Complete Lifecycle of Co-Working Spaces - Integration of Technology to Integrated Networking and Incubation

Abhilash Shukla, Founder & CEO, Oneculture With over 10 years of composite experience in Business Venturing, Project Planning, Real Estate, Big Data & Internet Projects, Abhilash has built, mentored and led cross cultural, functional & geographical teams across continents while ensuring deliveries that have nearly always exceeded expectations.

Globalization; a phenomenon that has left no stone unturned to transform the world into a more evolved place. One can witness a drastic metamorphosis of the workplaces with the advent of digital age, converting regular workspaces into shared workspaces, encouraging newer trends, modernised approach and an evolved working lifestyle.

Narrating a success story of its own, the culture of shared workspaces is growing exponentially, making it one of the most profitable sectors in the world. In line with the requirements of startups, allowing agility as per the expectations of Gen Z, these spaces have become a preferred option for the newage workforce. The impact of shared workspaces has not only lured the younger generation but is also reaching out to bigger corporate and industrial businesses as well.

The current Indian landscape is now composed of more than 100 such companies and is expected to witness double growth over the next two years, led by both independent and larger corporate projects. As per the recent figures by CBRE, the third quarter of 2019 witnessed 27 per cent of an upsurge in co-working spaces, leasing to nearly three mn sq ft. As a part of its growth, the evolution of these spaces has revolutionised in the last five years, depending upon various factors including collaboration, learning, agility and consolidation. This further led to the increased demand for co-working spaces which offer an environment that helps improve work life balance, employee productivity, talent attraction and retention. These are critical and tangible business benefits that are now motivating corporate to increase their proficiency and expand their businesses.

Not Just the Regular Co-Working Spaces:
With change being the only constant, in the professional aspect as well, the ever growing requirements of the millennials changed with the growth of the sector. Currently, 46 percent of
the workforce in India comprises of newage professionals, looking for tech smart offices offering various facilities to improve efficiency, mutually benefitting both the organization as well as the employee.

Keeping up the Entrepreneurial Spirit
As per recent data, India is becoming the third largest start up hub and the second largest freelancer workforce in the world. This further directs us to a realisation that the concept of shared co-working spaces carries a lot of potential which could provide a balanced and regularised approach towards work and infrastructure. The current workforce is all about collaboration over competition incorporating and collaborating together, depicting oneness and following the mantra to the collective growth as everyone treads to the path of success together. Giving a boost to the entrepreneurial spirit of the companies with extensive resources and professional support, co-working spaces are not only providing an opportunity for start-ups to grow but also providing them with all the facilities for incubation, networking and much more. These spaces are encouraging millennials to venture into new initiatives, helping them hone their entrepreneurial skills.

Innovation is used as a significant element in co-working spaces allowing one to create a comfortable space for professionals to work in

Matching up with Tech Savvy Workforces
Technology has been playing an essential role in our lives and the generation of today is adapting well to it, making itself tech-savvy and thus more prone to growth. The new age professionals are using internet, smartphones and hightech gadgets to improve their efficiency and productivity. It’s all about having quick and handy solutions to everything and every situation; helping with the same, the shared co-working spaces are now evolving as per the present day requirements. Organizations are incorporating artificial intelligence, other tech-related advancements and automation in the work culture to curate an advanced space for professionals, allowing them to explore and adapt to techsavvy working style.

Adding Innovation in Design to make it 'Quirky'
Innovation is used as a significant element in co-working spaces, allowing one to create a comfortable space for professionals to work in. Curating artistically designed ambience and interiors of the workspace encourages the employee to focus better thereby increasing their productivity and overall efficiency, benefitting the organization. According to research, a well designed space with the right colour scheme and ambience can work wonders for the employees and their companies. Innovation blending well with comfort leads to the holistic development of the professional resulting in the growth of the organization.

Redefining Collaboration at Co-Working Spaces
Shared workspaces not only help you share the rent but also empower the whole co-working community in collaborating with different people, catalysing their overall growth. Businesses are likely to derive numerous benefits with networking opportunities, workshops, meetings and other activities offered by these spaces.

Thus, the need of the hour is to adapt to the modern way of workingas it lets a contemporary professional form a symbiotic relationship amongst co-workers and with other organizations, spurring mutual growth of all. This further validates the need of these agile workspaces which are set to redefine offices in the coming years.