Co-work Spaces Are Redefining Corporate Real Estate Spaces

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The concept of sharing workspaces, commonly known as co-work spaces, is picking up among a wide range of professionals such as small and medium enterprise, freelancers, researchers, writers, designers, remote workers, telecommuters, travellers, etc. Since this category of working population is young and beginners in life, they look for affordable office options with modern facilities. Aesthetically-designed co-working spaces with fully-loaded facilities fulfil their needs.

Reports suggest that the minimum cost for opening an office in big metros ranges from $25,000 to $ 30,000. However, a co-working space for the similar area and facilities will cost way lesser. So today, a person, who comes from a modest financial background, can’t be deprived of the luxury of high-tech office space because the idea of sharing economy at co-working spaces has brought a world-class office space within his reach.  While earlier an office space used to choose its professionals, today a professional is at liberty to choose the office space with an array of features and facilities such as high-speed internet, printers, copiers, coffee-dispensers, essential kitchen services, lockers, change rooms, etc.

In C0- working, you can choose your community

Co-working spaces have evolved to cater to the need of every type of professionals depending on their specific requirements. Nowadays audience-based co-working spaces have come up to focus on niche areas such as industry, business size, age, culture, etc.

The office environment for a senior HR manager may not be the same that a tech entrepreneur is looking for. Similarly, a writer may require a different kind of culture for doing something innovative from someone who can work with even loud music and live television shows.

Since the business of co-working spaces are getting community-based and more target-centric, working professionals are getting a variety of options to suit their needs.

Owners of co-working spaces have also started identifying segments depending on mainly business activities and instead of following open door policy to allow every individual; they try to focus on community consistency. They don’t entertain every application. Rather they review it and act accordingly. This helps bring a sort of community consistency which in turn prove quite helpful to its regular members.

The difference of opinion or financial background is not the criteria for any co-working space to entertain applications. It’s rather a difference of business activities and their various stages. For instance, a startup and full-fledged business vary in professional culture and requirement. Reports suggest that different people, who come from diverse work culture, don’t want to compromise with their professional requirements even if they have to pay little more for that.

Co- working gives you prime location at affordable cost

Location contributes majorly to the high cost of any office space. It’s impossible for any individual or a group of people to afford to buy an office space in a centrally-located place in any metro city.

However, since most of the educational institutions and good training institutes are situated in big metros and venture capitalists and investors can also be found there only, an emerging ecosystem for any startup evolves naturally in that area.

So working spaces in the heart of the city, which are in proximity to restaurants, shopping centers, malls, bus stop or metro stations, etc. are preferred. However, some people do prefer to quieter and calmer place away from the hustle and bustle of the central business districts.

Co-working spaces provide flexibility of location. A regular employee of a world class company may not have liberty to choose office based on his preference of location. However, a freelance entrepreneur enjoys that benefit with the help of co-working spaces.

A survey, conducted on the preference of location of people in various cities, suggests that more than 80% people want to work in an area which has ample snack bars and restaurants. Similarly, a substantial percentage of respondents want supermarket or shopping malls close to their place of working so that with work they can fulfil their needs of convenient shopping.

Co-working spaces have world-class interior design

The interiors of today’s co-working spaces are far modern and state-of-the-art than any other office space because they have to attract working professionals with the open, dynamic and energetic environment.

You May Also Like To Read: Co-working Spaces Reduce Corporate Real Estate Risk

To compete with best in the locality, a co-working space has to deal with the available space and furnishing facilities in a very innovative manner. For instance, dedicated areas for brainstorming sessions, regular work desk, areas earmarked for private teams for strategic thinking, pool tables and phone booths are positive additions that co-working spaces bring to space for fulfilling all professional needs under one roof.

Bigger corporations want a share of the co-working  pie too

Another factor, which inspires co-working areas to be innovative, is the fact that more than freelancers and entrepreneurs, big corporations have started sending their employees to these places as they believe co-working offers great potential for fostering innovation. While some companies have taken co-working spaces on rent for their staff, others have opened co-working spaces within their organisations so that their employees can benefit from innovative and new ideas from outsiders.

More social and less hierarchical environment of co-working spaces is believed to give professionals opportunities to work more independently and take important decisions themselves. Will all these innovative measures, today’s co-working spaces are also very careful to create ample natural lighting, natural view from the window and sound-proof floors to create peace and positive vibe.

Co-Working Spaces Have Flexible and Need-Based Pricing

The convenient pricing model of co-working spaces attracts entrepreneurs and startups professionals. A small group of youngsters, who wants to run a startup firm, can’t afford to take a commercial office space on long term lease from any real estate player in a metro city.  Co-working spaces present the affordable solution to these youngsters. Instead of taking office on the long lease, they can choose flexible pricing option at co-working space with high-speed internet and other amenities.

Co-working spaces have the variety of packages from hourly to daily to monthly use which suit the need of different professionals. Besides this, the option to avail all these facilities 24×7 gives flexible working timings.

Conclusion:

Co-working spaces have turned out to be a breeding ground for innovation for the simple reason that they don’t discriminate on the ground of financial strength of a person. The concept of sharing economy, which is the fundamental principle of co-working business, has created a level playing field regarding providing state-of-the-art office space and infrastructure for entrepreneurs.

Co-working spaces are helping innovative ideas, which used to be nipped in the bud due to lack of infrastructural support, grow and become a reality.

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This article is from Yostartups, YoStartups is a Pre Accelerator, and it empowers entrepreneurs to propel their business ideas into successful ventures. Yostartups’ core mission is to take the message of entrepreneurship to 1 billion people globally by 2020.

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