Coworking-The Future of Work

“The word coworking won’t be a word in the future, it will probably just be the way we work.” — Rahul Prakash, Partner at Hatch Today

In the 1990s, many MNCs started offering their employees the option to work from home, or any remote location. This was to promote the concept of flexible working which entailed employee convenience, ensured optimum space utilization, facilitated business travellers to stay connected to their offices, promoted flexible time to enable employees to work during their most productive hours, and promoted cost effectiveness.

2005 saw the gradual transition from ‘work from home’ to coworking. Coworking brought in added advantages like networking and interactions with talent experts, and an office like ambiance that nurtured more camaraderie than competition. Eventually, what started as a way to manage the resources effectively and enhance productivity, became the most preferred way of working.

Around the world, coworking has seen an unprecedented growth ever since it started. According to Deskmag, a website which tracks the trends, there was an addition of 10,000 new coworking spaces by December 2016. The demand for coworking spaces has been consistent in the US, Brazil and Spain; and has rocketed up in Canada, France, Thailand, Italy and India. Deskmag reported a prominent growth in the coworking spaces from an elementary number of 75 in 2007, to a significant one of 3400 in 2013, that went phenomenally high to 7300 in 2015.

Though countries like Poland, Russia, Germany and Argentina haven’t shown any signs of growth in coworking, and US has reported to have reached its peak, there also haven’t been any reports of decrease in its users. The attributes of coworking work style continue to engage professionals. One major reason for this stagnation could be the nature of work. For example, coworking spaces work very well for independent workers, fresh startups and entrepreneurs, but not for government offices and defence organisations that prefer their own designated office campuses and do not allow employees to complete tasks from remote locations to maintain confidentiality.

In India, 74% of coworking space users have reported to prefer this style of working and find it inspirational. They like the sharing of skills and experiences that coworking facilitates which is what makes it a go-to way of working for them.

One of the main factors that is triggering the growth of coworking spaces if the cost effectiveness. This factor works particularly well for freelancers, startups, entrepreneurs and home workers who find it comfortable for their pockets.

Apart from being economical, coworking spaces are professionally managed and well equipped with all facilities like furniture, power and internet, along with the other amenities that are fundamental when establishing a business. Plus, they have a range of inventories that can be hired depending on their business requirement. OfficingNow is one such leading serviced and coworking workspace provider where one can choose from over 1300 workspaces, spread across 30 cities in over 325 venues, available for hire on an hourly/daily basis, depending on the requirement.

Another motivating factor is the diversity that a coworking space embraces. Professionals from different fields bring in their experiences and expertise under one roof. Networking and interacting with such talents promotes learning and instigates others to excel and achieve higher. Thus, coworking spaces are the healthiest platforms for startups in all sense.

Considering all the benefits, coworking surely looks like the future of work. This high demand for coworking spaces has influenced 62% of space owners to expand.

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