In the first quarter of 2019 itself, co-working had taken up about 2.9 million square feet of commercial realty—a 70% increase on a Q-O-Q basis and a 277% increase on a Y-O-Y basis. The top 3 cities were Delhi- NCR, Mumbai, and Bengaluru. (Source: CBRE).

Co-working spaces are now being recognized as a major share of the CRE leasing activity, giving tough competition to traditional offices. Driving this growth is the upsurge in demand from metros along with Tier 2 and 3 cities. Over 13 million people will work out of co-working spaces by 2020 and further with tier 2 and 3 leading this change. This demand for co-working was predictable to grow at 40% – 50% this year, higher than Asia Pacific’s rate of 35.7% (Source: JLL).

With the economic growth in the top 7 cities starts to saturate, tier 2 and 3 cities have come into reckoning as the growth engines of the future. For instance, many individuals and startups have been looking for the best virtual space in Pune in recent years. This is being led by a rise in disposable income, resulting in enormous opportunities for companies looking out for new markets to tap into (Source: Cushman & Wakefield).

Adding to the demand are the Small and medium sized enterprises and corporates, who are moving towards co-working spaces for setting up their Headquarters, satellite offices, back offices, etc. Hence, given the increasing demand and momentum that co-working spaces have gathered, it would not be an exaggeration to say that the best is yet to come and that we have only just touched the tip of the iceberg.

With the ever-growing competition, and to stay relevant for their clients, co-working players are continuously reinventing and adopting best practices. Thus, there is a massive focus on integrating technology at the heart of all offerings to capture the market share of the millennial workforce that breathes technology.

The dawn of independent workspaces:

Today, digital disruption is all-pervasive. Digital innovation is changing economies and re-imagining the way businesses are conducted globally. The speediness at technology is evolving today reminds us of the industrial revolution in the 1900s. Every industry is experiencing the positive implications of it including real estate.
If embraced wisely, technology can catalyze to accelerate businesses, design user-centric workspaces, and heighten productivity. Walkable treadmill workstations, pedal tables, virtual assistant-integrated desks, and smart sensing technologies will provide untethered flexibility at work. Voice-activated systems and wearable technology such as wearable glasses, embedded chips, and wrist devices connected with work desks will make ‘working on the go’ more productive.

By integrating IoT with AI, co-working spaces can be transformed into smarter, dynamic, and interactive offices. Automating the entry and exit, improving security, controlling energy consumption and utilization, and enabling cashless payments allow professionals to work in an accelerated environment. The volumes of data gathered are offering insights for future strategies. Cloud computing, web conferences, instant messaging, and e-diaries have enabled better communication around the world and within organizations. The ability of devices to interact with individuals provides a personalized workspace to inspire productivity. So, if you are searching for “meeting rooms near me” then there are next age co-working spaces like Avaiil co-working spaces which provides a host of features and amenities.