The Indian digital age businesses are witnessing a
revolutionary trend in dynamics of office space-co working offices. They are
driven by the need to attract the millennial workforce as well as strategies
for cost optimization.
For a long time, the commercial real estate market in
India was restricted to large office set-ups featuring long lock-in periods and
high fixed costs. The millennial workforce and the rising entrepreneurial
culture are sparking off demand for ‘small’ and ‘flexible’ alternatives in real
estate making the best real
estate companies to step in this game changing co-working office
scenario.
India’s growth story is being spurred on by SMEs and
Start-ups that are scaling the workforce like never before. The challenge
before such companies is to find office space that is flexible, affordable, and
suit their specific requirements like a good location.
Business owners are now considering the idea of
co-working or collective working. This not only helps them share physical
office space but also in sharing ideas and networking. In essence, co-working provides
innovative space solutions without having to make huge investments in large
properties anticipating future growth of employees.
In case of big businesses, the challenges are
different. Increased travel time, long distances, and urban congestion, as well
as pressure to lower operational and capital expense, are some challenges. Another
challenge is the growth of remote or telecommuting workers.
But working from home or cafes has its own drawbacks.
Limited access to facilities like printing and internet and lack of control
over the background or surroundings mar the work of remote workers. Such
companies are rethinking their best practices because of low productivity and
lack of proper control over employees. This has spurred companies to consider
co-working office spaces.
A co-working
space is typically an open-floor format office with shared space for
collaboration, networking, and meetings. The trend is leading to the creation
of functional, well-designed, and beautiful office spaces, which encourage
collaboration and forge a sense of community.
The millennial workforce and a stagnant economy are
triggering workplace reform all over the world since the norm in the workspace
will be ‘cool offices.’ Low growth of GDP, low rates of capitalization, low
growth in rentals and reduced interest rates are the global trends that are
making co-working (shared spaces) more and more popular.
To hire best talent, particularly millennial, companies
need to have attractive workplaces that appeal to the employees. As per
reports, around 10% of millennials are willing to take a pay cut for an office
with a good design and in a good location. For instance, the companies which
are planning for canteens, coffee bars, game rooms, fitness centres, day-care centres
and bike racks have rightly adopted the ‘coolness quotient.’
Co-working spaces bridge the gap between demand and
supply of fully equipped office spaces, which provide employees with all vital amenities
like scanners, printers, high speed internet, multiple seating arrangements,
meeting rooms, complimentary beverages and food, mail handling facility and
parking space.
Currently, 17% of A-grade office space in India is lying
vacant with figures touching 20% in Mumbai and 27% in Delhi. Co-working is a
great business opportunity, which can monetize commercial spaces, which remain
under-utilized. Using planned operations and timely execution of projects,
co-working firms help deliver top solutions for real estate companies and owners that use the spaces.
0 comments :
Post a Comment