India’s primary growth catalyst in the commercial market comprises the co-working industry. Given the significant inflow of venture capital into the industry, the segment’s fast-paced growth shows no indications of slowing down. A recent analysis by CBRE highlighted that Bangalore and Delhi NCR have been two of the most popular locations in India for flexible office space and that the amount of leasing has also seen a noteworthy increase. In these cities, several co-working operators have leased spaces totalling up to 1 lakh square feet.
Bangalore, the IT hub of India, is one of the most popular locations in India for starting a venture because of the readily available commercial infrastructure, skilled manpower, and technology. In the last decade, commercial properties have witnessed a paradigm shift from formal office structures to open workspaces. Today, buyers are more inclined towards working spaces that house different spheres and discard the notion of working in isolation. With a decline in the popularity of high-visibility outlets, individuals are now considering alternatives such as co-working offices.
One of the major reasons for the growth of commercial spaces was the Covid-19 pandemic. A wave of start-ups was witnessed during the pandemic which led to an increased demand for such commercial places that accommodate different business spheres at one place and are affordable as well. Covid-19 evolutionised the pre-existing order, and since then co-working spaces have seen a significant increase. The fact that these spaces are dispersed over different places, particularly the suburbs with a high concentration of housing, is a significant element driving demand.
Let’s take a closer look at the benefits that one can reap upon opting for a co-working commercial space:
- Reduced Expenses:
Starting a new venture includes investing funds in a lot of different domains, therefore it becomes difficult for buyers or renters to opt for higher visibility outlets. Commercial spaces are usually economically burdening & not everyone can afford the same. But this is not the case with co-working spaces as such offices are available at reasonable rates which are sufficient to meet your formal business needs.
- Networking Opportunities:
The possibility of meeting like-minded individuals is increased by Co-working spaces, which is a tremendous incentive for the growth of your company. You get to converse with individuals from diverse fields and industries. Interacting with great performers not only promotes a sense of community but also increases your self-assurance and opens avenues for improving your service.
- Corporate Amenities:
Co-working spaces are conveniently positioned in the heart of a city, close enough to eateries and public transportation to be useful for members as a place to work from. Working from home or a café as a business owner might not convey the correct message to your potential customers; as a result, co-working spaces provide not only a professional setting but also designated meeting rooms, cafeterias, and coffee zones to aid in networking.
- Reduced Operational Costs:
Having a dedicated private office space may appear expensive for small business owners, but working in a Co-working space, the value of accessing common amenities surpasses the expense. Owners of these places can do business without worrying about overhead costs like internet, energy, upkeep of office equipment, and restocking of cups, tea, and coffee, to name a few.
Co-working office spaces are essential for shared workplaces. For individuals seeking to leave the solitude of a home, office or coffee shop, these spaces provide reasonably priced workstations. Some of the amenities available are hot desks, private conference rooms, kitchens, coffee, and an office-like environment. For freelancers, business owners, start-ups, and small teams who wish to utilise an area which is affordable & flexible, co-working stations can be an appropriate choice.
The co-working trend is primarily observed in Central Bangalore, which comprises neighbourhoods like Koramangala, Indiranagar, HSR Layout, Central Business District (CBD), and the Outer Ring Road, according to Kareem Khan, Managing Partner, Network Ventures (ORR). Goyal & Co. | Hariyana Group provides some of the finest commercial spaces which are perfect for your new venture. The designs are made to make your work more efficient & uplift your company’s overall business experience.
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