Coworking spaces have seen a huge rise since the beginning of the 21st century. It not only helps in terms of the economy but also manages to boost the work morale. Mumbai, being India’s financial capital, is one of the most coworking space hubs in the country. Several companies in the city are known for promoting and participating in coworking spaces.
Coworking spaces or shared office spaces are offices that are shared by people working for the same or different companies. A single furnished office space houses people with different jobs working for companies in various fields. All equipment, utilities and other services are shared by all the people working in a particular plug and play office. Such workspaces usually have an open environment, located in high rise buildings. The main purpose of coworking spaces is to build a community besides saving money.
The rise of estate prices in metropolitan cities like Mumbai and Bangalore is one of the reasons for increased demands for coworking spaces. Such business centers are convenient to use and enable cost savings, making them a prime choice. These spaces are profitable for small scale businesses, freelancers and entrepreneurs as it gives them an opportunity to develop connections with other personalities. The office facilities, internet, receptionist, furniture, electronic equipment and various such utilities are shared by the workers at a low price at high-end locations in cities.
There are over 1000 coworking spaces in India with most of them located in Mumbai, Hyderabad, Bangalore and other IT-focused cities. These offices are available for rent which is especially useful for freelancers and entrepreneurs who are working for a limited period of time. They enable people to work flexibly and create an interactive environment. 24-hour access to the office also ensures that the work time is flexible. Moreover, many large companies are also preferring coworking space because of its various other advantages.
Today, coworking spaces are an important part of commercial real estate leasing activity, with coworking spaces in Mumbai making up for 21% of all office rentals. Investors have begun showing great interest in such shared office spaces as they are predicted to rise even more in the coming years. The opportunities to create connections and interactions as well as positive results have made bigger businesses invest in coworking spaces too.
With more awareness about mental health being spread, coworking spaces help eliminate the isolation of employees. Freelancers, entrepreneurs, artists and content creators usually work on their own, creating a sense of isolation in their minds, especially while working in foreign cities. Such shared spaces help build a community giving an opportunity for such solo workers to build relationships and bounce off ideas. One of the main motives of shared spaces is to create a sense of community among the workers. The lack of office politics enables employees to strengthen their work habits.
Since most of the workers belong to different companies and work in different fields, there is very little competition which in turn produces a positive work environment. Reports state that shared working spaces increase productivity among people. This might be due to the relaxed, competition-free environment which helps increase the flow of creative ideas. Interacting with different people helps get insights into different working cultures and also instills new ideas among the workers. The workspaces offer personal spaces for the people to work as well as communal zones where they can interact with other workers. Most office spaces include gaming areas, cafeterias and recreational zones which makes the working space comfortable and a low-stress zone, helping workers relax and make use of extra energy.
The pandemic brought a stop to all movement and activity which is now slowly being set into motion again. The Covid-19 crises not only affected people financially but mentally too. Coworking has helped startups and small-scale businesses carry on working in office spaces while saving money. As coworking spaces have reopened, a strict following of all guidelines of the pandemic is ensured. At iKeva, we emphasize the importance of hygiene and regularly sanitize the area in order to make sure that health isn’t compromised while also gaining maximum productivity. Social distancing and constant cleansing of the premises has allowed such shared spaces to function again while paying the utmost care for everybody’s health. After months of spending all waking hours indoors, the reopening of coworking spaces has helped uplift the workers’ mental health and in turn, boost productivity.
Coworking also helps build a community where people can learn and collaborate with different people. A positive work environment in turn increases the productivity of the employees, making coworking spaces a valuable asset to individuals and companies. With the rise in demand for shared office spaces, coworking will soon be an essential and indispensable part of the future.
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