Shared office space in Noida has gained popularity over the past few years in the entrepreneurial community and rising start-ups and for a good reason. In essence, coworking is people or organized numbers working independently but having access to one other’s feedback, ideas, and opinions. Although the idea of a coworking space near me is not new, it has recently experienced enormous development, which is fascinating. For several reasons, coworking spaces have drawn a lot of attention. They also reflect the shifting business environment in which young professionals operate.
The main factors that have fueled the expansion of coworking locations in India and given direction to the growth of shared office space in Noida are not too many, but they are major influencers and game-changers for the approaching era where the mode of working is likely to be different:
● The old model’s high operating costs
An open-floor office design is typical of coworking spaces. Additionally, they offer common areas for gatherings, networking, and teamwork. Unfortunately, traditional office space leasing models come with many unaffordable costs for lean businesses, especially those operating in the entrepreneurial sector. Compared to renting traditional offices, shared office spaces in Noida can save you up to 20–30% costs. Moreover, a low-cost, flexible solution like this is perfect for firms that fund their early expansion with their own money. You will save your valuable investment and use it for other productive purposes.
● Large base of freelancers and young professionals
Upto 70% of start-up founders in India, the youngest entrepreneurship nation in the world, are under 35. Additionally, 50% of the Indian labor force comprises millennials. Millennials will constitute nearly half of the world’s workforce by 2020. Coworking spaces offer a favorable atmosphere for the discussion of ideas and interaction among a group of qualified professionals, given the broad base of working professionals they serve.
Networking is becoming a crucial component of growth and information sharing as the workforce becomes more mobile, diverse, and international. Currently, coworking venues in India have taken the lead in offering social and networking activities that promote dialogue and the sharing of skills. The connections would save the time of searching, hiring, and going through the long process of finding your ideal candidate since you will be able to observe the way a person works every day.
● Retention of talent
Low gross domestic product (GDP), low capital adequacy yield rates, and higher return growth are major forces behind the global development of cutting-edge coworking spaces. Young professionals and Millennials approach the workplace differently from Baby Boomers. Companies have started providing enticing perks to the workforce of the millennial age to attract and keep critical talent, particularly millennials. According to international experts, roughly 10-12% of millennials are prepared to take a pay loss in exchange for working in an office with a good location and design. Businesses provide game rooms, fitness centers, coffee shops, and daycare facilities to profit from this trend. These attractions let workers balance their lives without sacrificing or putting anything at risk.
● Don’t spend excessively
The affordable costs of coworking spaces are a big plus. You already know how costly real estate is these days. It can cost a truckload of money to locate a workspace for your start-up at a reputable address. Then there are the intricate leases to draft and the large security deposits to pay. With workspaces, you can easily rent a private cabin for a day or a month and a shared office space. As many of these places include facilities, you don’t need to invest in equipment. The different desks and cabins available leave you with the flexibility to decide where you would like your space as per your budget.
● Comfort and Freedom
Perhaps the liberty it provides is the biggest draw of coworking, and so many millennials find it appealing. After all, our working practices have evolved! Our parents and probably even our grandparents couldn’t have imagined working while sitting at a café and using a laptop. But that is where we are now, due to technology, handheld platforms, and Wi-Fi!
Many of us conduct our business remotely and on the go. Additionally, working from anywhere at any time is possible thanks to coworking spaces. For example, as a stay-at-home parent, I frequently sign into a coworking space close to my child’s school and type away until pick-up time.
Despite these advantages, many businesses are hesitant to embrace the coworking model. Some explanations for the delayed adoption include worries about the confidentiality and security of critical information, particularly for organizations in the banking industry, and a greater emphasis on the unconventional way of working, which many businesses feel may reduce employee productivity. Large, international players have been at the forefront of developing coworking spaces in India thanks to a special combination of ability and demand. The sector is still in its infancy, so it will be fascinating to witness how the Indian ecosystem adapts to the constantly shifting demands of the global labor force. Yet, I would definitely try a coworking space near me and see how it impacts my work.
