Why Co-working Space is Gaining Popularity? Co-working spaces have caught the attention of larger corporate also, who are planning to cut down their office space and expenditures

According to Deskmag's 2017, Global Co-Working Survey, the co-working spaces are growing 22% per year and numbers of co-working members are growing 40% per year. Business giants like Instagram and Uber were incubated in co-working spaces.

Co-working has been revolutionizing the work culture across the globe. It is the fastest growing trend, especially for the startup ecosystem.

With the rapid rise of entrepreneurial spirit, more and more professionals are craving to get the authority to decide when and how they can work, along with looking for flexibility to choose an environment that motivates or encourages them.

Co-working spaces have caught the attention of larger corporate also, who are planning to cut down their office space and expenditures.

Cost-effective

Co-working spaces are cost-effective options with the larger opportunity to flourish. It has also provided opportunities to the real estate market and has emerged as the appealing choice for property owners looking for the efficient use of vacant spaces.

Flexible

Another reason for the popularity of co-working space is the level of flexibility according to the capability and quality of business need. The flexibility is in terms of rental agreements, improved networking, introduce extensible teams, pay as you use options, etc. The concept of co-working also promotes a sense of community and is best for the people who love to share office spaces.

Affordable

As the businesses keep growing, co-working spaces offer the viable option to scale the team and give an advantage of centrally – located businesses at much more affordable prices and low start-up cost. Even if the office space can be afforded financially, the time spent on sourcing equipment and furniture, getting licenses, connecting with contractors, etc. is the precious resource that should be given to building your business. Furthermore, co-working spaces act as the hub whereby businesses no longer to sacrifice the location quality for more affordable monthly rent and utility cost.

Being a part of co-working space means being surrounded by clients, mentors and potential partners, thereby generating the ability to easily outsource great talents in specific projects or time-sensitive tasks. Thus, it can be said that self – employment is on rising and co-working spaces have the capability to fit the bills of many.

Space according to strength

Another benefit of co-working spaces is their capability to provide the meeting spaces with the ability to cater from 2 – 20 people. It also helps in portraying a certain brand image. The settings offered are extremely luxurious and stylish along with all-day dining restaurant, café and cocktail bar and member's lounge. Facilities like short-term leases and flexible models which can be scaled up or down work best for current startups. Thus, a fixed layout in a co-working area prevents space from being utilized effectively.

Catering to constantly changing needs and different requirements, allows greater user satisfaction. In the light of all the above-mentioned points, it is not a big surprise that co-working is becoming popular by the day in metropolitan cities followed by 2–tier and 3–tier ones as well.

This article written by Ashish Gupta, Founder of SERENIA- co-working spaces and IHDP.

This article was originally published in Franchise India by Nibedita Mohanta.