Future of coworking space industry in India

Coworking spaces had been prevalent in the shared office space field for like 15 years and every now and then, coworking space filed has faced revolutions.

The revolutions can be in the sake of looks, functionality, locations, client base etc. Today, there are a lot of coworking spaces dedicated to different types of users, remote workers, freelancers, digital nomads, startups etc.

Each client might have a different requirement, and hence, meeting all of them in a single go, is not a piece of cake, but, still, coworking spaces have been able to pull off the diversity within the spaces.

Technological advancements have led to opening the coworking spaces 24x7 with guided assistance, with efficient security services and much more.

The diversity has brought to include yoga room, art exhibitions, stand up comedy, daycare etc within the coworking spaces, trying to include all the innovative ideas that pop out to catch up in the coworking space filed.

Coworking spaces so far

There are approximately more than 35,000 shared office spaces in the world. And, more than 2 million people depend on such spaces.

To have a net worth of around 26 billion dollars in the global market, coworking spaces have made it a big deal already.

People hugely depend on coworking spaces due to the flexibility and openness it has to its functioning. You do not need an ever watching eye above you when you work.

Some coworkers have found their productivity being affected due to the distractions at the coworking spaces and co working spacein Pune has already found solutions to prove them wrong.

Specialized coworking spaces

As already told, coworking spaces are hugely dependent by a lot of freelancers, SMEs, startups, etc and the services each of them requires might be different.

And, hence, specialized coworking spaces are to be formed, for each type of client, just like the Shared Office Space in HSR layout. Remote workers and digital nomads can expect to have a coworking space at remote areas and an adventure spot!

Even students find the coworking space useful, for coworking spaces are said to be the future classrooms too. This has great potential to be discovered and made use of.

Large enterprises moving to coworking spaces

This is already happening and is more likely to happen more in the coming years. Large enterprises, when they need to extend their team, maybe an R&D team, or a sales wing team, who might not need office space constantly, depend upon coworking spaces.

Also, large enterprises believe that no talent must be missed just because they cannot leave their own city behind. Remote working is promoted to a large extent in large enterprises. This will increase the coworking space usage.

 Cost-effectiveness is also a great factor, as 20-40% of the expenses in a traditional office would be saved in a coworking space. The user can also be in the form of shares in the coworking industry too.

More acquisitions in the field of coworking spaces

Coworking spaces and the coworking culture might move more towards hospitality and services, as it involves the momentum of both.

Just the way OYO took over Innov8, more acquisitions can take place, clubbing the services into one, making it easy for the users to avail the services of both.

Likely takeovers and acquisitions will decide the trend of coworking spaces, as they will define the objective of services they render.

Rise of small coworking spaces

Already, a lot of coworking space giants are on the field, and you might see no room to new and small coworking spaces.

But, by every year, the demand for coworking spaces doubles, and so does, the coworking spaces. This gives more space for small coworking spaces who can adapt to new changes and new ideas, which might be a difficulty for the already big shots.

Also, there will be a rise in the number of coworking spaces in tier 2 cities also. This will convert such cities too to mainstream. Over a decade, over to tier 3 and then on again.

The change in the amenities of coworking space

Coworking spaces do have a lot of amenities, including the cafeteria, book corner, yoga room etc.

But, with the Z-gen and Millenials using coworking space more than anyone, the amenities indie the coworking space must also be appalling to them.

It can be a playstation, a gaming area, most modern equipment inside the coworking area to entertain and keep up with the age.  

Along with these, the coworking spaces might also go sustainable, giving in keen interest to the amenities that they choose to the coworking space. Water storage, furniture selection, electronic waste, all will be dealt in the most sustainable way in the near future.

There can be changes in the floor layout of the coworking spaces to include innovative and contemporary plans, by including capsule hostels, micro cafeteria etc within the coworking space itself.

Has the growth of Coworking spaces been affected due to Covid-19?

COVID has affected every branch of business, and also, the coworking spaces. Coworking spaces are one of the most socially involved, collaborative and networking people work together, and hence, following the norms of social distancing and lockdown has put coworking spaces on a dull side.

Coworking spaces might need to face the financial loss of being functional for a few clients when a majority would still stick with work from home.

But, is the situation going to be permanent?

Absolutely, not. Because coworking spaces will definitely try to come back with all of the clients with major changes to accommodate themselves with the changing situations of societal takes.

Mishaps like these can take place even in future too, forcing people to abandon the best of the choices they have left behind. But, still, life must go on, and businesses like coworking spaces would recover from any of the circumstances.

With the entrepreneurial fire not backing down any time soon, coworking spaces have a brighter future in front of the time. Situations come and go, but coworking spaces can withstand any harsh and adverse ones.

The future of coworking spaces glows with the endless possibilities and ideas that can be implemented with the coworking spaces. There is no doubt to the fact that coworking spaces will take up a large part of the corporate kingdom, winning over different strategies that are present today and the ones that are yet to come.