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Top 6 Trends To Look Out For In The Flex Space Industry In 2023 Over the past few years, there has been a significant shift in working patterns globally, with hybrid and remote working models becoming increasingly popular among businesses.

By Anand Vemuri

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Photo by Shridhar Gupta on Unsplash

Over the past few years, there has been a significant shift in working patterns globally, with hybrid and remote working models becoming increasingly popular among businesses. This is due to the numerous benefits that flex spaces offer, including flexibility, customization, and cost-efficiency, prompting businesses to consider switching from traditional offices to co-working spaces.

Here are six trends that I believe will dominate the co-working industry in 2023 and beyond.

1. Demand from corporates is here to stay: Organizations traditionally didn't consider coworking an option, that has changed since the pandemic. Having experimented with it as a temporary option many are sticking with it as their preferred way of operating in the future as well.

2. Employee experience has become and will continue to be a priority: With resistance to coming back to the office from a long period of working from home, companies are realizing that the goal of higher productivity of working from an office has to be nurtured with a commitment to providing a great experience to their employees while they are there. Coworking spaces in India are incorporating features that prioritize the health and well-being of their members, such as ergonomic furniture, healthy food options, and wellness programs among others.

3. Focus on community building: Offices are meant for collaboration, which suffered while people were working from home. Employers are keen to rebuild ties not just within their team, but in the larger business community they work within. Coworking spaces in turn are placing a greater emphasis on building community among members, through events, workshops, and networking opportunities.

4. Space as a service: Many companies have realized that their main business is not building and maintaining offices and that their time would be better spent in accomplishing their key business goals without distraction. As a result, space-as-a-service will become an important driver of coworking which allows coworking space providers to handle everything from constructing facilities to design, creativity and overseeing routine tasks like meals and hygiene.

5. Satellite workspaces are the future: Organizations feel that in their renewed commitment to employees, working near home actually helps employees by reducing the commuting time and thereby giving them greater opportunity to have a better work-life-balance. So satellite workspaces are becoming increasingly popular as a flexible and convenient solution for modern workplaces.

6. Partnerships between property owners and co-working space operators: Property owners and landlords are beginning to see the advantages of revenue and profit-sharing agreements with flex space operators, where the returns are shared. The dispersed space reduces the risk of long-term tenant turnover. The uncertainty of a single-occupant turnover can be mitigated by having several businesses occupy and use the same space. Once a co-working space is set up in a building, it is unlikely they would relocate easily once members have moved in. As a result, rather than renting the space to specific businesses, landlords are increasingly willing to engage with co-working hubs.

The co-working industry is expanding and transforming commercial real estate, diversifying its markets and bringing in fresh office space ideas. In 2023, these six trends will drive the sector, offering businesses a range of benefits that will help them operate more efficiently and effectively.

Anand Vemuri

Co-Founder of 91springboard

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