Four factors driving the success of coworking spaces in India

20 February 2021

Four factors driving the success of coworking spaces in India

  • Business Today

With over 19,000 coworking spaces across the globe, shared workspaces have disrupted the commercial real estate with robust demand through 2019 and will continue to gain traction in years to come.

Shared workspaces have changed the landscape of the Indian real estate market. The growth in the commercial real estate segment in India is a testament of the demand coworking has garnered in the Indian market.

Coworking spaces are now increasingly a strong alternative to conventional office for the Indian workforce due to a perfect blend of tangible & intangible benefits including the various amenities, superior infrastructure, tenure & cohort flexibility, community networking opportunities and enhanced convenience.

In the last 5 years there has been a fundamental shift from coworking for only start-ups & freelancers to greater adoption by SME’s & corporates who now form a large customer base for all coworking providers in India.

This shift in the coworking audience can be attributed to a few factors including a greater emphasis on work-life balance, evolved requirements of a workspace, flexibility in rental periods and expansion of seats while upsizing team etc. The key drivers for growth and immense success of coworking spaces can be attributed to the following factors

Workspace as a Service (WaaS)

Coworking spaces are synonymous to the hospitality industry with customers’ expectations being similar to a hotel with an increased focus on engagement, service excellence and seamless experience.

The customer-first approach is one of the essential elements that has led to the success of shared workspaces. The ability for the companies to get a plug & play environment that is completely flexible for tenure, fully serviced by experienced and trained staff delivering a stellar experience for their employees makes coworking an obvious choice for all scale of companies.

With shared workspace, community members have access to a dedicated community manager, approachable & trained staff and welcoming & well-designed workspace which makes them feel constantly at ease and lets them focus on doing their core business.

Coworking spaces provide workspace as a service by providing warm and hospitable staff that is focused on timely redressal of any customer grievances resulting in great customer experience.

This leads to word of mouth referrals and builds brand credibility. In lieu of the ever-evolving needs of the clientele, coworking operators are now catering to different requirements across the spectrum of work and at the same time provide immaculate hospitality to their users.

Community Building

Community is the most important pillar of a coworking space. Building a community and enabling collaboration among like-minded individuals is one of the major goals of shared workspaces.

The deep sense of community aids not only in building a healthy rapport but also increases the chances of discovering business opportunities within the community, further widening a company’s ability to grow revenues.

The vibrancy of coworking spaces acts as catalysts in this process. The exchange of ideas, bonding over common interests and friendly community building exercises makes shared workspaces a preferred choice for new-age companies and large enterprises alike.

Coworking spaces can also enhance and boost productivity and creativity levels of individuals. Happy, motivated professionals end up with a long-term commitment to their job thereby reducing the cost in hiring new employees for organisations.

Utilising shared workspaces also helps in expanding the existing skillset of an individual as they might be sitting next to a diverse set of people such as designers, lawyers, entrepreneurs etc. The interaction with varied professionals leads to perspective building and solution-oriented thinking ultimately leading to greater productivity for the coworkers.

Workspace Management Expertise

Coworking has become an integral part of every corporate’s real estate strategy. A deep-rooted understanding of the various aspects such as location, design, project management, IT services and facilities management are driving the success of shared workspaces.

Coworking space providers liaise with multiple vendors to provide a tailor-made, packaged solution to its clients, thereby, taking away the hassle of individually managing the many aspects of creating a workspace.

The integrated approach to workspace management leads to seamless service delivery and better customer experience. Coworking space format be it in existing speculatively built centres or the customised solution that are fully managed and curated for specific customer allows the community members to enjoy the countless round-the-clock amenities (housekeeping, pantry, meeting rooms, printing & stationery, Wi-Fi, CCTV surveillance etc.) and benefits at cost-effective prices without the hassle of managing it on their own.

Technology

Embracing technological advancements and offering automated processes is one of the major drivers of coworking spaces. Today, many coworking operators offer on-the-go apps enabled with real-time solutions and the ability to tackle routine operational tasks so that community members can focus on doing business.

The Gen Z & millennial consumer is constantly booking cabs, ordering food, shopping and managing day to day tasks on their fingertips and now the ability to book a workspace and be able to choose the duration, location and number of work desks makes coworking an instant hit with them.

A clear understanding of the key drivers in the success story of shared workspaces will further enhance and reinforce the initiatives of coworking players.

The coworking segment has grown by leaps and bounds and is only slated to gain momentum over the course of time.

According to a recent report by Anarock, the number of coworking centres are likely to double or treble in a couple of years and will continue to drive demand thereby paving the way for coworking’s growth in India.

This story appeared in the 10 February , 2020 issue of Business Today and is authored by Amit Ramani, Founder and CE0, Awfis. This article was originally published at :Four factors driving the success of coworking spaces in India (businesstoday.in)

Work from office resumes in 35% companies after 2-year gap, shows survey

04 August 2022

Work from office resumes in 35% companies after 2-year gap, shows survey

  • Posted by Awfis Editorial

The pandemic – work from home spell may finally be coming to an end for employees of tech-based companies. A Colliers-Awfis survey has revealed that around 35 per cent companies have already witnessed a return of around 75-100 per cent employees back to office. The return to office, includes hybrid modes of work where employees come to work for a few days in a week.

An ebb in COVID-19 cases has helped building confidence in people to return to work.  At the same time, about 74 per cent of the occupiers are looking towards distributed workspaces as a strategy to shift from location-centric to people-centric workspaces.

This will enable flexibility to employees while furthering productivity gains for businesses.

The Colliers-Awfis joint report explores the status of return to work across different sectors. It delves into how occupiers are likely to choose distributed workspaces and devise flex space strategies by understanding their current usage patterns and preferences.

According to the report, telecom and consulting saw around 75-100 per cent return to office while IT and New Technology saw around 25 per cent return to work trend. Among the workplaces which are witnessing a return to work, around 74 per cent are likely to adopt distributed workspaces while around 53 per cent prefer working in the hybrid format. Additionally, about 49 per cent occupiers are likely to adopt flex-centres to enable distributed workspace, followed by setting up their own offices in metro and non-metro cities.

“The survey reveals that as occupiers straddle business goals and employee wellbeing together, about 74 per cent occupiers are looking at distributed workspace, and more than half of the IT/ITeS companies prefer a distributed work model for their employees. Therefore, we can see opportunities for flex spaces not only in metro cities but also in non-metro cities. In fact, in non-metro cities, total flex spaces are likely to grow more than two-fold to 5.5 million sq feet by the end of 2022.” said Ramesh Nair, CEO – India, Colliers, said.

Amit Ramani, Founder and CEO, Awfis said, “The findings of the survey are a testament to the success of the distributed work model and subsequently of flex spaces in catering to the ever-evolved workspace needs of India Inc. The survey unveils that currently 74 per cent occupiers have adopted flex centres for their workspace needs given the multiple benefits associated with flex working. Going forward, 77 per cent occupiers will include flex spaces as part of their workplace strategy. We expect exceptional demand in the future, driven largely by large corporates for de-densification of existing traditional offices.”

“Keeping employee centricity at the forefront, 79 per cent of the occupiers feel that distributed workplace strategy will be highly beneficial to save time and money. Additionally, work-life balance, mental wellbeing and team productivity are fueled when opting for flex spaces,” said Sumit Lakhani, Deputy CEO, Awfis.

This story appeared in the 4 August, 2022 issue of Business Today and was originally published at: Work from office resumes in 35% companies after 2-year gap, shows survey

Co-working spaces are leading the race for sustainability in real estate

15 June 2022

Co-working spaces are leading the race for sustainability in real estate

  • Posted by Awfis Editorial

While traditional workspaces are doing their bit in saving the planet, co-working spaces are not too far behind. From the future of work to the future of sustainability, co-working spaces have the potential to unravel the problem of sustainability in real estate.

In a post-pandemic reality, as we move toward normalcy, sustainability has come to the forefront as governments, investors and built environment stakeholders, consider how to build a better future for generations.

In an evolved reality, businesses have undergone significant changes with externalities such as climate change, finite resource availability, and changing stakeholder expectations. However, with the evolving landscape, the yardstick for business success has considerably shifted from short-term profitability to long-term sustainability for stakeholders. Recently, there has been a boost in Environmental, Social, and Governance (ESG) factors being regarded and incorporated into commercial real estate transactions. Whether we look at investors or occupiers, it is evident that demand for more sustainable practices and structures is rocketing. Seeing this growing awareness and demand for eco-friendly products & services, ESG has become a key element of decision for corporate occupiers, employees as well as investors in commercial real estate too.

Talking about offices, the concept of ‘green workspace’ will soon become a standard rather than an exception. While traditional workspaces are doing their bit in saving the planet, let us look at how co-working and shared office spaces hold on to the more profound significance of sustainability. From the future of work to the future of sustainability, co-working spaces have the potential to unravel these problems.

Shared use of resources

Being a co-working space, it is a shared workspace for multiple organizations, businesses and individuals. These flexi spaces possess a huge potential to support environmental sustainability due to their inherently sharing-oriented composition. At their core, they support the sharing of space, supplies and other resources, thereby cutting down on basic wastefulness. Compared to a traditional office, co-working spaces offer common utilities to all workers from different field or companies, like a printer, coffee machine, etc. Not only is this cost-effective, but it also sends less waste to the landfills & results in less electricity consumption. Had there been no coworking spaces, these businesses would have been operating out of their different offices thereby increasing the usage of space and land.

Energy efficient travel
Commuting to independent offices can prove to be a hassle as employees from different corners of a city travel to these conventional office spaces which are generally located in a commercial district. Since co-working spaces have a vast network and are present at multiple prime locations, it is easily accessible to employees through a short distance commute. This not only helps them save time and money spent on travelling but from a sustainability point of view helps in reducing pollution generation and carbon footprint.

Integration of tech
The COVID-19 pandemic has caused businesses to be more reliant on technology than ever before. Apart from being equipped with natural lighting, greenery and open space, flex spaces are opting for intelligent LED lighting which uses much less power and has a considerably longer lifetime. Shared workspaces are optimizing energy usage by changing the lighting & ventilation design to reduce energy consumption per unit. With use of advanced building design software, coworking spaces are leveraging the opportunity for smart, data-driven decisions within every element of design and construction, from glass curtain wall detailing, to implementing natural daylighting strategies, to prefabrications, raw material procurement and so on.

Individuals and organisations now realise the significance of preserving resources as it helps us to lead better professional as well as personal lives. Today, builders and business owners are collaborating to build eco-friendly office complexes, tech-parks and zero-waste facilities. Even when the healthcare crisis is over, there can be no going back to the ‘old’ normal for office spaces. It will be upon us to shape its recovery and make the case for positive change as we build back better, and flex spaces possess a huge potential contribute towards an environmentally conscious workspace.

This story appeared in the 15 June, 2022 issue of Business Today and was originally published  at: Co-working spaces are leading the race for sustainability in real estate, Business Today
Co-working space provider Awfis opens new centre in Chennai

10 June 2022

Co-working space provider Awfis opens new centre in Chennai

  • Posted by Awfis Editorial

Co-working space provider Awfis has set up its new centre in the city, the seventh such facility, under its plan to strengthen presence pan-India, the company said on Friday.

The state-of-the-art facility, spread across 45,000 sq ft with 650 seats, is equipped with ‘cutting-edge’ infrastructure and has design in line with the company’s philosophy of creating space reflecting Indian culture.

Awfis currently has seven co-working centres in Chennai and the company plans to open four more centres by end of the year, a company statement said.

The new centre is part of the company’s premium workspace offering — Awfis Gold — which aims to deliver an unparalleled workplace experience to the company’s clientele.

”..we have realigned our offerings to meet the requirements of the workforce in line with the new reality. Our continuous expansion in Chennai is a testament to the ever-increasing demand for shared workspaces across clients…”, Awfis founder-CEO Amit Ramani said.

Awfis clientele in Chennai comprises of start-ups, small and medium enterprises and multi-national companies. Some of the brands that have taken space with Awfis includes Sony Pictures, Suzuki, Lenovo, Practo, WayCool among others.

This story appeared in the 10 June, 2022 issue of Business Today: Co-working space provider Awfis opens new centre in Chennai: 

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