New segments in terms of co-working space and co-living space have grown over the last few years. Rapid urbanisation and demand from millennials are ready to make a strong stand for the emergence of a shared rental market. Operators within the real estate market are offering various formats like entire building to built-to-suit working offices within conventional workplaces. International and home-grown companies are offering co-working spaces in many parts of India. Co-working space is gaining prominence in the country due to rapid urbanisation, rising office rental price and lack of quality ready-to-move supply in the city. The co-working industry is gaining a lot of popularity these days.
Co-working space perceives the value of adaptability, joint effort, network building, and shared assets. Regardless of whether a self-employed person, sprouting freelancer, a telecommuter or the director of a start-up, all probably progress significantly from the most looked for after settings to viably maintain a business. Co-working space is a favorable and an extraordinary development that gives one a suitable working environment alongside the mutual condition reasonable for joint effort and boosting profitability. Developing a millennial workforce will undoubtedly incline towards the subject of collaborative workspaces helping them to liberate up a workstation totally hassle free, less tedious and at the favored decision of area. The co-working space acquires esteem expansion in terms of imaginative multipurpose spaces, high networking with like-minded people, streamlined profitability, proficient space utility, helpful workplace, alluring arrangements, style and pleasantries to use upon a greater picture. Co-working spaces additionally offer a gigantic scope of arrangements, for example, virtual workplaces and shared living space. The workforce presently has numerous alternatives to work from where they need, when they need and how they need. This model has pulled in to house people, effective business people, and multi-billion organizations.
Another biggest advantage which is helping companies to choose co-working office spaces is lower deposit requirements. Companies have the liberty to choose their meeting room requirements as and when needed and accordingly pay for them, and this also helps them to streamline cost. This also helps commonly accessed spaces such as meeting rooms, corridors, pantry and cafeterias to be used efficiently. It is necessary to create an environment where the workforce is content which helps to maintain focus and enhance an effective working culture. Co-working spaces are designed in that manner which in turn is a greater attractive quality for any organisation. In co-working spaces you don`t have to look after the place, the landlords and developers are responsible for providing good maintenance to the property that improves its longevity. With many domestic and international companies focusing their expansion program on cost-effectiveness, proper space utilization, attracting the right candidate and optimizing their business plans, co-working space is all set to change and redefine corporate culture in India.