The Growth of The Coworking Spaces

Coworking spaces are becoming more and more popular in India. With a growing economy, entrepreneurs and large enterprises are looking for ways to get out of the traditional office space and save on costs by moving into coworking and shared office spaces. Coworking spaces offer all the necessary amenities (sometimes even more) and provide a sense of community, often lacking in traditional work environments.

Let us trace the growth of coworking spaces in India into three segments. Pre Pandemic, During- Pandemic and Future prospects for coworking spaces in India.

Pre Pandemic

Startups and large enterprises realized the potential value of coworking spaces in terms of practicality, scalability and flexibility. MNCs and established businesses started favouring coworking spaces over traditional office spaces because of multiple benefits the former offers. One of the primary reasons for this inclination is the access to effectively managed office spaces and top-class business amenities that come along with it.

Present

COVID-19 pandemic had almost crushed the coworking demand in 2020. It had to bear the brunt of social distancing norms as it affected the profitability of coworking operations since they thrive on social interactions. Expansion plans of various coworking players were shelved or put on hold. But the silver lining was the way the coworking industry evolved itself to manage the crisis.

The pandemic and lockdown have revolutionized the way people work, pushing them to look for workspaces closer to home. Flexibility became the most commonly used term, from flexible work hours to flexible shifts. Coworking spaces managed to fill the gap between expectations and reality. Companies with expansion plans have also begun to see coworking spaces as an affordable and economical option as they can upscale their business and teams as needed.

Future Prospects

The future of the coworking industry in India looks bright. Businesses have benefitted from the range of amenities offered by coworking spaces, especially during trying times caused by the Pandemic. We can expect an upward rise in growth in the following years.

Speaking about numbers, according to a recent survey, the share of coworking spaces in total office spaces is currently at 3% and is expected to rise to 4.2 percent by 2023. By the end of 2023, the coworking space market will grow by another 50 million square feet in terms of total square footage.

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