India currently boasts 2,882 coworking spaces, with the coworking market expected to surpass 50 million sq ft by the year 2023. Coworking accounts for 3.5% of the overall office stock in the country. and it is all set to pass 50 million square ft by 2023. The focus of owners will be on leveraging digital tools to improve operational capabilities. Global estimates suggest that coworking spaces will have more than 4,993,910 members by the year 2024.
Next to United States of America, India ranks second is coworking space exstabilshments.
The major rise in these kind of office spaces are majorly due to Covid. Covid playes a huge role in deciding the office struture which once was limited to on-site. Then came along "Work from home" concept which was the only option for IT companies since all that an employee required is a compter and an internet connection.
Now we are witnessing an influx of coworking space since companies are trying to get the employees back from their work from home to in-office culture. This is a hard move since employees are use to the comforts of the homes and are reluctant to joining the on-site offices.
The companies now have undertaken the daunting task of bringing the employees back to the office. To cope up with the reluctancy, companies are now offering hybrid work culture. Its basically, few days a week on site and rest, work from home. They found success in this since majority of employees are seeing this as work from home with an exception. The companies now don't require a full scale office. They can downsize the seating space to half or even lower.
Companies now opting coworking space can size up or down based on their in-house staff. Not only this, they don't have the burden of office maintenance, security and utilities as they are all covered by the owners of the coworking space. This helps the company project their finances exaclty while keeping their employees happy. Everybody Wins!
According to a report, the flexible space inventory in India is projected to exceed 80 million sq. ft. by the conclusion of 2025. Space and time sharing is another concept which these coworking spaces are employing. For example, two companies with working times 9 AM-5 PM and 8 PM - 5 PM respectively can use the same space furthermore boosting their finance as these are more cheaper than conventional office spaces.
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