational costs but help balance the efficiencies gained by remote work settings. Most importantly, these smart offices comply with all restrictions necessary in the wake of the COVID-19 crisis and are safer than traditional workspaces.
The first BHIVE Honeykomb property was recently launched at a tranquil location in HSR Layout, Bengaluru. The company plans to launch the second property by the end of September 2021. If you're a company with a team of 20+ members looking to work in a private, customised and safe workspace, know more about why BHIVE Honeykomb might be your best option.