Coworking in India, heard about it lately?
Almost a negligible decade ago, coworking has grown leaps and bounds in India. With the rise of Indian startups, need of an open work culture and a community driven environment in the Indian workforce, the need for new modern office spaces is witnessing a huge surge in demand.
Also, As the number grows, there arises a tremendous opportunity for low, affordable spaces such as coworking workspaces in India.
Millennials in the Indian Workforce:
i) New Workspaces: Well, Millennials are radically changing the workspace in India. Offices often find it difficult to accommodate their needs and certain behaviour in the workspace. Meaningful work along with a great work-life balance are some of the priorities millennials look for in their workplace.
ii) Huge Growth: With the number of millennials set to increase in the Indian workforce, clearly, offices would have to accommodate their choices, their hunger to collaborate, and to zest to generate and exchange ideas. Hence, coworking would certainly be the only viable solution to such a drastic change in demands of workers. This is clearly demonstrated by the stats of occupancy rates at Innov8.
iii) Coworking Growth In India: A recent study suggests that coworkers not only feel healthier but much better in a shared office space than a traditional workspace. 64% of them find it easier to get work done on time, 91% have better interactions with others and 78% of coworkers are under the age of 40 years.
From freelancers to independent workers, everybody loves coworking. Cities like Bengaluru, New Delhi and Chandigarh even host some top corporates in their coworking spaces.
iv) Current Occupancy Rates at Innov8 Coworking: Occupancy rates of near 100% actually display how coworking has been successful in drawing crowds of workers and millennials. With such numerous benefits of a coworking space like Innov8, one can easily see the growth.
1.Rise Of Millenials & Rapid Shift In Indian Work Culture!
India is on the verge of a workspace shakeup due to the high growth of workspace industry in the country.
i) Coworking Survey: Global Coworking Survey in its report has already suggested that around a million people will work out of shared spaces by the end of 2017. Certainly, India is expected to get its fair share of co-working offices itself.
ii) Southeast Asia: India already has close to 7800 workspaces. Southeast Asia has itself seen the tremendous growth of shared workspaces in the last few years. The startup ecosystem is booming in cities like Hyderabad, Bangalore, New Delhi, Vietnam etc. This stems the fact that coworking is the future!
2. Failure of Conventional Offices to Innovate:
The shared office model offers much more value for money due to the plug-play office environment.
i) Designed To Destress: A shared office workspace is usually designed to keep workers engaged in their work with breaks and events designed to de-stress and engage them in community building.
Work is never strenuous in a shared office space! it’s just part of a life that deserves to be loved!
ii) Conducive Environment: For independent coworkers such as designers, developers and writers, this usually results in higher productivity along with the development of new creative perspectives. It also cures them of loneliness that often comes from working in isolation.
3. The Rise of Side Hustles/Gig Economy:
i) Independence: With the rise of independent workers who often seek new pastures and ventures every once a while, shared office space is their saviour and serves them even at odd hours. Working out of new cities, working on new projects certainly, are eased with a workspace in place to serve them even in odd hours.
ii) Strong Work-Life Culture: Well, the Independence and Flexibility that comes with shared office space can never be matched by conventional, traditional office space. The subsequent generations that have grown in a more connected environment after the late ’70s lays special emphasis on a strong work-life culture. They seek the best coworking spaces to foster such an important priority in their lives.
4. Global Players In India:
WeWork, the Indian giant has already entered the Indian shared office economy but finds it difficult to compete with homegrown spaces for providing workspace for the upcoming 40 million square feet space by the end of 2017.
This reeks of the tremendous growth of the coworking industry in India. With the entrepreneurial bug that is slowly maturing in India, coworking is meant to make a significant mark in the office space industry.
5. Hassle-Free Work Life
Coworkers, especially millennials looking for a great work-life balance along with a stress-free and conducive environment. They also seek value and meaning in their work more than the previous generations.
i) Stress-Free Environment: They demand a low-stress atmosphere along with the position that gives them higher autonomy in their work. This is quite different from how people used to work in the last decade or so.
ii) Share and care!: With working hours on the rise, people often feel isolated and lonely in conventional working spaces. Hence, sharing space while working gives more opportunities to interact with different people without any hassles or awkwardness.
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Collaborative work culture, exchange of ideas and increased autonomy of work are the factors why millennials need to be aware of coworking more than ever!
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