ARE CO-COWORKING SPACES THE NEW NORMAL POST-COVID SECOND WAVE?
KEYWORDS: COWORKING SPACES, CO WORKING SPACES IN VILE PARLE, CO WORKING SPACES IN MUMBAI
Coworking spaces have become increasingly popular in recent years, and their popularity is rising rapidly in India. India is, in fact, APAC’s second-largest market for flexible workplaces, after China. These workspaces were rising in popularity even before the pandemic. Considering their flexible nature cost-effectiveness and flexibility of services as required. But with the second wave, they are becoming a promising alternative to your normal usual 9-5 office.
Mumbai – a story of adopting co-working spaces
According to a JLL analysis, net utilization of commercial spaces in Mumbai grew by 4.4 per cent year over year in 2013 to around 7 million square feet, up from 6.7 million square feet in 2012. Mumbai was the fastest-growing city in terms of office space absorption in the first half of 2011. The availability of office space in the city was a major factor in the growth. In comparison to the central commercial area, companies preferred suburban regions in Mumbai for leasing office spaces until the end of 2013. The huge costs of commercial premises in the city’s most prominent business districts drove this shift. Additionally, the city’s suburban environment was flexible to the varied preferences and demands of the businesses. This shift in the city’s commercial space environment, as well as infrastructure development, have attracted businesses from under-represented sectors on the city’s business map. Commercial space for rent has expanded in Suburban districts such as Navi Mumbai, Thane, and other parts of Eastern Mumbai such as co-working spaces in Vile Parle, Powai etc. Mumbai’s office space vacancy rate fell to 22.9 per cent in 2013. The city saw a large decline in office space vacancies in regions like the Western Suburbs during that year.
Why co-working spaces are becoming a preference?
Cost-effectiveness! Be it a freelancer, co-worker, start-ups or big companies/firms. Every economic activity wants to invest less and gain more. These commercially usable co-working spaces with its high-end to the notch technologies, infrastructure. Offer these individuals or companies a promising to work and be productive.
They have a sense of belonging. People pay to work in a shared area rather than working from home for free or renting a dull office because they just want to connect with everyone. Each coworking space has its own personality, and the owners go to great lengths to create a one-of-a-kind experience that caters to the demands of their members.
They’re sociable. Coworking spaces attract a diverse mix of people, from freelancers to small enterprises, ensuring that there is always a room for people to share thoughts and ideas with. Freelancers tend to express their displeasure with their work, particularly while working from home. Co-working office spaces, on the other hand, may be extremely collaborative, giving people the ideal environment in which to collaborate.
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