Co-working spaces spawning a a new style of working

The concept for co-working space is on the rise, especially in metro cities like Mumbai, NCR, Pune, Hyderabad, Chennai, and Bengaluru. One of the reports by Knight Frank, an international real estate consultancy firm, had put that, only in the first quarter of 2018, a total 2 million sq ft co-working space was consumed while in the whole of 2017 year the total transaction was 1.8 million sq ft. The co-working spaces even allow are even pet-friendly in many cases.

Rajiv Jain, a realtor based out of Worli said, "Recently an MNC was looking for a space in Worli, Lower Parel area, they opted for co-working space instead of renting out an office. It is convenient to rent — one can rent it to be for a day to months and offers several benefits too."

Akshit Mehta, Founder, Vorq Space a co-working space says that co-working is helping the talent stay in town, and preserving their talent and skill for use within the local economy. Even people who use co-working spaces believe that it is a better option because logistics are taken care of. "As a startup, a young and fast-growing company has a lot to focus on. One of the reasons we chose a co-work space over our own independent office is that one wouldn't have to worry about spending valuable time on logistics and doing up a new space. Of course, co-work spaces also come with the benefit of building a community. You meet other startups and individuals across various fields that open up opportunities for mutual help and collaboration," said Shirin Johari, Co-Founder, Clap Global a startup.

Even experts say that no hassle of fit-outs is one of the reasons for co-working spaces getting popular. Viral Desai, National Director – Occupier Solutions Group, Knight Frank India, said, "Co-working is now being considered as a real estate solution. Flexibility to scale up and down, ease of transaction in terms of a single cheque, no hassle of fit-outs or dealing with multiple vendors and reduced legal and compliance risk are some of the factors that have paved the way for co-working."

But experts also say that though there is a lot of discussion on whether co-working will replace traditional office spaces, it is important to note that a co-working space is complimentary and not conflicting to the traditional office space and that both will co-exist. "Co-working space in India has become a buzzword owing to its unprecedented growth in the past few years. As per reports, the industry will reach a valuation of $2.2bn by 2022 which sets the tone for a changing shift in working trends of not only start-ups but medium and large enterprises as well. The format is a win-win for both employees and enterprises - a vibrant, flexible workplace for millennials – who constitute a major part of today's workforce and an ability to easily expand into new areas, set up satellite offices away from their headquarters or even downsize operations if needed for corporates," said Amit Ramani, Founder and CEO, Awfis.

Karan Virwani, Chief WeWork Officer (CWeO), WeWork India, says, "Co-working spaces cater to requirements by providing an environment where companies and people grow together. While co-working is a more evolved concept in the west, it is now becoming a popular trend in the Indian community as more consumers are finding it both convenient and cost-effective. Today, WeWork is a thriving global community comprising of start-ups, freelancers and large enterprises."

BENEFITS

• Pets allowed at work 
• Printouts till certain pages are free 
• No fit-out and interior work hassle. 
• Flexible days 
• Food and various other offers like shopping discounts are also offered