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What Is Coworking? Everything You Need To Know About Coworking Spaces

There has been a lot of buzz lately around coworking spaces, but what exactly are they, what makes them beneficial over traditional offices, and what is their future?

 

If you are wondering about these questions, then this comprehensive article is what you need.

 

Let’s get started!  

 

What is a Coworking Space?

In its literal sense, coworking refers to a workplace where people work in a neutral space either in groups on the same projects or independently. What makes it different from a traditional office is that the people will be working for different companies and businesses. They will be offered the same amenities, security, meeting rooms, digital assets, etc.

What makes coworking ideal is that it is cost-saving and allows the use of common infrastructure, including equipment, utilities, and receptionist and custodial services.

When did Coworking Begin?

The first coworking space was founded in 1995 by hackers in Berlin with the idea to share thoughts, space, and information to complete tasks to those who joined the membership. And the word ‘coworking’ was first used by Bernard DeKoven to describe everyone as ‘working together as equals.’

In the same year, a software company in New York initiated a flexible desk setting. Eventually, the idea of coworking caught up and in 2002, the first coworking space opened in Schraubenfabrik, Vienna. This space began as a community center for enterprises and later expanded to include freelancers and other professionals working with cell phones and laptops.

Then in 2004, local networks of coworking spaces, known as Konnex Communities began to grow. Soon, coworking spaces started to crop up in different parts of the world, including San Francisco and Germany.

In 2013, 91Springboard started a coworking space in New Delhi, and by 2018 the corworking industry started booming.

Come 2020 and the preferred setup for offices is now coworking. Flexible workspaces are chosen over traditional offices as they help save cost, provide better amenities to staff, and access advanced technology. It also helps develop a sense of community and share/seek ideas with a broader range of people.  

The year also witnessed the rise of new coworking assistance platforms like Propques that help landlords and entrepreneurs design and run coworking spaces. The company also assists existing coworking space owners to boost sales and revenue.

Who are the Prominent Coworking Space Players in India?

Regus: 113 Centers in 14 Cities

91Springboard: 17 Centers in 7 Cities

WeWork: 9 Centers in 3 Cities

MYHQ: 60 Centers in 1 City

Social: 15 Centers in 3 Cities

BHIVE Workspace: 6 Centers in 1 City

awfis: 28 Centers in 3 Cities

innov8: 10 Centers in 2 Cities

instaoffice: 10 Centers in 4 Cities

Who Prefers Coworking Spaces in India?

Out of the 12 to 16 million coworking seats in India, 10.3 million seats are occupied by enterprise customers, 1.5 million by freelancers, another 1.5 million by SMEs, and 0.1 million by startups.

Over 85% of business centers and coworking spaces are available in India’s tier-I cities, and the remaining 15% is in tier-II cities. The highest demand for coworking spaces comes from Mumbai, Delhi-NCR, and Bengaluru.

What are the Biggest Advantages of Coworking?

We will deep dive into this topic in another blog, but to touch base, here are the top 5 advantages of coworking.

24×7 Access: As the workplace is open round the clock, you can offer the benefit of flexibility to your workforce.

Networking: Access to so many people opens doors to new opportunities where ideas flourish.

Community: There’s a sense of community that helps develop a sense of working together.

Flexibility: Startups with small bootstrap budgets can find affordable options over long-term lease setups.

Common Amenities: From kitchen to restrooms, lounges, conferences, and meeting rooms, there’s everything you need to keep your workforce comfortable.

Technology: Not just fast Wi-Fi, you get all the latest equipment to run your business smoothly.

Who Uses Coworking Spaces?

 

  • Freelancers or Remote Workers
  • Startups
  • Small Businesses
  • Enterprises
  • Non-Profits

What do People Look for When Choosing a Coworking Space?

  1. Location

Everything boils down to location. After all, the office should be within a reasonable commuting distance from home. Plus, it should have conveniences like availability of parking, shops, restaurants, and public transit within arm’s reach.

  1. Budget

Affordable, flexible, and convenient are important components that get factored in when choosing a coworking place.

  1. Short-Term or Long-Term? 

Other important element is planning for the future. Whether you are looking to expand in the near future or stay at your chosen workplace for a while, helps narrow down coworking place options.

  1. Work Environment 

In addition to a good place to run your business, your workforce needs to foster a feeling of togetherness and build a community where ideas are shared and encouraged.

  1. Amenities 

Unique amenities are always a plus for any coworking place; they help businesses show how much they care about their employees.

What is the Future of Coworking Spaces?

Technology, opportunity, and awareness are the three major components that give wings to the coworking space industry.

Experts foresee that over 38 million people are expected to work from coworking spaces by 2020, from which 13 million will be from India. Additionally, India is expected to receive a $400 million investment in the coworking segment.

Should You Try Coworking?

Coworking is the best thing business you can invest in to start on your own. Young entrepreneurs appreciate it as it allows you to build a coworking community that is as unique as your ideas.

Our strategists can help you through your journey of starting or running a coworking business efficiently. They will help with everything – be it analyzing the success rate to providing the necessary training. We are just a call away!

 

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Source for statistics: https://digest.myhq.in/growth-of-coworking-spaces-india/



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