Co-working now takes up 27 million sq feet of office space across US. The potential market size for the co-working segment across India currently stands in the range of 12-16 million. There are currently 14,411 co-working spaces in the world today. It is anticipated that by 2020, co-working spaces will completely takeover the traditional office spaces.
Well, clearly, co-working is here, there and everywhere. It is the most celebrated work trend and this is just a nascent development. The trend is still shaping up thus the dynamics keep changing.
Here are 8 interesting co-working trends for 2018:
- Massive Increase in Demand: The trend of co-working is spreading like forest fire. Especially the increased number of startups is fuelling this trend. India is currently one of the top 10 destinations in the world for startups and thus, co-working is going to witness a massive surge in demand. This will mean the rise of co-working spaces, more aggressive competition and thus improved amenities offered at co-working spaces.
- Work Flexibility Will be The New Norm: Co-working spaces endorse work flexibility. Every professional has an individual tendency to be productive during a certain phase of the day which hitherto was suffocated in the 9-5 working hours. With co-working trend gaining strength, work flexibility will be more acceptable.
- MNCs Adopting Co-working: Co-working might have gained strength because of startups but now it is increasingly being adopted by MNCs as well. Multinational giants like Microsoft, Facebook, Google, IBM, AT&T etc have already begun investing in co-working spaces.
- Physical & Mental Well Being: We are living in times of great awareness and thus, finally the world has paid attention to the fact that physical and mental health needs to be nurtured at workplaces for the wellbeing of the professionals as well as for improved productivity. Co-working spaces are offering yoga classes, workout sessions etc within the co-working arenas. Also, with co-working spaces bringing like-minded communities together, mental health can be nurtured through stimulating discussions and engagements.
- More Co-working in Suburban & Rural Areas: Co-working will not stay confined only to the cities as the trend is expected to drive even suburban and rural workforce. Because of its cost effectiveness, co-working is not difficult to set up and thus suburban and rural professionals too can experience this blooming style of working. Even in India, apart from the 4 metropolitan cities, co-working spaces are coming up in various other cities such as Pune, Ahmedabad, Hyderabad, Bengaluru, Indore etc.
- Holistic Work-Life Balance: Co-working spaces are expected to strive to provide greater work-life balance to the professionals and with amenities like lounges, childcare centre, meditation centres within the co-working arenas, the professionals can concentrate of work without stressing about personal life responsibilities.
- Symbiotic Communities: Co-working brings communities together in a way that deters competition and facilitates associations and knowledge sharing. Co-working spaces can result in well knit communities and better work opportunities for all.
- Changes in Real Estate Dynamics: There was a time when office spaces were bought on a 15 year lease or even 50 year lease. Now, with the surge in co-working spaces, it is all about rapid shifts and being at the right place at the right time. Real estate is expected to adjust to this demand with flexible offerings.
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