In the last half a decade, the Indian work environment is going through a huge transformation with the dawning of coworking trends across the country. At the moment, there are more than 1000 shared workspaces present in all the major Indian cities with over 200 players operating them. Industry experts expect that with the coworking trend, the numbers will grow with time and leased spaces by coworking firms in tier 1 and tier 2 cities could reach 6 – 10 million sq. ft. by 2020. According to a recent CBRE report, in the first quarter of 2019, flexible workspaces saw a leap of 277% in leasing to around 3 million sq. ft. of office spaces.
Owing to the various benefits these flexible workspaces offer, enterprises are getting more inclined towards this contemporary office concept. Although the coworking spaces mushroomed on India’s burgeoning start-up community and freelancers, yet they are no longer restricted to only these two segments of the working population. Over the years, big enterprises and SMEs are becoming an integral part of the Indian coworking community by setting up their offices in these agile workspaces. After being largely adopted in the major cities of the country, the industry is now spreading its wings to tier 2 and tier 3 cities.
Bangalore and Delhi NCR are the most preferred markets for these flexible workspace operators in India, accounting for half of coworking space leasing in the country. Mumbai, Hyderabad, and Chennai trail the list, yet the present growth indicates that the working environment in these cities too is going to get a makeover in the coming times. Cost-efficiency, flexibility, endless networking opportunities, presence of a thriving community and prime location to name a few, there are various reasons for which the concept of coworking is being embraced by companies of all types and sizes. Furthermore, the present working population of India consists of a huge chunk of millennials who like to work in flexible and vibrant environments where they can meet and connect with people with a similar mindset.
Over the years, India has seen the emergence of several players in the market, but unfortunately only a few have been able to fulfill the demands of coworking places in the country. Smartworks is one such co-working company that has made a mark in the industry with its extraordinary workspace solutions and thus, has expanded drastically in just a couple of years. With a mission to create a sustainable work environment, the company started its mission with its first office in the National Capital Region and within just a span of three years, it has its footprints across 9 cities in the country. At the moment, Smartworks takes pride in accommodating 50,000 members from 600 companies spreading across its 23 locations. Looking at the present scenario, industry experts have opined that the company is soon going to make an everlasting impression in the Indian market and beyond.
With the advent of coworking space operators like Smartworks, it can be said that these flexible shared workspaces are the future of the working environment. However, currently, the demand for coworking spaces is at an all-time high which calls for more agile workplaces across the nation.