Future of Coworking: The Next Big Thing

With the change in the outlook and generation of the entrepreneurs, the business models have also seen a paradigm shift. A large percentage of independent and corporate people have now shifted to coworking spaces. Instead of the traditional real estate properties that not only cost a fortune but also does not come with any other benefits, shared office spaces have pulled the market on their side by offering a bouquet of services in the same membership. This would not be just a great opportunity for the new businesses, but would also help the established units to expand and test diverse waters.

Also, the coworking spaces have proved the idea of remote working as very feasible. People today have been working from wherever they want, without having to worry about staying in the same office space. Today, you can be wherever you want and still available for your business that was not very easy a few years ago. This has helped many professionals who are often away for meetings, purchases, and other dealings. They can now book a fully operational workspace even for a day to carry out team discussions and important calls. The future of coworking has become even brighter after the pandemic.

For those who are wondering “coworking has gone towards the south with other real estate business then how has it boomed?”

There is a very interesting explanation.

The pandemic has made work-from-home the new normal. Professionals across industries have been working from their places and coordinating with their team members through internet calls and video chats. No daily travel, more flexibility, and better work-life balance have made working better than ever. But as much as this was fun and comfortable in the beginning, it has started to cause problems both on the employer and the employees’ side.

• The Employer Side

It would be fair to say that managing people when they are not around can be very difficult. Taking people on internet calls can sometimes be very annoying due to connectivity issues. Definitely, the quality of discussions cannot be the same in teams if not face-to-face. Measuring and reporting the productivity of the employees has given a hard time to the managers.

• The Employee Side

Though everyone enjoys working from home, there have been various challenges that the employees faced after a certain point. There has been a noticeable increase in the usage of the laptop and working hours affecting physical and mental health. The majority of working professionals give more than daily hours that have slowly isolated them socially. The “new normal” has eventually upset the work-life balance and has a noticeable impact on productivity.

How were the coworking spaces of any use when everything was going down?

The offices were shut and everyone was so done working from the same place without any social interaction. So the only option was to start an equipped place with the right infrastructure and professional environment and on a budget to be picked by people. The shared spaces were an escape from the dull life to a fresh way of working. This strongly indicates that the future of coworking is very bright. It is for fact that the working professionals need these even more during the pandemic.

All those who crave human interaction and wish to work away from isolation would love to work in a diverse coworking environment with professionals from various industries and experiences. Interiors and décor that would lift your mood, management and housekeeping services all the time and cafeteria for little breaks are certainly loved by every working person regardless of the generation.

In fact, many businesses have rented the coworking spaces for their employees to work from because they understand how their efficiency and productivity is being hampered by working alone. Humans need to socialize and this is vital for their mental health. Stepping out and connecting with individuals can be a big help in refreshing your brain and working better.

There has been such a crash in the economy that leasing or buying a conventional office would not be a good idea anymore. It is economically feasible for companies to rent flexible office spaces and have their employees work, rather than owning and maintaining a traditional space when nothing is certain and budgets are tight. This way, the employees can work flexibly and happily.

While there is full adherence to safety protocols such as social distancing in shared spaces, social life has still been very comfortable. People are interacting, forming connections, exchanging opportunities and feeling happy at work.

Coworking helps various businesses and careers

Shared office spaces are amazing for small business setups and freelancers. Being the most cost-effective workplace with all the facilities available for its members, the coworking spaces surely have seen many new businesses grow and sustain. Startups, digital nomads, freelancers and entrepreneurs can have access to all the business services that would boost their operations by paying for the membership plan they choose. An amazing component of coworking is the virtual office service that aids businesses to keep operating from home or anywhere, and still have a prestigious business address for documentation and client meetings. Pay only for the business address and give your venture the credibility it deserves. This is the new age work model directing at the great future of coworking.

Coworking spaces are known to be the saviours and guardians of the new ventures not just by renting them a professional workspace, but also helping them in chalking out a business plan, seed funding, counseling and other services. The concept of “thriving together” feels real in a shared space. Often there are events regarding taxes and finance, knowledge of cryptocurrency, basics of legalities and other useful areas.

All the facilities that a business might need for its daily operations like high-speed internet, housekeeping, fax/scanner/printer, cafeteria, IT services and the front desk is available to the members all through the day. They can also have access to the meeting rooms as per the requirement. There is an open desk, private cabin, and event space to choose from as per your business. There is something for every venture that will make their work stay super comfortable.

The concept of travel working

Now when we have discussed the virtual office, let us discuss more about travel working too. The model of coworking does not bind you to your workspace. Rather, it enables the traveller in you leave your physical space without compromising on your work. You may have a small cubicle in the office, but your business can have broader horizons. There could be a meeting or a business trip for a couple of days. But with travel working, you can take your work wherever you fly. Those who wish to take a break from the daily office routine can also travel the world without having to worry about what will happen to their work in their absence.

With coworking offices sprouting everywhere, one can easily book space within a few hours to get in touch with the office/team and daily updates. Also, since the work is remotely done, one can get to work alongside people from different cities/nations of various professions. For instance, graphic designers, web developers, freelance journalists, copywriters, accountants, etc. to work remotely to break the routine monotony and explore fresh opportunities.

How has the pandemic has made coworking spaces even more important?

COVID-19 has caused the slowdown of the economy and the post-pandemic future badly needs the shared spaces for the survival of enterprises and entrepreneurs. The economy is way beyond the freelancers and startups, and hence coworking is here to attract more corporations in present times. We all know that the work-from-home culture cannot continue forever and soon establishments will have to look for decent workplaces to bring their staff to and get working again. While the small businesses will use co-working spaces as their lifeline to sustain and stay in the market for long, corporate houses would also need them with respect to new budgets.

The pandemic has shown us all that work can also be done from the comfort of home but at the same time, not for very long. People would very much want to start working from a proper workplace and want to go out, but after all this while the everyday commute would not seem a very good idea. Employees would love to go to an office that is near to their place so that there is less commute. Not only would they be near their residence, but also be satisfied with social life outside the home. Working near to home is the opportunity a lot of employees would look for to break the mundane everyday cycle at home.

This has, indeed, made the future of coworking spaces brighter than ever as the companies have an interesting work model now where the employees can be socially active and distant at the same time. If you are looking for a coworking space to set up your business or if you are considering shifting to a more affordable workspace in the future, Let’s Connect India is all up to help you with flexible membership plans and services. We ensure safety, hygiene, convenience, and sanitization all the time and would be pleased to have you on board. Contact us to book your workspace tour.