As the number of business advances, new requirements evolve. With commercial space becoming more compact and land prices skyrocketing, co-working became the new arrangement in recent years. Although in a nascent stage in India, co-working has become an important phenomenon in this vibrant business landscape. In a few years only, it has started taking hold in the market.
The demands are fueling because of the lucrative opportunities it is presenting to businesses, regardless of their shapes and industries they operate in. A healthy mix of offerings viz., superior infrastructure, technologically advanced facilities, viable rentals, and amenities are making co-working spaces a one-stop-solution to many problems. Businesses have emerged and flourished with this novel solution.
So, let’s delve into how co-working is shaping the business environment:
Culture of Collaboration
Co-working space has ushered in a unique culture of collaboration due to which their demand is increasing. Fully managed shared workspaces facilitate networking events and innovation hubs wherein people get mentorship and growth opportunities.
Some entrepreneurs mentioned that their strategic alliance with co-working operators opened up new avenues for exploring the untapped opportunity and attracting new talent. The creative designs and a sense of community encourage and promote collaboration, which in turn, result in unprecedented growth.
Mitigating Common Challenges
Occupiers are harnessing the potential of these spaces in mitigating problems like rising rent, shortage of space, etc. The micro, small, and medium-sized enterprises can reduce financial commitments and burden by working in co-working spaces, especially in the times when they have just started. The initial step of setting up an office is daunting for many and financially very burdensome.
With only a few people around and uncertainty of growth plans, they usually struggle in maximising workspace efficiency. Co-working spaces are giving these entrepreneurs and business houses an option of scalability. These occupiers are cutting cost up to as high as 30%.
The spaces are also saving them from strong financial commitments, leading to lowering risks of failure.
Presence in Multiple Locations
Large occupiers or MNCs require to have an operational office at multiple locations due to their expanding business requirements. They can use co-working spaces to fulfil this requirement of site offices as co-working space providers offer prime office solutions, high-quality infrastructure, and a strategic location. Besides, some organisations are also using these office spaces for their transitional office requirements.
With millennials constituting the largest segment in the workforce, there is a structural shift in the way business is done. A huge proportion of millennials cite flexibility as a major factor when evaluating job prospects and co-working has offered just that. Co-working provides improved mobility and flexibility of scaling up or downsizing office spaces.
Co-working, the new-age way of working, is the biggest disruptor of the traditional working model. With offering flexibility to reducing financial commitment and creating a culture of collaboration, co-working has become a meaningful aspect in today’s business landscape. And AltF Coworking is committed to offering this stock of flexibility to new-age businesses, entrepreneurs, and individuals. We offer exceptional shared office space in Gurgaon that you can rent to match the changing needs of today. The office spaces in Gurgaon offers access to various in-house facilities, increased flexibility, and resources for sustaining in the competitive job market under one roof.