Do you know what is the Future of Coworking Space? This blog will talk about how coworking spaces changed the era of our work environment post-pandemic world & from that period coworking spaces have witnessed a massive transformation.
The prime existence of coworking spaces is still a new concept in India but people across the world have accepted this trend as a new normal.
Shared office spaces brought traditional office space to a halt. Moreover, those vibrant and engaging managed office spaces have attained huge growth & acceptance in the entire coworking space industry.
The main aim of all coworking brands in this market segment is to focus on the well-being & career growth of their clients. This type of work setup in the business sector gives rise to personal interactions, innovations, enhanced productivity in work, reduced stress level, and more.
We all cannot escape from the fact that the pandemic has brought a massive change in our style of working & living at the same time. With the presence of coworking spaces, one can manage a work-life balance routine and enjoy working that would take your business to next level.
Let’s now dive into the future of workspaces where all the coworking spaces are equipped with modern furniture, amazing indoor & outdoor commonplace, provides excellent work-life balance, and more.
Grab a chair and enjoy reading furthermore in detail about the future of coworking spaces in India. Don’t get overwhelmed here, as we have a lot more areas to explore below that talks about the types of coworking, trends, why people choose to be a part of coworking spaces, and a lot more. Without wasting much time let’s get started.
The Future of Coworking
The trend of working in a hybrid work environment is increasing as now individuals want their workplace to be just a few steps away from home where they could jump in and work at any hour of the day. A recent study shows that the coworking space industry is likely to grow by another 50 million square feet by the end of 2023.
The covid-19 pandemic was surely an unprecedented catastrophe that brought a huge change in our style of living and our work culture too. The traditional office spaces are long gone now and coworking spaces have grabbed the attention of millennials, working professionals, etc.
However, the concept of coworking spaces still existed even before the pandemic but it got more popular among startups, business owners, millennials, working professionals, etc after this situational crisis.
Well, coworking is the new future and it comes with a diverse range of benefits attached to it. The shared office spaces provide flexibility at work and allow individuals to build strong networks with people from different professional backgrounds.
The millennials, working professionals, startups, etc are been highly exposed to the coworking environment that makes them motivated towards their work with enhanced productivity in business.
Awareness about the importance of coworking spaces in the corporate sector will increase its demand manifold. The work-from-home criteria was a huge hit during the covid-19 pandemic that way businesses were able to save their expenses in terms of fixed office spaces and started operating from coworking space.
This is where businesses, startups, and small/large companies attain huge benefits once, they purchase a membership plan for a coworking space setup.
Let’s analyze the future of the coworking space industry in much more detail and understand the reason behind a massive shift in the working style.
Types of Coworking Spaces
The existence of coworking spaces is becoming highly popular among millennials, working professionals, startups, and more as they are in search of affordable workspaces without any fixed-term rental contracts. A coworking space setup comprises a variety of seating arrangements that are suitable for all team sizes, freelancers, startups, etc.
In today’s time, everyone has different requirements when it comes to the workplace this is why a coworking space offers a variety of workstations to choose from catering to your specific needs. We at Cofynd also deal with an extensive range of coworking spaces and other spaces like colivng, residential, and more.
Here, is the list of types of coworking spaces offered by various coworking brands:-
1. Open & casual coworking spaces
This is a vibrant and engaging workspace solution that doesn’t have any obstacles like different sections or walls in between. In this type of workspace, you get a chance to savor the hub in which people are working from different professional backgrounds. Great ideas and inspirations come in such types of open spaces and it makes you stand out from the crowd.
It offers dedicated desks, flex desks, day pass arrangements, and more for the convenience of its clients. This is the future of workspaces which gives individuals the liberty to build strong networks with like-minded people and enjoy their work in a stress-free environment.
2. Incubator coworking space
This is the future of coworking space which provides its clients with a separate workplace where they could conduct mentoring sessions etc and this type of workplace is highly suitable for startups. This space is offered to the startups and clients for a specified period where they could run a program or engage ideas with team members in a limited amount of time frame.
3. Meeting spaces
This is how the coworking space future looks like in which you need to pay for your desired workplace for a specified period only. This place is ideal for startups and small/medium organizations who want to conduct meetings, collaborations, and build networks in a private space. Those who don’t need a workspace for an entire day should consider booking meeting space on an hourly, weekly, or daily basis.
4. Corporate coworking space
This type of coworking space is mainly used by corporate organizations that are in search of various types of workstations such as different size cabins, and dedicated office spaces with open space. Such a workplace will have a serious and formal corporate vibe that is highly suitable for working professionals or those typical 9-5 pm office job things.
The main focus in this type of workspace is on customer productivity by offering high-standard services and working towards the productivity of the business.
5. Virtual office space
Virtual office space is the future of coworking space as such type of arrangement is highly suitable for startups, freelancers, remote employees, etc who want to work in their comfort place rather than visiting the workplace.
Those startups and organizations who don’t want to spend on physical office space can apply for this virtual professional address that will look more credible to the customers. It offers a physical address, reception, call answering services and a lot more attached to the subscription plan.
6. Informal coworking space
As the name suggests an informal coworking space is a new future and is highly adopted by freelancers, work-from-home employees, startups, etc who want to enjoy their work in a relaxed environment like cafes, restaurants, etc. Due, to a massive increase rate of freelance workers the demand for working in such places is also growing at a large scale.
Moreover, in some cafes, dedicated seating arrangements do wonders for the millennial generation who want to simply plug in their laptop, grab a coffee or snack and enjoy working in their own space.
Trends of Coworking Spaces
The coworking industry is steadily growing at a large scale with massive popularity among millennials, startups, working professionals, etc over the past few years.
Let’s take a look at current trends in coworking spaces which will take you straight to the future of coworking spaces in India.
Below are the current trends of coworking spaces:-
1. Coworking-as-a-Service(CaaS)
Coworking space doesn’t only mean offering a workspace instead it offers unlimited benefits attached to it such as 24-hour security, high-speed internet access, cafeteria, mentorship building, 24-hour key access card, etc. This is the latest development in the coworking sector in which it offers unlimited services along with your desired workplace to enjoy work in a vibrant community.
2. Flexible membership plans
Coworking spaces offer flexible membership options to their clients that are based on a monthly, hourly, weekly, and daily basis, and accordingly, individuals could choose which fits them the best.
3. Innovative coworking spaces
The future of workspaces put focus on innovative coworking spaces which is a growing trend in this industry. A startup, business owner, freelancer, or working professional always searches for a unique yet creative workspace rather than just going for a traditional office space.
There is a huge variety of innovative workspaces such as collaborative spaces, outdoor spaces, wellness focussed spaces, smart coworking spaces, and more. Altogether, these creative workspaces meet the changing trends of coworking arrangements.
4. Creating environmental-friendly workspaces
Current trends suggest that coworking spaces are designed in such a way that they connect with the greenery around them. Once, your workspace is surrounded by greenery then there are higher chances of enhanced productivity at work, reduced stress levels, the increased concentration at work, and more.
This way all the working professionals, freelancers, startups, and more would love to be a part of such coworking spaces to work at their maximum potential.
5. High demand for meeting spaces
Current trends of coworking spaces suggest that there will be an increase in demand for meeting spaces by startups, business owners, small/large businesses, etc. Now conducting meetings with coworking space would be cost-effective and it will also give access to all the amenities included in the membership plan.
Startups need not pay high rent for a physical office space rather, they could have access to a meeting space to conduct meetings with their team members, conferences, build networks, and more.
Why People are choosing coworking spaces?
There could be many reasons why millennials, startups, and working professionals prefer to be a part of a coworking space. Below are some of the reasons that showcase why people choose coworking spaces over regular office spaces. It will also let us know about the future of coworking spaces in India at the same time.
Here, is the list of reasons Why People Choose Coworking Spaces-
1. Cost-effective
Coworking spaces are highly cost-effective as they offer flexible rental agreements to individuals, startups, and small/large businesses. For coworking spaces, individuals can access exclusive membership plans on an hourly, monthly, weekly, and even annual basis.
All the workspaces offer modern amenities and shared resources such as high-speed internet, printing & scanning services, printers, a projector, a recreational lounge, free tea & coffee, and more. Moreover, you don’t need to pay overhead costs like maintenance fees, cleaning charges, etc.
2. Maintains work-life balance
Coworking spaces promote excellent work-life balance and they offer wellness programs, yoga, meditation session, game zone, and more which helps to reduce stress levels that would result in increased productivity at work. Moreover, all the coworking spaces are situated near public modes of transit which makes it convenient for individuals to reach their workplace on time which reduces the amount of commuting time & stress levels.
3. Foster flexible workspaces
Coworking spaces offer flexible workspaces such as dedicated desks, open desks, meeting rooms, virtual spaces, private offices, and more available at cost-effective prices. This way enrolling for such workspaces on a monthly, yearly, daily, and weekly basis for freelancers, working professionals, startups, and more would be beneficial for the both short and long run too.
4. Collaboration & Networking opportunities
Coworking spaces give working professionals, freelancers, startups, etc a chance to build a strong network, to connect and collaborate with like-minded professionals under one roof.
5. A vibrant and engaging atmosphere
Coworking spaces have a vibrant and engaging atmosphere that attracts millennials, working professionals, startups, and more to be a part of these amazing coworking spaces. Most importantly all the shared office spaces have a lively work ambiance and offer modern amenities like high-speed internet, a cafeteria, free tea & coffee, a game zone, and more.
Conclusion
The above blog talks about the Future of coworking spaces and covers the types, trends, & reasons why people prefer coworking spaces. The entire journey about the coworking space future gives clear insights about so many things in detail which will leave a deeper impact on your mindset about the importance of coworking space in India.
Shared office space arrangement is something that will soon or later rule over the coworking space industry in India. If you want to explore a variety of coworking spaces, coliving spaces, and more then you should visit our website, Cofynd which is a hub for all your space needs. Till then keep reading and let us know your feedback about the future of coworking spaces in the comment section below.
