The work culture has gone through a massive transformation in the recent past and so are the preferences of the millennial workforce. Today’s workforce is vibrant and flexible and coworking has given them the exact dose of their desire for workspaces that are ergonomic, beautifully designed, and far more inspiring than the archaic office structures. It is the cool factor that has made coworking space trendy at present in the workspace industry. Not just start-ups, several top-notch corporates are switching over to shared workspaces over traditional office layouts to bring the very best out of their employees. The new work culture has made corporates seek other ways of pulling in the appropriate talent, of which, coworking is one of the primary modes of doing so. This industry offers a heap of services and customization options and the most lucrative benefit is the reduced costs that help the corporates to earn more and increase their savings. Also with increasing traffic in metropolitan cities and longer commute time, co-working spaces offer easy mobility that becomes a critical factor in attracting and retaining top talent for organizations of all sizes. This makes the coworking model a gamechanger in today’s war for talent. And there is no denying that a great looking, highly functional workspace that promotes idea-sharing, better networking opportunities and increased flexibility helps in building a great work culture.
Coworking has been a dominant trend in 2019 and will continue to be the most important workspace trend in 2020 due to its multiple benefits. It has successfully transformed workspace relationships by bringing in flexibility in the hierarchical systems that are a feature of traditional workspaces. It also enables an inter-sector and inter-industry interaction within the same workspace that represents a paradigm shift in the structure and nature of offices. This change is the most important one that has characterized the workspace industry in 2019 and will continue to do so in 2020. Co-working is soon going to be the most sought-after business in our country.
With the rise in demand, this industry has responded enthusiastically by offering a bouquet of services and features that make coworking a preferred option for not just start-ups or freelancers, but also for established corporates and MNCs. While there is still scope to meet this huge demand, basis the tremendous response we have received, we are optimistic that its potential for growth in the future is immense. The co-working phenomenon is here to stay and grow. While the basics of affordability, design, and flexibility will largely remain the same, every player will have to try to offer a little more than the others in order to stay competitive and attract more customers.
Mr. Manas Mehrotra, Chairman, 315Work Avenue, a leading co-working space provider