Recently, India has become the right place for investment due to its surplus talent, growing economy, and startup culture. New businesses are taking birth every day. Be it a big business or a small venture, every business wants to grow out of their cocoons and mark their presence in the market. However, as the businesses are looking for more feasible workspaces, expensive real estate is losing its charm paving the way for the growing Coworking Spaces.
Traditionally, the real estate market has been catering with only the big and lease based office setups, which incur a massive cost to establish and difficult to run with long time leases. Hence, this has made the Indian companies look for much more convenient and cheaper options, where they can work hassle-freely. Now, they don’t want just an office setup with a working desk and few amenities, but they now require an environment that can nurture the growth of the business.
Coworking is the solution to their demand, that not only saves them money but also, helps them to save their time of management and provide the opportunity to create a network and be a part of work culture.
The Indian market has seen an upsurge in recent years in the people who are starting new startups or are taking the way of freelancing leaving their corporate jobs behind. This is making India the frontrunner of being the biggest coworking market in the world. Looking at the population of the workforce and the welcoming culture to accept new things when it comes to business, India is about to expand drastically in the coworking sector.
Millennials, that form 50% of the global workforce, prefer to work ut of managed spaces that boost their creativity and growth aspect. India is also one of the countries that have a lot of millennial workforces who look for new opportunities daily. The creative work fields that always seem lucrative to the Indian youth make them choose coworking to connect with more likeminded individuals.
Coworking: Community Building
Even though first the concept of coworking flourished in India to enhance the startup culture, it has become a rage amongst every group of businesses and services. Now, freelancers, remote workers, big businesses, and small service providers, all are vouching for coworks alike. As the coworking takes away the worry of big security amount, long leases, and management hassles, the shift towards it is not very surprising. The vibrant work culture, with an opportunity to get connected with more people, always proves to be lucrative to the prospective coworkers.
The concept of Coworking is not as new as it seems in India. But, it has been globally accepted achieving a new height. The thought process of Indian businesses has taken a wider shift than expected. Now, the traditional offices are not encouraged and the coworks seem to have gained much more growth even in the Indian Market. And, this growth is expected to rise shortly with more individuals joining the cowork spectrum.