By Anuj Puri, Chairman – ANAROCK Property Consultants
India has emerged as one of the world’s most-preferred investment markets, thanks to its thriving economy, burgeoning start-up ecosystem, and its ever-deepening talent pool.
With businesses big and small continuing to grow and broaden their horizons, expensive real estate coupled with new-age professional’s desire to work in an aesthetically appealing environment have spurred demand for collaborative workspaces in India.
In fact, the new millennial workforce will accelerate this changing office dynamic further in the years to come. As per statistics, millennials are set to form 50% of the global workforce by 2020 – and India is the youngest start-up nation in the world, with a rapidly-increasing millennial workforce.
This generation is ready to ditch conventional workspaces for more swanky, flexible and cost-effective office spaces that effortlessly embrace the latest technologies into their system. To meet this growing demand, India definitely needs more coworking spaces.
For GenX and millennials, offices are no longer places to sit, churn and dawdle – they are environments where they seek to enhance their creativity, network and thus increase the profitability of their companies.
Besides swishy workspaces, tech-savvy millennials also prefer their workstations to be completely technologically equipped – offering hyper-connectivity solutions and state-of-art infrastructure.
Coworking spaces are offering just that. Furthermore, these spaces are proving to be the best alternative for a rising number of freelancers, women employees seeking flexibility, and for those looking to be stationed at prime locales with connectivity and faster commute options.
On their part, companies are aspiring to innovate and tap into this new generation of talent cannot ignore coworking. All types and sizes of firms are now embracing the new reality of employees’ expectations for a technology-enabled style of working. Accordingly, they are ready to alter their workplace strategies.
Moreover, coworking is proving to be cost-efficient by nearly 15-25% by cutting down rental costs, fixed-capital investments and property maintenance.
New Trends in Coworking Spaces
It is no accident that the hype around coworking has continued throughout 2018. Major players actively leased such spaces across the major cities.