Officebroker.com is rebranding as Officio to move away from the broker model and aid clients in finding long-term solutions, rather than completing short-term goals.
Local coworking firms still have a stake in the massive market
While India’s coworking space market is offering more feasible office options for the country’s booming startups, it is also allowing foreign coworking players to take a chunk out of the market.
The State of the Startup Ecosystem Report found that India hosts 300 coworking spaces, totaling 720 centers across 15 million square feet of space. Some of these are ran by major players, such as WeWork and Awfis.
Yogesh Arora, director and cofounder at AltF CoWorking, said that large competitors have made a big impact in the market, but local players dominate the mid-range segment.
Despite overseas coworking operators offering deluxe facilities that cater to well-funded startups, small coworking firms have been able to offer smaller spaces at much lower prices to attract early-stage startups that need less workspace amenities. Operators like Ideashacks Coworking give entrepreneurs an innovative workplace solution other than their homes or a coffee shop.
Founders of coworking spaces say that these shared offices were always meant to be a hub for growing startups, but the model has been misinterpreted over the years. Now, the world recognizes how valuable the startup industry is and has since transformed the coworking sector.
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Many coworking operators believe that encouraging interactions among members and prioritizing wellbeing through various events allow workers to become more productive.
Still, coworking space still face major challenges including finding the right locations and prices that meet an area’s demands.
Although massive coworking firms could come off as a threat, many smaller operators see it as encouragement and a way to meet the demands of international clients.
Moving forward, technological advancements will begin to play a bigger role in coworking spaces with video calling, messaging, task management software and more.
Coworking consumption in India will continue to climb and is expected to grow an additional 7 to 9 million square feet by 2020.
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JLL research revealed that Dallas-Fort Worth is ranked 12th out of the country’s top 15 coworking and flexible space markets, taking up 3 million square feet of space.
Office provider LABS has launched its 96,100 square foot flagship property LABS House in Bloomsbury, London that features coworking, offices, and full-service dining.
Cool office interiors are ideal at first glance, but looking into a company’s principles, such as gender equality and flexibility, will be the factors that retain talent.
Colliers International revealed the success of the office market last year due to high demand for coworking and tech firms, but predictions for 2019 are uncertain.
Shared office space providers as tenants have become the norm for many landlords and building owners, and now many REITs have adopted coworking as it continues to expand.
Brookfield Properties has teamed up with Convene to spruce up the 73,000 square foot Brookfield Place into a full-service events venue that accommodates up to 500 people.
Many coworking operators pride themselves on massive, rampant expansion, but some industry experts believe this growth could lead to failure and consolidation in 2019.