Future of Working Space is in its Growing Stage
Customization according to the needs of the consumer has become the trend in today’s way of doing business. The customization is only limited to clothes, gifts, and food but even in the co-working spaces.
Co-working as a concept refers to the style of working where the individuals can come and work independently yet together while sharing opinions, critiques, and ideas. It is an open floor-format office with shared spaces for meetings, networking, and collaboration according to the needs of an office but occupied by different companies under the same roof.
Coworking model has gained huge momentum in India among the startups and boutique firms in the past couple of years and gradually franchisors are also moving into this space while expanding their brand.
In recent report by Knight Frank on Co-working sector, it was revealed that according to the report of Statista Dossier, The number of Co-working spaces across the globe has grown by 3,050% since 2010 while the number of people working in these facilities has exploded by close to 8,000% in the same period by growing from 21,000 seats to 1.7 mn seats. It is anticipated that by 2020, coworking space will overtake the traditional office format.
The report “Future of Work – The Coworking Revolution” reflects that there are around 200 premium business centers across the country that are set to double by 2020. At present, there are approximately 300 (branded and unbranded/organized) shared workplace operators in India, operating almost 720 centers across urban India.
What’s Pushing this Business Forward?
The potential market size for the coworking segment across India currently stands in the range of 12-16 million. The potential of the total addressable market size for shared spaces across the six major cities of Delhi NCR, Mumbai, Bangalore, Chennai, Hyderabad, and Pune is approximately 5 million. Demand for coworking spaces is highest in the cities of Mumbai, Delhi NCR, and Bangalore.
To know more about the coworking space, Franchise India got in touch with Avanta India, a high-end co-working space provider to get an in-depth knowledge about the business.
Nakul Mathur, MD, Avanta India says, “The greatest change is the acceptability of co-working spaces in India that has resulted in coming up of 200 premium business centers and 100 premium coworking spaces. These numbers are expected to double by 2020. Additionally, now coworking is not limited to start-ups or a small firm now as around 70 percent business lies with large corporate firms that are looking for alternative workplaces to further their business growth, We build office space solutions for large corporate and work with them to get the best solution instead of taking a cookie cutter approach.
In the next five years, Avanta plans to operate in all the key metros in India at prominent business addresses.”
Listening to Customer Needs
Since the coworking space is new but listening to customer needs has worked great in favor of Avanta India.
Nakul adds, “We collect feedback through various social media platforms/forums, customer service representatives and direct interaction of the customer with the Avanta team. We cater to high-quality co-working space/flexible office space segment ensuring that our spaces have all the amenities that are required to run a good office.
A few customers look for customizations and alterations to the office according to their needs that are taken care of as and when requested. We are located in prime locations so things like medical facilities, restaurants hotels, etc are always in the vicinity.
In addition to the basics, we pay special attention to ensure that the offices are aesthetically designed, high-speed reliable and secure internet, seamless and fast wi-fi connection, large breakout areas which double up as casual meetup spaces and special attention to safety and security measures.”