Our life revolves around the narratives made by us from time to time. Working in a workplace from 9 to 5 is one of those narratives. We have always believed in the concept of working in the same place from 9 to 5 and coming back home. But, a new model of workspace disrupted this narrative two decades ago.
Coworking is presently growing exponentially, and there is no reason to look back. This idea of working in a shared workspace is changing the corporate world and its old school rules. It is becoming popular and catching up the attention of many freelancers, consultants, and entrepreneurs.
We were under the reign of traditional offices, but now it is all over. Things are changing and are not the same. Now, coworking is becoming the future of the new age. Know how coworking is changing the corporate world and why it is a bright future for the coming generation.
Turning Point for Coworking Spaces
During 2017-2019, coworking space grew, with stock increasing by 2.3 times in 2019 compared to 2017. However, by 2020, this rate of expansion retarded. The pandemic in 2020 has affected many businesses. No one expected it to have such a permanent impact on lifestyles, especially work culture.
Like other businesses, coworking spaces have also experienced a slow-down. But, industry estimates, on the other hand, reveal that as markets opened up, demand for coworking spaces skyrocketed. According to the data, demand has already surpassed 80-90 percent of pre-COVID-19 levels and is increasing dramatically from here.
It was a turning point for the coworking spaces. After the two waves of COVID-19, flexibility and workspaces closer to home became the most prevalent office-related refrains in the corporate world. Coworking spaces adapted changes with time to be the number one choice after the pandemic. You might be wondering, why is it growing so briskly, and how is it changing the corporate world? Let us see.
Coworking Spaces Elements Changing Corporate World
The hype in the coworking world was not sudden. Though it experienced a rapid rise following the pandemic, it encountered numerous hurdles that it surmounted by adapting to the changes. Different elements worked together to make coworking spaces normal in a corporate world. It is helping in changing the corporate world and work culture.
India has a long history of conservative workplace practices, with little flexibility in work hours. But, now that the traditional 9–5 workplace is gone, people can choose their working times and places based on what is ideal for the task, the project, or what the family requires. Let us see the elements in coworking spaces transforming the corporate world.
Saves Money
Money is the top-most priority of everyone, whether an individual or an entrepreneur working with a team. Coworking solves the problem of money issues and provides ample space to work. The primary goal of coworking spaces is to provide space for freelancers and other individuals who require it. But this is not the end of it.
Nowadays, small businesses prefer to work in shared spaces clearly to save money in the long run. After the outbreak of COVID-19, even the corporates are looking to start working in the shared offices. One of the reasons for this sudden change is saving money.
Rather than hiring an office with multiple rooms that go unused, users can use them whenever they need them and only pay for the time they need them. Another benefit of coworking spaces is everything is there in the monthly invoicing, including internet, utilities, basic office supplies, and even printer ink. All of this is unheard of in regular offices.
Offers Better Facilities
In traditional offices, the facilities can be limited. But, in the case of shared offices, it comprises all needed facilities. Traditional offices are certainly less well-equipped than coworking spaces. Coworking spaces feature fast internet connection, office equipment, and meeting rooms in terms of facilities.
Things do not stop there; the kitchens and lunchrooms are also available. Coworking spaces may also have a staffed front desk and administrative support that anyone can use when required. Along with the appliances, it offers an opportunity of building networks and community while developing new skills.
Working in a traditional office can be hectic sometimes, with no appropriate freedom and limited resources. But, by working in shared spaces, you can get the required better facilities and new experiences with unlimited resources.
Better Occupier Experience
The front line in the success of any business is the satisfaction level of a consumer. Coworking spaces have always taken care of the satisfaction of their users. Today, being in a competitive world, occupant experience has become crucial. Agree or not, it determines brand loyalty and the possibility of survival in the market.
Coworking spaces offer digital infrastructure and agile facilities to improve operational efficiency and overall asset value to provide a better and more satisfying user experience. Furthermore, amenities linked to health and wellbeing attract most users and help in retention.
Coworking space operators are also developing novel solutions, including single-day work passes, worldwide location access, and virtual workplaces to make the user experience effortless. Overall, coworking is on the rise of business expansion and distinction. Therefore, because of the better experience, corporates are also turning towards shared spaces.
Community
Sense of community is the missing key that many have lost during a pandemic. One of the most vital advantages of coworking spaces is the opportunity for connection and a sense of community. Though the pandemic was a black swan event for the workplace, coworking has aided many in restoring a sense of community.
More interaction is possible in coworking spaces. It is a fantastic opportunity to share ideas, grow your business, and meet people you might not have met otherwise. Some shared workplaces even host events to assist staff get to know one another.
The core concept is that being around the other entrepreneurs and innovators will motivate you to do more. In coworking, small business owners or entrepreneurs can meet the potential recruits and grow their companies. And vice versa in the case of freelancers and consultants.
Flexibility
Flexibility is in high demand right now, especially after the epidemic forced people to work from home. Being tied up in a 9 to 5 shift and sitting in a straight chair the whole time is not the trend anymore. Employees are looking for more flexibility, and over the year, that even increased productivity without a doubt.
The user choices, not the coworking space, have become the new normal in the workspace sector. Talking about productivity, one can be productive anywhere. Many coworking spaces even offer flexible membership plans, allowing you to stay productive even in your travel phase.
Coworking spaces do not have lengthy leases; everything is bookable and changeable daily to accommodate changes in personal, professional, and familial demands. Coworking spaces are flexible in terms of both space and scheduling; users enjoy a safe, tech-enabled workstation while only paying for the hours they utilise it.
Tech-enabled Spaces
For working flexibly, tech-enabled spaces are the essence. The pandemic has altered the dynamics of the traditional working model, necessitating a shift in business to think beyond the office. A tech-enabled workspace connects all workspaces, including office, coworking, and work-from-home, fluidly.
Coworking spaces are constantly working to improve this. With technologies like automation, mobility, and artificial intelligence, shared spaces will become more tech-enabled in the coming days. It will allow employees to connect virtually regardless of their location or distance.
Even though coworking spaces already offer a wide range of technology, they are still growing. And because of the exceptional tech support, corporate offices choose shared spaces to save their extra efforts and expand their business.
To Sum Up
Many key factors are working together to make the coworking spaces the new normal. But, the above-listed elements are one of the leading reasons for the change in the corporate world. If this trend continues, coworking spaces will be the sole option for all enterprises, large and small. Coworking spaces have increased significantly in the last 4-5 years.
Currently, 35 million sq. ft. of shared space is accessible across India, with the top businesses holding a 71 percent stake. We tried to explain the wholesome reasons how coworking is transforming the corporate world and becoming the new normal. We hope you found it helpful and informative.
We would also love it if you would check out My Bizzy Space and claim your free tour. Whether you are a self-employed and freelancing professional, or just a small business with a few staff, you will love the complete aura. Here, in My Bizzy Space, we make sure you will completely fall for the atmosphere and good vibes.
Check our place out and mark your favourite desk or cubicle or cabin before somebody else grabs it!
