Over the past two decades, there has been a rise in entrepreneurial spirit among all facets of the job industry. The big disruptors of our time include Amazon, Uber, Netflix, YouTube, and many other household names. These companies have permanently shaped the way their specific markets function.
Coworking can also be seen as a disruptor of the real estate market. When the real estate and entrepreneurial industries sought out to provide a new way for offices to become more efficient and benefit startups, coworking offices were created. Once seen as a radical move, these spaces have quickly become major disruptors in the real estate market and will likely continue to do so.
In the past three years, coworking has bridged the gap between supply and demand in real estate by providing affordable solutions to freelancers and startups. Now, because of their affordable and innovative benefits, larger corporations are delving into the market as well.
“Around 90% of Asia’s top 200 occupiers are considering using shared workspaces while 56% are already using it. This is evidenced by the percentage of deals for 15 desks doubling from 21% in 2015 to 48% in 2017,” said Amit Ramani, founder and CEO of Awfis. “Coworking is now a fundamental part of the CRE leasing activity and a full-fledged sector in its own right, giving tough competition to conventional office spaces.”
In 2018, coworking spaces had absorbed 10% of total office space and 2 million square feet in commercial realty in India.
Corporations are using coworking spaces for their reputation of nurturing a productive and healthy work environment, as well as the technological advancements tied to most flexible offices.
Coworking is expected to grow by four times in 2019, with India at the forefront of this revolution.