Redefining workplace culture with corporate spaces
In the days of yore, offices would be set up by buying the cheapest furniture in bulk, everything assembled together. This was done to save money on creating an office setup that could accommodate the largest number of workers and put the available space to maximum use. However, corporations have, in recent times, realised that the office configuration has much to do with the performance of the employees. As per recent reports, it has been revealed that employees feel more productive if they work outside the traditional workspace model. With this understanding, a new niche has been created and the demand for independent corporate spaces is surging.
In conversation with Franchise India, Vishu Goel and Nishant Garg, founders of Infinity Spaces, throw light on the niche industry of corporate spaces
The current scenario
Talking about the niche market of corporate spaces, Vishu Goel, founder of Infinity Spaces, says, “Corporate spaces have disrupted the traditional work environment today, witnessing a massive growth in the last five years. The demand continues to gain momentum across India so much so that about 13 million people are expected to work out of corporate spaces by 2020. The industry has reached Tier II cities in the past couple of years and we believe this trend will continue in 2020. While Delhi, Mumbai and Bangalore have the largest number of corporate spaces in India, cities such as Chandigarh, Ahmadabad, Kochi, Indore and Jaipur will see the swanky and agile spaces mushrooming this coming year.”
“Across large cities in India, corporate spaces have mushroomed at such a rapid pace that it is difficult to keep a track of how many are actually around. Originally billed as a perfect working space for millennials, corporate spaces are becoming very popular among the large and even medium-sized businesses for their affordable infrastructure and business opportunities,” adds Nishant Garg, co-founder of Infinity Spaces. In fact, as per industry experts, corporate spaces have become an extension of the work that employees engage in and such places are bought or leased keeping the human element in mind.
Traditional office versus corporate spaces
The true difference that lies between an office and a co-working space is the ownership. Many a times a company will buy or lease an office for their employees to work out of but with a co-working space, the entirety of the space is shared between whoever is a member of the space. In response to why they chose a business idea like corporate spaces, Goel says, “We are running a startup business and we can well understand the pain behind other startups. That’s why we decided to provide office spaces for startup companies at a very nominal rate.”
Future of corporate spaces
With a wave of independent corporate spaces flowing in India, is it possible to predict the future of the corporate space market? “Since India is a growing economy, every second millennial now has a startup business. Many startups and an increasing number of companies prefer corporate spaces to conventional office spaces due to lower rentals, savings on operational costs, and a more flexible work environment. A company can save as much as 30% on the operational cost alone. So if we think about it, then India is a great country to invest in corporate spaces,” Garg opines. “Flexible workplace operator companies are transforming into managed space operators, wherein they are offering the entire centre to a single tenant, who in turn is looking for quality space with some flexibility. This trend will continue in the future too,” he adds.
The franchising aspect
The concept of corporate spaces comes with freshness, but there’s no denying that fresh ideas seem quite doubtful initially. Associating with an established brand therefore makes sense. “In a franchise business, the franchiser provides a developed way of doing business along with ongoing guidance, systems and assistance in return for a periodic payment of fees. Buying a franchise can be a viable alternative to starting your own business,” Garg explains.
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