Serviced offices, as well as the newer concept of coworking spaces, are presently assimilating into the same overall market product. Until some time back, the industry of flexible workspaces got fragmented. While one fragment evolved as a market for serviced offices, the other evolved as a market for coworking spaces.
Due to the increased demand for flexibility, the serviced offices are converting to coworking spaces and there are several takers of the same. Here are some of the prime reasons discussed below which are responsible for this conversion.
- Tremendous growth– Most of the startups as well as the established companies are seeking out financial savings, flexibility, social communities, excellent design, and networking. The overall industry of serviced offices, as well as co-working spaces, is growing rapidly due to these reasons. These are the prime reasons why the business world is coming up with several coworking spaces in all the major cities in India every month. There are several landlords who are dealing in coworking spaces and are constantly innovating newer ways of delivering value for all their coworking clients. The best of the services and actions are eventually adding a lot of value to the clients and maintaining the indispensability and relevance of these office spaces. The value is brought over by the coworking space providers through new and intelligent software, meaningful and increased focus on the functional workspaces and valuable connections. This could extend the life cycle of the clients in the concerned coworking space. This would eventually result in increased leases for the coworking spaces.
- Recognizance– The coworking spaces are growing up to be big brand names and are usually located in the prestigious addresses which have got great connectivity, world-class infrastructure, and facilities. So, the startups are getting a great opportunity to operate from the prestigious business locations in the most prime business districts right from their launch phase. This was not possible earlier when coworking spaces did not exist.
Companies are witnessing the benefits of opting for the coworking spaces. In the present times, the shared offices in India are on the march. Companies both small and large are realizing the logic of such great deals that are available with the coworking spaces. There has been a major shift in the mindset and trend, and the frumpy “serviced offices” are turning into the cool and fashionable “coworking spaces” and is becoming a great platform for creative minds to meet.
In today’s world, most of the serviced offices are converting into coworking spaces and these have become the part of the same industry. The tenant base has diversified and now includes startups and companies from different industries. There are several blue-chip companies as well as freelancers opting for the coworking spaces and benefitting immensely from the same.