The Rise of Co working Spaces

At the time when real estates prices are soaring high, the co-working offices are gaining popularity not just because of cost-cutting but it also leads to the sharing of various innovative ideas among the co-workers.

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The Rise of Co working Spaces
The Rise of Co working Spaces

Gone are the days to rent out an office space in India, with the rents increasing due to high demand which leads to expensive property prices. Say hello to shared office spaces!

The shared office experience is more flexible and cheaper solution to your start-up. You should invest your capital wisely when starting your company, and investing in a prime area office is not that important now a days.  It can save you up to 50% of your rental costs.

The Shared offices offer desks, chairs, internet connections, dedicated phone lines, printing facilities and even refreshments like tea and coffee for those long nights. Multinational Companies are getting in on the shared office experience too.  Multinational Companies need to have offices in the number of cities in India ranging from cities like Mumbai, Pune, Bangalore and Chennai. With the rapid need of opening new offices, renting out new space requires a deposit, setting up the office, registrations and plenty of miscellaneous expenses. With shared office spaces charging by the hour or seat, such costs are reduced with a reduction in the electricity, water and internet bills.

Studies have even shown that co working spaces provide people to exchange innovative ideas, discuss new technologies and share solutions to problems faced. The idea of employees from different companies interact reduce the need of competition which leads to high politics. Hence co working spaces are seen to be more productive as a result.

In today’s world, the need of meetings have reduced thanks to technology offering video conferencing between clients and even team members spread across the globe. Therefore there is no point in renting out an office, when all that is needed is good internet connectivity, desk and your laptop. Freelancers who work on day to day projects can now work alongside the company employees in a co working space.

Smartworks which is a shared office place operator, founded by Harsh Binani and Neetish Sarda is a Gurugram based company will be closing the year with one million square foot space.

Smartworks helped Tata Communication in getting a 44,000 square feet rental of co working space in Pune which was far cheaper than a 40,000 square foot space they needed.

“For instance, the tenant may not every day need large conference hall, auditoriums or meeting rooms. These can be shared on a pre-booking basis. The tenant does not to have to pay for the entire common space but gets access to it at,” Sarda, founder of Smartworks explained taking into consideration companies like Tata.

Creativity is vital especially in the IT field, and hence no dress codes and no cubicles help freedom which leads to overall creativeness. CBRE has reported that by 2020 co working space leasing will increase to 10 million square feet.