India’s Co-working Trend- What Drives It?

A trend that was originated way back in the 1990s in the Western countries is now ruling in India as well. The trend of or flexible working spaces or coworking spaces has seen a major lift in the past few years.  The year 2018 has seen the highest amount of leasing of the shared office spaces.

According to reports, Bangalore marks the highest in leasing shared workspaces followed by Mumbai and Delhi. The coworking trend was first led by startups, followed by MNCs and large enterprises who have now taken up spaces in various coworking spaces.

There are many factors that come into the picture when we see the increasing coworking trend. In India, millennials represent close to 46% of the workforce and this will be of high influence on the working culture and will also add on to the economy.

India has close to 5, 2000 startups making it the third-largest country with maximum startups after China and U.S. Enterprises, on the other hand, are also opting for coworking spaces because of the flexibility and the hassle-free approach that it provides.

Shared office spaces have become a real estate trend these days and also very popular in the commercial property sector. According to property builders, the market size for shared workspaces is huge with an increasing requirement of 16 million seats and close to 9 million sq.ft. in the coming years.

The reason behind this is the increasing rentals of offices across all businesses in India and coworking spaces are not just limited to freelancers and startups.

Here is a list of some other reasons for the coworking trend rising at the speed of a bullet in India

1. Cost-effective
2. Increasing Demand
3. High-end Security
4. Flexible Work Hours

A concept that came into the picture by startups is no longer limited to them. Large enterprises, SMEs are also making their way with an increasing demand for coworking spaces. This trend has already transformed the nature of the business and is on its way to transform the way people work.