Co-working spaces set to expand multifold in 2017

Mumbai: Co-working spaces or shared working spaces is one of the most popular trends, supported by start-ups, real-estate and corporate circles. However, the overall co-working spaces’ market is still in nascent stages and is expected to rise by 40-50% in the next year, thereby making the segment as one of the most lucrative industries.

As per the market estimates, the co-working space industry in India will attract annual investments of around $400 million by 2018. As per one of the renowned real-estate consultancy JLL, the market for this segment is likely to see the number of such spaces reaching one million by 2018.

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“As the current trend of freelance workers and SMEs are picking pace, flexibility, convenience and technology at minimal cost have become integral needs and hence co-working space has become the new buzzword,” says Mr. Ramesh Nair COO – Business, India, JLL India. “Also, it’s not just freelancers, consultants and start-ups that are exploring co-working spaces. There are several large corporate companies who are interested in providing flexible working options to their millennial employees are also looking at taking up desks,” he added.

While the Indian worker and the workplace is adopting global practices and the next-generation workforce demands more flexibility in working style and remote work access, real-estate firms are aggressively looking at ways to increase utilization of vacant commercial spaces.

According to Mr. Umeash Sahhaaii, Chairman & CEO -Entrepreneur Facilitation Center (EFC), 2017 will see that the demand for smaller and more flexible office options will grow manifold. He also added, “Co-working spaces have today evolved from simple shared offices or rented spaces on seat-basis to modular and scalable solutions with multiple options. Apart from need-base offerings (reception, meeting room, cafeteria etc.), providing ‘virtual office solutions’ will add value for small businesses.”

The focus is also on providing SMEs with affordable spaces which have plug-and-play services, through shared spaces which would also have other added facilities such as mentor support.

Co-working offices are seen as a playground for collaboration and exchange of ideas among entrepreneurs, creation of communities and higher networking opportunities.

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