“ Co-working is all about community, but I believe the ‘work’ part of co-working should be as attractive as the ‘co’ part.”
-Jerome Chang, founder of the first co-working space in Southern California.
Co-working space has been in practice for the past twenty years. We have been into many discussions on whether co-working spaces make people less or more happy, less or more innovative and less or more productive. Let’s see what research studies have to tell us.
A research study shows that 96.8% of people working in a co-working space are happy and satisfied when compared to a traditional office space. And according to another research study of Garden City University College’s survey, it shows that 84% of co-workers say working in a coworking center helps them to stay motivated.
Co-working space also called Shared office space provides more opportunity for people -interaction, networking prospects, business opportunities and unwanted financial expense. This is drawing more attention from the working community.
Co-working space is more flexible !
Harvard Business Review conducted an interview with co-working business founders, community managers, freelancers and remote workers. It showed that the majority of the respondents felt that their work became more meaningful and had more job control when they were in this plug and play office mode.
Unlike a traditional office, here working people do not come across any messy internal politics or any direct competition that indulges in reducing their working persona. They find space to explore their work and interests and be more productive in less time.
Furnished office space consists of members from different companies, ventures and projects that nurtures them to learn more about other opportunities in the market. And it helps entrepreneurs to enrich their business by meeting varied people of different profiles.
A Profitable Business Space
Data from PGA Labs states that, India is the fastest growing market for co-working space in the world with a whooping worth of $180 million. As per the graph below, it is estimated that there will be a CAGR of 41% that is $994 million by the end of 2023.
Though COVID stopped coworking space in Mumbai to operate due to lock-down, it is back with a bang as many organisations are looking out for cost-efficient and flexible. Working communities are also increasingly fetching out for spaces near their houses that provide a supportive work environment for them.
This in turn turned on the profit rate and popularity of Co-working space in all corners of the world. In pre-covid times, not many were aware of the perks of a shared office space. Many had a general perspective that a managed space is where people of varied professions come together and work. But apart from that, people came to witness the enormous benefits that this workspace offered.
What do people say about the emerging business center?
According to an interview conducted by CNBC with working professionals, they collected varied types of responses that are stated below.
- In traditional office space we usually feel monotonous with the work structure. But co-working space treats us differently. We meet new people every day and sit at a new co-working desk every time, this gives them a sort of excitement and mood to work efficiently. So we sense that there is more space to dwell around which in turn gives us a feel of independence and an interest to explore more.
- Interaction with new people. We get to meet different people of varied professions that enable us to learn more about other fields. For us business people and entrepreneurs we find this working space as a junction to get new clients and contacts. This enhances our networking and marketing skills.
- No messy internal politics and competition. When we come to work here, we come as an individual with a checklist so the tasks for the day are completed before we leave the place. This has helped us to become more productive and creative where there hasn’t been any need to involve in any unnecessary politics or face any competition among co-workers.
- Cost-effective and less stressful. As co-working spaces are on the rise now, we can find many business centers close to our houses that avoid unnecessary travel and time. This cut-shorts the expenditure cost for commuting to our traditional office space. This automatically decreases the stress that is caused due to this.
And while none of us know what holds in store after 2021, it seems that traditional working space may no longer be a working option in the near future. As the millennial generation looks forward to having adaptability, flexibility, mobility and community, the next generation.
On this note, iKeva is also looking forward to making co-working space an essential part of work-life for the working community. Their performance in making the coworking community to have the best experience in work life, is predominantly the leading company in the country to work towards this futuristic goal.