The pandemic has taught us that we must be prepared to work from anywhere. Today’s collaboration and team involvement have progressed to the point where a company no longer requires a permanent headquarters to achieve its goals. These factors have contributed to the growth of shared spaces, which were developed with the idea of assisting businesses in providing collaborative areas at flexible pricing.
Harsh Binani, the co-founder of India’s largest managed workspace platform, Smartworks, shares that there are many contributing factors to the growing demand for shared spaces. With changes coming to the workspace industry, employees are looking for more than just an office space, and companies are inclined to provide an office experience to keep their employees engaged.
After bouncing back from the pandemic, and getting the growth back on track, Harsh Binani shares the key factors that have now become the driving factors for why the shared office space industry is witnessing significant growth.
Cost Optimization
Due to their affordability, shared spaces are favoured among entrepreneurs in India. Users only pay for what they use and rent—nothing extra. Conventional offices include expenses and headaches for infrastructure upkeep and repair. Startups benefit from lower operating costs since they initially operate on a small budget.
Companies that are not constrained by lengthy leasing contracts with strict restrictions will be in a better position in a constantly shifting economic climate. The Coworking Spaces’ variable tariffs allow customers to combine service packages to find the perfect fit for their requirements.
The Start-up Culture and Gen Z workforce
One of the factors driving India’s explosive growth in coworking spaces is the start-up culture. The start-up generation’s Gen Z workforce has a stronger preference for flexible and hybrid work arrangements. The use of technology to improve processes and redistribute resources has forced businesses to discover more innovative methods that are both cost-effective and forward-thinking, a trend that has been successful for the shared office space industry.
Harsh Binani shares that the start-up culture is opening new doors for the shared office space industry. If a company chooses not to have a full-sized office space, there is undoubtedly a convenience factor for them because they can use areas based on their needs and demands.
Smaller firms may now maintain themselves thanks to technology, which also frees up personnel to concentrate on serving customers rather than managing assets and obligations. The younger market and audience, which has placed a priority on labour, networking, and technology, is what is driving the economy’s rising trend.
Work from Anywhere
The hybrid workplace model has already begun to operate and is doing well. Flexible models will allow individuals or teams to choose to work from anywhere as unoccupied desks and smaller-sized headquarters become more prevalent. For this, shared areas will be favoured. According to research conducted globally and in India, the strategy will help employees feel better, be more motivated, and be more proactive.
The need for shared spaces in India is rising as firms adopt unconventional working methods and seek flexibility. The way to work is undoubtedly in shared spaces, which will also act as a nursery for the next generation of company owners and entrepreneurs. It will also operate as a foundation for increased macroeconomic growth and traction.
Harsh Binani shares that we have welcomed many changes in the new normal and that shared offices as well as disruptive technology will shape how workplaces operate in the future.