Over the past decade, the coworking industry has experienced a number of transformations. In its infancy, coworking offered a flexible work option for freelancers and small businesses, but now large corporations are taking a piece of the pie.
As this flourishing market continues to evolve, here is what to expect from the future of coworking.
With competition growing, consolidation is expected to make big waves throughout the market and we have already seen proof of it. For example, hospitality brand Oyo acquired established coworking firm Innov8 earlier this year.
Furthermore, demand from enterprise clients is expected to continue growing as these corporates realize the cost effectiveness and productivity boost shared workspaces offer.
While traditional coworking is well-established, more niche coworking spaces will likely emerge that cater to communities such as women, entrepreneurs, wellness and more.
Additionally, beyond growth in major markets, coworking spaces will likely continue to expand into Tier 2 and 3 cities as startup culture continues to penetrate these areas.
One of the main reasons coworking spaces are high in demand is due to the fact that today’s workforce expect a better quality of work environment. In the future, operators will likely focus more on offering more hospitality services through in-house amenities and more.
“I think the experience of a customer, from the first interaction with a coworking brand, all the way through them acquiring and using a space – the experience of the brand has to be seamless and faultless,” said Ashish Goenka, chairman at Redbrick Offices.