The advent of the coworking office space occurred almost a decade ago, wherein they started offering cost-effective office space solutions to startups and freelancers. However, in recent times, bigger establishments are reaping the benefits of shared office environments. Over the past 2 to 3 years, there has been a major shift in office spaces occupied by big media conglomerates and tech giants to ones that facilitate coworking. In India, there has been a rise in Fortune 500 companies moving into the coworking office space in Gurgaon, which is a prominent corporate nexus. As a result, these companies have better access to innovators, talent, and reduced real estate costs.
Another reason for partnerships with coworking spaces is to support innovation and the steady influx of ideas. Startups and small businesses can gain immensely from working in close vicinity to tech giants, such as Verizon, IBM, and Microsoft, through networking proliferations and exposure. A simultaneous trend has started in New York, where coworking spaces are integrating incubators into their business development strategies, enabling them to cater to and retain members keen on launching startups. This also allows a close monitoring of potential industry disruptions and acquisition targets. When big corporations rent out coworking spaces, they are able to multitask topical tasks – attracting top talent, monitoring competition, and acquiring targets.
Moreover, we can all learn something of note from small and agile startups, no matter what they choose to market or what kind of consumer they cater to. Through an amalgamation of external pressure and internal desire, corporates have gradually learned to embrace coworking as a concept. These coworking spaces are wide, open, collaborative spaces, with a variety of meeting spaces and workstations, which ensure a quality inflow of clients and partner organizations to work with. Recreational spaces are a major part of these offices, in order to boost interpersonal relations and team spirit among co-workers. As startups and corporate giants thrive side by side, a common thought has emerged – where startups lead, corporates follow.
Coworking spaces, as a whole, can be extremely cost-effective, as finalizing upon a vibrant, collaborative, amenity-laden space is much more pragmatic than renting a bland, isolated office block. From an employee-centred perspective, these spaces are beneficial as they offer flexible timings and shorter commutes, in turn, facilitating greater productivity and decreasing staff turnover. According to Jason Saltzman, the founder of a major international collaborative space, coworking for major companies is the “fastest growing asset and is here to stay.” This shift can be attributed to a more flexible, globalized workforce fueled by technology and a shared economy.