The rise of co-working spaces in India
Posted on: 10/Feb/2018 12:56:07 PM
Working people nowadays, corporate included, are willing to cut rising expenses, by embracing the modern way working, which has disrupted the traditional norms of doing business. The reasons for the changing scenario are increasing real estate costs, overhead expenses, need for a vibrant environment, among others. Traditional office spaces are either highly expensive or devoid of diverse working environment, hence co-working spaces.
The demand for co-working office spaces is rising with an increased investor activity and sustained leasing by technology companies, reported Colliers, a global commercial real estate services company.
India Office Property has said, Overall, India`s co-working space market is expanding, with 41.6 million sq ft of gross office leasing transactions reported in 2016 alone. The technology sector continues to drive the market with a 58 per cent share of total leasing volume, and Bengaluru has topped the list by retaining a 31 per cent share followed by Delhi-NCR, which represents 18 per cent of the total occupier demand. Therefore, many co-working space companies have mushroomed across the Delhi-NCR, Mumbai and India`s Silicon Valley, Bengaluru.
A senior executive at 91springboard, a co working space in Mumbai says, The 400-seater co-working office space is a place for everyone - interiors with a minimalist but futuristic theme, space-optimising office furnishings, hi-speed internet, conference and meeting rooms, cafes, locker facilities, game zones, a separate networking space, a lounge with sofas and all other facilities that the Silicon Valley startups enjoy. Covering an area of 18,000 square feet, 91springboard BKC hub`s close proximity - just 6km - from Mumbai`s Chhatrapati Shivaji International Airport makes it a hot destination for professionals. We have established 15 hubs in Delhi-NCR, Mumbai, Bangalore, Hyderabad, and Goa, and many more are in the pipeline.
A new self-owned and operated office requires businesses to take care of everything from identifying the preferred site, conducting lease and purchase negotiations, and procuring equipment to maintaining infrastructure, hiring housekeeping staff, and setting up tech facilities. These are major financial commitments for not only emerging startups but also for established companies. Co-working space saves time and resources in a cost-effective way.
