With millions in current investment, co-working spaces are a hot property in India. Surprisingly, they are not just for start-ups anymore. Even the bigger business moguls are moving in with freelancing workforces for their share of the co-working goodness. If you are having trouble leasing the best - space in Andheri East, keep reading to find out why.
Co-working is the future of work and the future of offices. It is not an ephemeral style that will vanish like bellbottom jeans and mullets. It is nothing short of a revolution that is already changing the way SMEs and start-ups view office spaces. That being said, India is one of the most fertile grounds for the growth of co-working spaces. The rising prices of commercial real estate and a booming start-up ecosystem are fostering the growth of some of the best co-working spaces in India.
The millennial crowd of India has a lot to do with this constant drift towards shared office spaces. Instead of the fatigue and anxiety offered by 9-to- 5 working hours, these spaces are offering flexi-timings, on-the- house refreshments, wellness sessions, relaxing massages, workshops and seminars. The best co-working spaces in India break down the silos between teams of a company and help the employees to join hands towards a better output.
In India, apart from start-ups, major corporations and conglomerates are also contributing to a huge portion of the demand for co-working spaces. This is a huge driving force behind the $400 million investments that Indian co-working market is set to receive in 2018.
Over 70% of business opportunity currently lies with large corporate firms. This explains why co-working space in Andheri East is always occupied and always in demand.
Mumbai, Delhi and Bangalore are already experiencing the growth of co working spaces. By the end of 2020, we expect to see over 400 shared office spaces in India. The current market size of co-working spaces in Mumbai is about 1.25 million and experts expect it to double by the end of 2020.
Finding a furnished office space for rent in Mumbai is already difficult, since the average co-working centre is already experiencing 85% occupancy. Mosaic is a coworking space in Andheri East that is catering to freelancers, start-ups, SME employees and thought-leaders constantly.
In 2018, experts are also predicting the rise of exclusivity agreements. This will mean, only one co-working space will be allowed in a building. This may temporarily dampen the market for the co-working operators and lead to non-optimal utilization of space and amenities. However, this will is going to be temporary setback as big players like PayTM, Sequoia and Cox & Kings have already invested in the current shared office space market.
There will soon be a trend of co-working spaces where they will move away from restricted lease-based models. They will likely implement an ownership model that facilitates more flexibility at a reduced price. Finding a cheap but good co-working space in Andheri East can be quite the challenge at the moment, given the state of demand and supply. However, in a couple of years, more centres will open in the locality offering shared spaces for office and more.
In 2007, there were only about 14 coworking spaces in the USA and the concept of shared office spaces was unheard of in India. It is quite the escalation for a 10 year time period. More people are opting for coworking packages every day.Read More
Co-working space has become extremely popular in today’s day and age specifically due to the benefits that companies, especially start ups can reap. At Mosaic we believe in providing a complete co-working platform when looking for shared office space in Mumbai that allows you to not only network but to build on your business effectively as well.Read More