Why Big Corporates Too Are Gravitating Towards Co-Working Space?

Time Square/Smartworks
Time Square/Smartworks

The term co-working brings into the mind the picture of young freelancers, business owners and startups. Co-working spaces are perceived to be dominated by such genre of working professionals, but the recent numbers have a different story to tell.

The recent data shows that apart from freelancers and SMEs, large corporates to the tune of Microsoft and IBM are gravitating towards co-working space. Co-working segment, which saw its birth in 2005, has grown by leaps and bounds and occupies a prominent space in the commercial real estate sector.

Here is why big corporations are also inclining towards co-working space:

  • Co-working space presents as a favorable avenue for corporations and MNCs when it comes to expanding into new markets.
  • The space is a perfect solution when these big companies are in expansion mode but do not exactly know how much space they will require in future.
  • Renting an office to setting up the furniture, utilities, office equipment and other necessities becomes nullified in a co-working space.
  • With multiple projects going on and teams constantly expanding and contracting, co-working spaces work best for big corporations as well. With lease as flexible as 30 days to a year, the companies get a window to scale up or down as per the requirement.
  • Many big companies are opting for co-working space as they get to connect and collaborate with newer innovative start-ups.
  • The corporates are also trying to make most of the culture of a co-working space and channeling the place’s synergy to motivate their employees and keep their spirits high as they get to work along with similar people from across the industry.
  • Co-working is a nest of new talent and start-ups. These places are always buzzing with social activities and events which works as a perfect place for corporates to scout talent and ideas.

Co-working spaces are here to stay. Despite a marginally higher cost of renting per seat as compared to cost of renting an office space, the segment is gaining popularity and the numbers are only going to rise in the coming times.

Click to find India’s most popular and cost-effective co-working spaces.

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