The first look of coworking space promises a bright future for the industry in the coming days. Just take a look at these stats – Around 10% of office space is currently held by coworking spaces and the number is likely to go up by another 15% in the next few years.
Since firms have realised that coworking is the future, some practices will naturally come to the fore. Check out some of the trends that will play a major role in coworking sector in India.
- Increase in mergers and acquisitions
Small and upcoming firms who are strong will likely look forward to being acquired by the big companies to consolidate their position. We have already seen a few instances in this regard – Take the case of Oyo taking over Innov8. Since there is a ready-made set up, the established firms might be tempted to invest in promising start-ups.
- Demand for highly-rated coworking space
The demand for niche coworking space will witness a spike from all quarters. Thanks to the well-planned office-sharing spaces, it will be easier for start-ups to begin their business in quick time. As the competition increases between the start-ups, the demand for coworking spaces will also be high.
- Customer-friendly and great hospitality
There can never be room for compromise when it comes to quality. Coworking space has to be in line with the discerning occupants who expect nothing but the best. The quality of coworking space is already visible and it is only going to be better in the future with contemporary designs and a great network for companies to flourish.
- Gen X amenities
The design and amenities at coworking spaces will largely be influenced by millennials who represent over 40% of India’s workforce. Most of the younger generation are moving towards start-ups because of the freedom and work culture. And these start-ups are dependent on the coworking spaces to feed them with futuristic amenities.
- Gradual shift to Tier 2 and 3 cities
The demand for coworking spaces will remain steady in Tier 1. However, there will be a steady increase in demand in Tier 2 and 3 cities. Companies might start to look for more cost-effective locations as the competition in Tier 1 cities like Bangalore, Mumbai, and Delhi is bound to increase.
- Knowledge sharing
Coworking will be a great platform to share the knowledge that will lead to the development of all the parties involved. Companies will be benefitted from the available network on offer at the office sharing space.
Apart from the discussed points, the existing trends like events and community building, and access to angel investors will continue to contribute to the culture of coworking spaces.