Many companies are consistently shifting to co-working spaces as they see benefits that they may not have been able to avail in individual-owned or leased office spaces. Many experts believe that by 2030 co-working spaces will incorporate about 30% of all office spaces as both MNCs and SMEs are seeing co-working spaces as a platform for exchange of work culture and knowledge mutually benefitting both segments. Few reasons for co-working spaces rapidly gaining traction as the office space of choice are:

The cost element
Most businesses look to offer trendy ergonomic and visually appealing modern workspaces to create the right work environment for their employees. Setting up and maintenance of such workspaces do not come cheap. Also at times, these spaces require ancillary support agencies that just add to the cost. Many SMEs in a bid to compete with the attractive workspaces that the MNCs offer end up overshooting set-up budgets and sometimes have to compromise on quality or design. Now imagine a space that is already set up, modern, visually appealing, its maintenance cost covered, with the same look and feel as any large corporate office or Tech park. Co-working spaces negate such concerns as they are designed to be adaptable to the needs of freelancers, small businesses, start-ups or large corporates. Co-working spaces typically work on a leasing model where large, small or one-man armies can rent out workstations on an hourly, daily, weekly, or long-term basis, further helping in cost reduction.

Employee benefits and satisfaction
In the daily grind of work, it is very easy for employees to neglect or pay less attention to their personal lives, which affects their ‘work-life balance’. However, that is where co-working space come in offering services via multiple tie-ups that benefit their customers’ employees such as pharmacies, crèche, gym, cabs, hotels, laundry services etc., all of which truly enables them to try and achieve a ‘Work-Life Balance’. MNCs and SME’s alike are beginning to understand that majority of their workforce consists of millennials, which is why they are opting for co-working spaces that provide attractive work environments.

Customised services with expandable space

Apart from providing furnished office spaces, co-working hubs offer a wide range of amenities including IT support, 24/7 access, virtual office space and meeting rooms. Therefore, at any point if an SME needs to expand they never have to look beyond the same building. Built to adapt, large co-working spaces are able to provide seats as per requirements. This can allow companies to continue working without having to take up herculean logistical tasks every few years.

Collaboration with innovators
The concentration of many different companies under one roof, combined with an emphasis on professional networking, leads to promising business relationships. It is a combination of two factors — driven talent and different firms — that make co-working spaces hotbeds for innovation and collaboration. Currently, there are about 200-odd co-working providers in India, with analysts predicting exponential growth in the coming years. According to a survey, there is even the possibility that co-working spaces will not only double regularly but also potentially overtake the traditional office format.