Co-working spaces are the future of work

They are being billed as revolutionary work spaces that offer a collaborative, inclusive and thriving environment for professional (and individual) growth.
Globally such spaces have been far more active as an industry compared to the scenario back home where the trend is just beginning to pick up pace. But now in India too with the change in work patterns and a flourishing of small scale businesses actively taking place, the demand for such shared workplaces is beginning to soar up in the market.
Often the idea is not just to find an alternative work arrangement but for companies to find spaces which offer the right mix for an innovation ecosystem to get built in.
Sample this: The co-working segment in the country is estimated to receive an overwhelming $400 million in investments by 2018 as per a study on ‘Future of Work – The Coworking Revolution’ by real estate consultancy JLL. It is predicted to scale up by 40-50% in 2017 alone. Not surprisingly then it is also thought that the number of co-working office spaces in India will eventually surpass the typical and modest office arrangements. The study suitably highlights how ‘cool’ is the buzzword for Next Gen who will increasingly look to capitalize on such spaces as employees or as entrepreneurs. So expect a lot of out of the box ideas and concepts – coffee bars, fitness avenues and gaming areas – in the new co-working spaces which will aim to woo young entrepreneurs by including such novelties as part of the entire package!
And to put this further in perspective, India is known to be the youngest startup nation in the world – as many as 72% of people heading a startup are in the sub 35 age bracket. Moreover, sourcing the right talent as well as talent retention are key challenges in today’s corporate paradigm. So companies want to keep their taskforce invested by creating an environment which just doesn’t retain and inspire them but also helps them to be more efficient and productive.
Hence a tech oriented ecosystem which understands the significance of community engagement and adopts creative ways to enhance productivity of the workforce is something that is bound to appeal to this generation of uber cool entrepreneurs.
It is indeed a promising future in the years to come for such spaces that raise the bar on innovation and inclusiveness – this is clearly the next gen space which doesn’t shy away from being ‘hip’ and ‘cool’ while also retaining professionally high standards and creativity.