India has geared up to the concept of co-working spaces, which experienced significant investments in the past few years. Our country is the 3rd largest startup hubs in the world with 72% of founders are below the age of 35. A study of 2017 about co-working ecosystem says that the potential of co-working spaces is evident, and it will be touching 8.5 million seats by 2020. Co-working spaces are highly preferred by the millennia’s and these spaces are introduced to the world to make a difference in the commercial real estate sector.
The co-working players are adding value to the office spaces with consideration of the economics of sale. On the contrary, occupiers are enjoying flexible workplaces with tech enables services and other amenities of high-speed internet, meeting rooms, housekeeping services, and many more that contributes to a hassle-free working environment. Convenient working spaces have complemented the growth of small and mid-sized businesses.
Plenty of opportunities exist for developers in creating new homes and apartments for co-living spaces for the highly migrating population of students and the working-class segment that often switch towns for better opportunities. Millennia’s are being at the Centre stage for co-living spaces and they would readily pay a premium to the co-living spaces that give them quality service all within a click. This concept also revamped the development-based model in which spaces are designed in accordance with the requirement of the co-living space. The success of these spaces doesn’t entirely depend upon the revenue obtained through leasing and operating the space but on making an innovative space that caters to the demands of customers and creating a valuable asset over time.
Co-working spaces are dedicated to transforming the commercial real estate sector making it focused on the consumer feasibility along with a sustainable approach. Industry experts believe that the trend is picking pace in India and it’s not a fad, it is here to stay. Eldeco MD Pankaj Bajaj says, “The co-working spaces are not becoming popular only in developing the country but worldwide. It is going to boost the realty sector and Investors also prefer to invest in these spaces over other new market trends.”