Tag: Coworking Space in patna

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Coworking in IndiaCoworking SpaceCoworking Space in PatnaCreativity

WE GIVE YOU 7 REASONS TO WORK IN A OPLUS COWORK

Coworking spaces services are growing. In Patna, mainly in great urban centres like Delhi Mumbai, Pune Bangalore, shared working spaces are increasing every day. However, contrarily to what was initially the trend, not only freelancers seek places like these as an alternative to home office. Nowadays, the number of entrepreneurs and even corporations adopting coworking is soaring and there are several reasons to justify it.

Ideal for professionals from different sectors, who want great infrastructures at reduced prices with multiple services available like big corporate. Here are 7 advantages of becoming a member of Oplus Cowork – a coworking space.

1. Possibility of “renting” an office at a lower price

A coworking space allows those who work on their own to have an office space that provides comfort and an environment that encourages business. For example, if you’re a freelancer tired of running to the local library or the closest coffee shop, this can be an excellent option. In addition, due to the income instability, it might not be easy to compromise on a rental of a standard office space.

2. Comfortable and fully equipped space

For those who prefer to focus all their attention on the business, setting free from the burden of dealing with logistics, coworking spaces are perfect. Besides services like water, electricity, internet and printers, you won’t have to worry with lengthy services’ contracts, cleaning, maintenance, etc.

In these spaces, you have access to all the necessary services for the development of your business – a comfortable and fully equipped space, often with reception, mail handling and phone services.

3. Double the motivation and productivity

For many, working from home has advantages, like comfort, saving time and the possibility of saving also on the monthly expenses with office space and meals. However, for others, home office is a synonym of a decrease on motivation and constant procrastination.

A lot of people say they can’t focus while working from home. Due to the aloneness and permanence in the same environment, motivation tends to plummet. The consequence of the lack of stimuli is, evidently, a nosedive on productivity.

4. An environment where creativity is contagious

Working on your own often causes creative blocks. Being integrated in an environment where others are creating and developing their own ideas, stimulates creativity considerably. Even if the industries that members of the community work in are different, a workplace with more movement encourages diversity and the exposure to new concepts and work methodologies.

A coworking space allows its members to be in permanent contact, and constant exchange of ideas and experiences, setting up a very dynamic environment.

5. In a coworking space, sharing is imperative

Besides creativity, “open-space” fosters a more dynamic and collaborative culture. The possibility of sharing an office with other brands aligned with your goals and values, facilitates the creation of advantageous synergies which has been attracting a lot of companies to coworking spaces.

6. A network that grows day by day

The opportunity to create networking, due to the community environment that the majority of these spaces share, is another huge advantage. You can meet different people almost on a daily basis and engage on the activities these spaces often organize such as: talks, products’ launch, investors’ meetings and workshops.

This environment is very favourable to increasing your contact list and that is also the reason why entrepreneurs choose coworking spaces.

7. Professional environment

For quite some time, coworking spaces were associated to laid back environments, very focused on young and independent people. However, nowadays, they go way beyond that.

In a coworking space, it is possible to find a very professional environment, despite the casualness. The interiors include distinct areas dedicated to office work, meetings with clients/suppliers and leisure.

Besides, it is important to mention that your possibilities don’t end on shared desks. You can choose a private office to work with your team and take profit from the fully equipped meeting rooms, Conference Hall and other open spaces.

Coworking in IndiaCoworking SpaceCoworking Space in Patna
Coworking in IndiaCoworking SpaceCoworking Space in Patna

5 reasons why you shouldn’t ignore coworking spaces

The working industry has seen a radical change post the coronavirus pandemic. Work from home (WFH) has become the new norm in all the major industries. Corporations like TCS and Infosys are planning to change their working model and emphasize more on the WFH model.  A lot of people have been losing their jobs too due to the pandemic which might result in more freelancers and independent professionals. Atmanirbhar Bharat, the vision of Prime Minister, Narendra Modi, will give rise to startups in India and further promote the idea of Made in India.

Be it freelancers or startups, everyone needs an office space and managing a new workspace in the initial phase of starting a business will only lead to unwanted operational costs. Coworking space provides a great solution to everyone and has a great opportunity post the coronavirus pandemic.

Coworking spaces are basically shared office workspaces where you can book cabin spaces, meeting rooms, conference rooms, place for an event and a lot more at reasonable prices. They provide flexibility while booking and you can book these spaces from an hourly basis to a monthly subscription. Coworking spaces provide not only with the office space but also offer various perks and amenities too.

Here are 5 reasons why coworking spaces are the future:

Making connections and networking

Yes, I know, you must’ve seen this everywhere, but this is the top reason why you should look at a coworking space especially if you’re an SMB or a freelancer. According to research from HBR (Harvard Business Review), one of the biggest reasons why SMBs prefer coworking spaces is because of the connections they make there.  Coworking space has people from a wide variety of fields working under the same roof. Working in a coworking space increases your chances of finding a potential client or that agency you’re looking for to uplift your brand.

Coworking spaces ensure better Productivity

Every business thrives on productive employees. Happy and productive employees ensure a booming business. The same study from HBR found that the combination of a well-designed workspace and a well-curated working experience are reasons why people working in coworking spaces thrive more than their traditional office going counterparts. Most coworking spaces are designed in a way to boost your creativity and provide entertainment options to boost your morale and increase productivity.

Coworking spaces cut down your operational costs

If you’re a startup or a business looking to expand in a different city, booking a workspace in a coworking space is a great option for you. Coworking spaces come with various perks all included in the hourly or monthly subscription fees, which would be an overhead cost if you have your own office. Coworking spaces also provide the option of virtual offices. Even freelancers or WFH employees can use it as an office space from time to time if they have to conduct a meeting with their teammates or clients.

Secured Internet connection

Security is one of the major concerns for any business especially if it’s an IT industry. One of the major requirements of the clients is the security of their projects. Coworking spaces provide VPN and dedicated IP addresses to ensure the security of your business. They ensure that your connection over the Internet is secured and save you the trouble of installing all the network security measures when setting up a new office.

Provide a sense of community and break the monotony

The main idea behind any coworking space is to form a community where people can come together and work in harmony. WFH can sometimes get too boring and monotonous. Coworking space provides a great option to have a healthy and creative environment to work in and provide a break from the loneliness of WFH. It’s your choice when and whom you want to interact with and coworking space provide you with a fresh change.

Call OPLUS COWORK now to get all these features and more in Patna.

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Coworking in IndiaCoworking SpaceCoworking Space in PatnaNetworking Skiil

9 Way of Networking Skills at Co-working

Business refers to the trading of goods and services with and by people. For that, there must be a connection building between them. Working in a co-working space not only provides the employees with a good location but also provides employees the chance to build a network.

A startup can trade with another startup and vice-versa. This will build a friendly and professional relationship among them. Entrepreneurs get the chance to promote their product in such an environment. Networking helps a lot in a budding business. Below mentioned are 10 tips to network like a pro in a co-working place.

How Networking skills can help in raising up your startup?

Conduct free workshops

If there are no workshops happening in the co-workspace, an entrepreneur can organize one. It can be a small workshop relating to the same field by inviting co-working companies. This elevates the brand promotion aspect too.

Suggest a work trade

Bartering for products or services are quite common. For example, a content writer may offer blogs to a web developer in return of a revamp of the writer’s website.

Strike a conversation

All you need is a warm ‘Hi’ and then maybe a coffee to build camaraderie with the co-worker. Do note that networking is nothing without an engaging conversation. Hence this is a vital tip in order to flourish with your networking capabilities.

Have an open door policy

Connections are built when the employees of the startup are open and receptive. Mostly the doors should be open for office neighbors. Try working in a common area if the work does not need a great deal of concentration.

Share knowledge

Share knowledge regarding your line of business and your specific industry vertical. Who knows? This might even open up new business opportunities.

Share Promotional materials

Invest in business cards and other useful promotional materials such as pens, books, key-chains, etc. This will remind the neighboring offices about your company’s name and ensure favorable brand recall value.

Display your passion

Relations are built and curiosity is developed because of the passion you display as an entrepreneur. This can emerge as a sole driving force in some cases to generate sales or interest and attract business inquiries.

Share past experiences

Sharing past experiences will give the neighbor offices a sense of attachment. This will help you develop a connection with other co-workers who are a similar stage regarding their business plan, their marketing goals, or their investment raising efforts.

Visit every event hosted by fellow tenants
You can look at the possibility of attending an event hosted by a fellow co-worker. You can also step up to be a guest speaker and give a small speech related to your niche. This not only improves the discoverability of your brand but also the potential of generating business inquiries.

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Coworking in IndiaCoworking SpaceCoworking Space in Patna

Why People Thrive in Coworking Spaces

here seems to be something special about coworking spaces. As researchers who have, for years, studied how employees thrive, we were surprised to discover that people who belong to them report levels of thriving that approach an average of 6 on a 7-point scale. This is at least a point higher than the average for employees who do their jobs in regular offices, and something so unheard of that we had to look at the data again.

It checked out. So we were curious: What makes coworking spaces – defined as membership-based workspaces where diverse groups of freelancers, remote workers, and other independent professionals work together in a shared, communal setting – so effective? And are there lessons for more traditional offices?

To find out, we interviewed several coworking space founders and community managers, and surveyed several hundred workers from dozens of coworking spaces around the U.S. A regression analysis following our survey revealed three substantial predictors of thriving:

People who use coworking spaces see their work as meaningful.

Aside from the type of work they’re doing – freelancers choosing projects they care about, for example — the people we surveyed reported finding meaning in the fact that they could bring their whole selves to work. They’re able to do this in a few ways.

First, unlike a traditional office, coworking spaces consist of members who work for a range of different companies, ventures, and projects. Because there is little direct competition or internal politics, they don’t feel they have to put on a work persona to fit in. Working amidst people doing different kinds of work can also make one’s own work identity stronger. Our respondents were given the opportunity to frequently describe what they do, which can make what they do seem more interesting and distinctive.

Second, meaning may also come from working in a culture where it is the norm to help each other out, and there are many opportunities to do so; the variety of workers in the space means that coworkers have unique skill sets that they can provide to other community members.

Lastly, meaning may also be derived from a more concrete source: The social mission inherent in the Coworking Manifesto, an online document signed by members of more than 1,700 working spaces. It clearly articulates the values that the coworking movement aspires to, including community, collaboration, learning, and sustainability. These values get reinforced at the annual Global Coworking UnConference. So in many cases, it’s not simply the case that a person is going to work; they’re also part of a social movement.

They have more job control.

Coworking spaces are normally accessible 24/7. People can decide whether to put in a long day when they have a deadline or want to show progress, or can decide to take a long break in the middle of the day to go to the gym. They can choose whether they want to work in a quiet space so they can focus, or in a more collaborative space with shared tables where interaction is encouraged. They can even decide to work from home, without repercussion, if they need to meet a repairperson or deal with a family member need.

And while coworkers value this autonomy, we also learned that they equally value some form of structure in their professional lives. Too much autonomy can actually cripple productivity because people lack routines. Coworkers reported that having a community to work in helps them create structures and discipline that motivates them. Thus, paradoxically, some limited form of structure enables an optimal degree of control for independent workers.

They feel part of a community.

Connections with others are a big reason why people pay to work in a communal space, as opposed to working from home for free or renting a nondescript office. Each coworking space has its own vibe, and the managers of each space go to great lengths to cultivate a unique experience that meets the needs of their respective members. Grind, for example, is a growing network of coworking spaces in New York and Chicago. Anthony Marinos, who oversees Grind’s marketing, community management, and member services, shared with us, “When it comes to cultivating our community at Grind, we’re all about the human element. We consider ourselves as much a hospitality company as we do a workspace provider. Our staff knows all of our members by name and profession, and we’re constantly facilitating introductions between Grindists.”

WeWork, which recorded a valuation of $5 billion last December, emphasizes how it “seek[s] to create a place you join as an individual, ‘me’, but where you become part of a greater ‘we.’”

Importantly, however, socializing isn’t compulsory or forced. Members can choose when and how to interact with others. They are more likely to enjoy discussions over coffee in the café because they went to the café for that purpose – and when they want to be left alone elsewhere in the building, they are. And while our research found that some people interact with fellow coworkers much less than others, they still felt a strong sense of identity with the community. We believe this comes from coworkers knowing there is the potential for interactions when they desire or need them.

So what are the implications for traditional companies? Even though the coworking movement has its origins among freelancers, entrepreneurs, and the tech industry, it’s increasingly relevant for a broader range of people and organizations. In fact, coworking can become part of your company’s strategy, and it can help your people and your business thrive. An increasing number of companies are incorporating coworking into their business strategies in two ways.

First, they’re being used as an alternative place for people to work. Michael Kenny, Managing Partner of San Diego-based Co-Merge, told us, “In the past year and a half, we’ve seen a dramatic increase in the use of the space by enterprise employees. We have seen teams come in to use various on-demand meeting rooms. We have users from global companies of size ranging from several hundred to several thousand employees who use the space not only to allow their distributed workers to get productive work done, but also to attract employees who demand flexible workplace and work time.”

Grind is also witnessing growth in the number of remote workers who are becoming members. “We haven’t had to reach out to larger organizations, they actually tend to just come to us,” Anthony Marinos says. “We’ve had employees from Visa, journalists from the Chicago Tribune, and even people affiliated with large financial institutions all work out of Grind.”

Spending time away from the office at a coworking space can also spark new ideas. Rebecca Brian Pan, the founder of COVO and former chief operating officer of NextSpace, explained how Ricoh’s innovation team worked out of NextSpace Santa Cruz for several months to observe how people work and where they hit pain points. Based on member insight and feedback, and their own observations, the Ricoh team explored several new products that could help members in their daily work and chose the most highly rated product to pursue. From this effort, Ricoh later launched this product globally as their Smart Presenter, a paperless meeting solution.

Second, the lessons of coworking spaces can be applied to corporate offices. Just as it’s important to encourage flexibility and support your mobile workforce, there is an equally important reality of creating the right kind of work environment inside your own walls. But this doesn’t just mean creating open plan layouts or adding a coffee bar.

In reality, people need to be able to craft their work in ways that give them purpose and meaning. They should be given control and flexibility in their work environment — many companies are increasingly adopting the best planning practice of providing a 1:1 ratio (or close to it) of desk seats to seats in shared settings used for either collaborative work or quiet work.

Companies are also trying to enable more connections, helping people to interact and build community beyond work meetings. Coworking spaces are one place to look for guidance, as they regularly offer networking events, training programs, social events, and even summer camp. Some companies are going even, further, however. Rich Sheridan and James Goebel, founders of Menlo Innovations in Ann Arbor, Michigan, recently expanded their office space by 7,000 square feet so that so that start-ups and early stage entrepreneurs can work alongside Menlo programmers to spur community and innovation.

In a way, the company is reverse-engineering its office into a coworking space.

Our research — which is ongoing — suggests that the combination of a well-designed work environment and a well-curated work experience are part of the reason people who cowork demonstrate higher levels of thriving than their office-based counteraparts. But what matters the most for high levels of thriving is that people who cowork have substantial autonomy and can be themselves at work. Our advice to traditional companies who want to learn from coworking spaces is to give people the space and support to be their authentic best selves. The result will be employees who feel more committed to your organization, and are more likely to bring their best energy and ideas to the office each day. Even if it is corporate headquarters.

A version of this article appeared in the September 2015 issue (p.28, 30) of Harvard Business Review.

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Coworking in IndiaCoworking SpaceCoworking Space in Patna

How co-working spaces have become the enablers for India’s business community?

Coworking spaces really enable innovation at your company

  • Open spaces, which are fundamental for coworking. If you want to create a space where people can speak, learn from each other and get new ideas, you need to remove all the physical barriers that block communication, such as private offices and boxes. Even more, you want people to change their working spot as much as possible so that they can mix every day. This helps to break the individual comfort zone gently, fostering productive interactions. Remember that innovation is about collaboration and teamwork, so open spaces will surely contribute to make this happen.
  • A place to live and work 24/7. We all need a nice place to give our best. Good coworking spaces try to create an appropriate environment, full of different spots that people can use for being physically rested and mentally focused. This means that you can find a sitting desk shared with more people to network or quiet rooms to focus on a specific task. You can also comfortably sit on a couch with colleagues to discuss some issues in a relaxed manner. And you will find, every day, a kitchen fully stocked with essentials, such as drinks and snacks, and where you can bring your own food to cook. Very different from a regular office! At real coworkings you may feel like being at home, working at your own pace. Of course, you should drop any fixed schedule: some people give their best in the morning, others in the evening or even at night. Just set them free to do it their way.
  • A place to empower people. A good coworking is not just an open and comfortable space, it also actively promotes collaboration, networking, and action. Through daily, weekly and monthly activities, co-workers can share info, events, and workshops, and they can also find the tools to get things done. They can either hire their coworking mates or get new ideas from some colleagues. They can also manage to organize fantastic events where they can learn and innovate. Just remove any constraints and give people whatever they need to unfold their creativity.
Coworking spaces really enable innovation

Flexible co-working spaces are not solely driven by start-ups, millennials and small and medium-sized enterprises anymore. It is also not limited to a specific kind of audience – there is a growing trend of big corporations also adopting co-working spaces in the recent past. Companies such as RBL, PayTM, Swiggy, Vice Media, Pepsico and OLX have already begun to move away from conventional spaces to co-working spaces.

During its early days, the industry started offering co-working spaces with the concept of short periods of stays. In a relatively short amount of time, the co-working industry has gone from a part-time, small-scale venture, to a global worldwide phenomenon. Today, we are nearing two million co-workers, working from thousands of spaces all over the globe.

Co-working spaces are also increasingly becoming industry agnostic and are seeing impressive growth. This has been possible due to the adoption of innovations and hybrid product & service offerings provided by the co-working operators. Co-working spaces are rapidly evolving themselves, keeping in mind the needs of their varied audience and adapting the space according to the needs of their corporate clientele. This includes providing a mix of private offices, fixed seats and even customising the entire centre specifically according to the client requirement. The spaces provide multiple options for customised spaces to established firms, start-up employees, freelancers, and emerging businesses.

Corporations working out of co-working spaces have witnessed lower operational costs and hassle-free operations. Currently, India’s workforce is dominated by the millennials who prefer a work culture that promotes community engagement, collaborative spirit, flexibility, and individuality – all aspects that co-working companies provide.  

According to a recent report by JLL ‘Reshaping Indian Workplaces’, steady demand from corporates, start-ups, and entrepreneurs have resulted in a huge jump in the coworking share in total office leasing which increased from 5 percent  in 2017 to 8 percent in 2018. In Q1 – 2019, it further increased to 12 percent. Factors such as technological innovation, digital transformation have further fuelled the trend of corporate companies joining the co-working space. 

Another trend that’s emerging is the growing popularity of managed offices which are customised for each occupier to meet all their requirements which includes workspace planning, flexibility, managing cafeterias etc. The prospects of the co-working industry look bright with drivers fuelling the demand for high-quality workspace with amenities. 

In spite of the growing popularity, like every industry, this too has certain challenges to overcome. Data security and privacy issues are one of the top concerns by companies opting for co-working spaces. For a company dealing with high volumes of confidential data, sharing space with external organizations can be potentially challenging. However, effective policy frameworks, ensuring soundproof rooms, and other procedures can help mitigate those risks.

Coworking in IndiaCoworking SpaceCoworking Space in PatnaCreativityInteriors
Coworking in IndiaCoworking SpaceCoworking Space in PatnaCreativityInteriors

Coworking trends in the year 2020

  • The total area occupied by co-working spaces in 2018 was 7-7.5 million sq.ft. which increased to 12 million sq. ft. in 2019.
  • With the help of investors and PE funds, the big players are likely to join the league in 2020.
  • Good merger and acquisitions have been forecasted in the year 2020-The no. of co-working centers is expected to double in the coming years. 
  • In 2020, coworking operators are projected to become the next heavily influenced industry by blockchain.-Eco-friendly infrastructure is something that will trend in 2020.

Let’s take a look at what’s in the store for coworking trends in the year 2020 and identify what are the key factors-

It is said that the workplaces are planned with the interconnected environment for technology by 2020. Millennials are always in search of high-quality, high-speed, affordable, and covetable space and services, innovative technology is in demand to meet these needs of today’s generation.

Coworking space trand

The large coworking players to expand in 2,3 tier cities-

Populated by various players, India is the country to witness an increasing number of shared workspaces. These players include We Work, Cowrks, Awfis, Oyo Workspaces, Springboard, Smartworks, etc. Today, these players have their centers across 350 cities in India, which is likely to double/treble in the coming years. Thus, this will be an upward trajectory. For multiple reasons, MNCs and established companies are also tilting towards coworking spaces in tier 2 & tier 3 cities.

Funding by various institutions increasing rapidly-

Being fundamentally capital intensive, the funding for coworking spaces has gradually increased in these years and is forecasted to grow. The year 2017 witnessed angel investors & very few PE Players, while 2018 & 2019 saw maximum deals driven by large PE players which gained a strong confidence in India’s co-working story. Thus, with the aid of investors and PE funding, the big players are likely to be bagged in the year 2020 which will allow them to expand more offices.

Strengthening of Coworking:

There are around 350 coworking companies in India as of today, but not all of them may survive the long haul. With too many players in one market, a saturation point is bound to be reached, beyond which the larger companies will take over the smaller ones. Mergers and acquisitions are an inevitable and fast-approaching trend to look out for in the coworking space. Dominant market players will acquire the smaller organizations, leading to only a few top-notch players in the market in the coming year. Like OYO taking over Innova8 for INR 220 Cr in 2020, we will see smaller or city-specific operators in 2020. 

Eco-friendly and climate-conscious initiatives: 

Environmental concerns have increased due to drastic climate change across the planet. India is home to some of the hottest cities in 2019, and other issues like water crises of different kinds across the nation are some examples of why immediate action is required. Coworking spaces in India already boast some eco-friendly initiatives which all their clients must participate in. An activity that could also serve as a CSR initiative for companies, activities, and initiatives, or even an eco-friendly infrastructure, are some trends that could emerge in the coming year for coworking spaces.

Budding businesses will drive co-working demand

The burgeoning and prominent segment of millennials is set to form almost 50% of the global workforce of 2020. According to JLL’s ‘Co-Working report on Reshaping Indian Workplaces’. India is known as the second-largest market for the coworking industry after China. India is known for being the youngest startup nation in the world after the US & UK.Bengaluru, Pune, Hyderabad, Gurugram, etc. are the few cities that have experienced the rise of the entrepreneurial wave. SMEs and large enterprises are also following suit, allowing their employees to be versatile and have effective time management.

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Coworking in IndiaCoworking SpaceCoworking Space in Patna
Coworking in IndiaCoworking SpaceCoworking Space in Patna

Co-Working Reshaping Indian Workplaces

The co-working segment has seen impressive growth in recent years and is acting as a catalyst for modern workspaces. This has been possible due to the adoption of innovations and hybrid offerings by the co-working operators. Their networking events, community initiatives and creative designs promote a sense of community and encourage collaboration. The business model adopted by some of the flex space operators is that of hybrid usage offering both managed offices and co-working. Success of co-working can also be attributed to the operator’s ability to respond to the needs of today’s agile and collaborative workforce. Experience oriented office space; superlative amenities and community-driven ecosystem are some of the benefits that are attracting office space occupiers to co-working centres. amenities and community-driven ecosystem are some of the benefits that are attracting office space occupiers to co-working centres.

Coworking space are adapting their space according to the needs of occupiers. They are providing a mix of private offices, Dedicated seats/ Shared seats and more recently even customising the centres specifically for their clients. The operators provide a seamless platform for an enterprise to outsource the sourcing, designing, building and managing of their office space thus allowing them to entirely focus on running their business.

Major benefits of co-working spaces

  • Spatial proximity between companies of various segments leads to communication and networking amongst members
  • Enables occupiers to take up space quickly if they need a temporary space or access to a new market
  • Increased flexibility in adopting lease tenure terms and deciding upon scale of operation
  • Provides access to various in-house facilities under one roof and acts as a common link between hospitality, administration and other support services, which turns out to be beneficial mainly for small scale and newer companies
  • Reduction of fixed overheads and cost savings of 20-25% compared with leasing a traditional office space

Co-working as a growth driver in Coworking market

The last few years have seen an exponential growth of co-working as a concept across major office markets in India. A comparison of the cumulative co-working space leased (in Grade A office space) by different service providers across top seven cities during 2017 and 2018 indicates a marked increase. While in 2017, the space leased was 1.9 million sq. ft., it increased more than two times to 3.9 million sq. ft. in 2018. In 1Q 2019 space leased by co-working operators has already reached 1.1 million sq. ft. and therefore it is expected that in 2019 it will surpass the area leased recorded in 2018.

The growing demand of co-working space is due to the aggressive expansion by existing players and entry of new operators. If we consider the top seven cities, the co-working share in office leasing has increased from 5% in 2017 to 8% in 2018. In 1Q 2019, it increased further to 12% demonstrating a healthy demand for office space from this sector. According to our estimates, there are approximately 325-330 co-working operators in the top seven cities of India. (This number does not account for smaller operators existing in these cities).

Coworking Growth

EVOLVING CO-WORKING ECOSYSTEM IN INDIA

Coworking space in india

India has one the highest office space requirements in the world. The total annual office space absorption in India stood at around 41 million sq.ft. in 2017. On the other hand, the country is also experiencing growth in the number of startups and freelancer population. As per the report published by NASSCOM, India had around 4,200 startups in 2015, which is poised to grow by 2.2% to reach 11,500 by 2020. Total funding received by Indian Tech Startup in 2017 was around USD 13 billion. These statistics point towards a huge scope for the co-working industry.

However, popularity of co-work spaces in India is comparatively recent. It was only during the early phase of the ongoing decade that the trend of co-working started catching up in India. Launched in 2013, 91Springboard was one of the earliest well known organised co-working space in India. Until then, the only well known shared office space provider was Regus, which rather than a co-working space was more focused on business centre and virtual office space services. While WeWork, the global industry leader opened up its first India centre at Delhi in the mid of 2017 and is currently operational with around 16 centers across Mumbai, Gurgaon and Bengaluru.

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