Coworking spaces have become the perfect solution for businesses large and small thanks to their trendy amenities, flexible options and collaborative atmosphere.
India in particular has become a hub for coworking spaces due to its blossoming startup atmosphere. According to The State of the Startup Ecosystem Report conducted by Inc42, India has over 300 coworking spaces that span 15 million square feet. In fact, India is the second largest market for coworking spaces, just after China.
“The share of coworking spaces in the total office leasing sector increased from 5% to 12% in 2019 and I believe this trend will have an upward trajectory,” said Sanjay Choudhary, CEO and founder of Incuspaze.
Expansion into Tier 2 and 3 cities is also fueling growth in the coworking industry. Tier 1 cities have long adopted these shared offices, but now many operators are looking to provide the benefits of coworking spaces in secondary cities.
While coworking started as a work option catered to startups and freelancers, demand from large enterprises is growing as these companies take note of the benefits of flexible offices, such as cost effectiveness and employee satisfaction.
Operators of flexible offices pride themselves in providing services and amenities not seen at traditional workspaces. Now, some coworking firms are finding unique ways to appeal to audiences and set themselves apart from the competition. For example, Wsquare is a Chennai-based, women-only coworking space that hosts events to help members showcase their companies.