THE IMPACT OF COWORKING SPACES WITHIN INDIA'S CORPORATE ECONOMY

As the popularity of coworking spaces continues to rise, we take a look at how coworking spaces are shaping the future of work in India

The concept of workspaces and how we perceive workspace strategies have evolved significantly in recent years. Commercial real estate (CRE) is on the edge of a transformation T as coworking spaces have become a highly popular choice for businesses of different kinds and dimensions due to their multiple advantages.

THE IMPACT ON COMMERCIAL REAL ESTATE

The contracting regular office real estate market found respite in the concurrent coworking sector's expansion. While businesses around the world were looking for ways to cut costs, coworking did what it does best - provide flexible, expandable, and enterprise-level offerings to businesses that were seriously re-evaluating their options. The Covid-19 pandemic has turned the tables on the regular office work model. Nevertheless, most people who had tasted the freedom of working from home soon grew tired of the lack of sociability and interaction. Simultaneously, many companies found that while WFH was too alien a concept for them to digest, there were definite advantages to not having to pay enormous permanent office rents. The hybrid model of work took root as the perfect solution to everyone's problem, and flexible office spaces provided the perfect recipe for an occupier comeback.