Coworking Spaces For Better Business Partnerships, Revived Relationships And New Business Pitches

India is experiencing a new wave of entrepreneurship and the growth of the next generation of founders, freelancers and businesses has put the demand for co-working spaces on a monumental rise

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The pandemic-induced trends have reshaped the outlook towards office spaces. Flexibility has become the guiding light that is helping companies to create a vibrant work ecosystem and nurture new bonds and partnerships. Notably, the co-working operations had slowed in pace during the pandemic but as soon as the fear withered away, this segment bounced back quickly. Owing to myriad benefits, the co-working space has gained full steam and it has emerged as a top choice of companies for better productivity and most importantly to explore networking opportunities, pitch relevant business ideas and form culture and financial bonds within the shared spaces. These multiple benefits are helping businesses to mushroom across the country and the concept is set to catch a flight this year.

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India is experiencing a new wave of entrepreneurship and the growth of the next generation of founders, freelancers and businesses has put the demand for co-working spaces on a monumental rise. The professionals want flexible spaces to express creativity and develop better bonds with their colleagues or partners for better assistance, learning, ideation, upskilling, strategy and planning. The idea of traditional cubicles has become a thing of the past and the professional world is transforming into a collaborative environment with better networking opportunities. The young, aspirational workers don't look at offices from conventional lenses and aspire for spaces that perfectly mirror their lifestyle and work styles. The dynamics have altered and even the employees now seek convenience, ease, and a collaborative environment for a hassle-free work experience. Convenience, flexibility, and cooperation are the new catalysts behind increased networking, establishing new business opportunities, and financial and cultural alliances.

The co-working spaces offer shared spaces that profit the new business by providing enough room to meet, interact and form bonds with multiple stakeholders for growth. The organizations too are well-aware of the fact that an attractive ambience and collaborative work culture keeps employees motivated, develops bonds, revives relationships and enhances their efficiency.

As co-working spaces perfectly deliver on all these modern-day trends and needs, the demand is on an uphill climb. As per a recent study conducted by JLL, the share of coworking spaces within total office spaces presently stands at 3 per cent which is estimated to increase to 4.2 per cent by 2023. In terms of total square feet expansion, the coworking space industry is expected to grow by another 50 million square feet by the end of 2023.

Today, smart offerings, backed by technology are making workplaces smart, advanced and taking them ahead to meet the post-pandemic requirements. Advancements such as cloud-based communication tools, app-based locks, firewall enablement, voice-command-based rooms, and digital flipcharts are the new favorites. These elements are not just enabling a smooth workflow but also driving efficiency and operations to help businesses gain competitive advantages. The trend and culture of coworking spaces are here to stay and the future of these coworking spaces primarily in India looks promising.