Advertisement
Back To Daily Digest
Tags: BUSINESS

Coworking Firms Find Opportunity Amidst Decreased Demand

India’s coworking industry has taken a major hit as demand for these workspaces has dwindled due to the current pandemic, in some cases by over 30%.

According to Arjjun Chander of Karya Space, the negative impact reached its peak in March when lockdowns first took place and it lost 50% of its leads. But now, things are looking up as companies look for new ways to provide its members services.

“Fortunately, we have customers who use our “Business Address Service” (Virtual Office Solutions), so we do have a trickle of revenue flowing in,” said Gargi Shah, founder of Mumbai-based The Playce.

Many companies have been forced to offer discounted memberships or rent waivers, leaving some unable to make rent and entering renegotiations with landlords. For now, several operators are trying to reduce costs by laying off or furloughing employees and consolidating their spaces.

The Latest News
Delivered To Your Inbox

While things seem grim, coworking experts are optimistic about the future of the industry as companies turn to offices with more flexible, short-term leases.

“The beauty with these coworking players is that you can take a one month contract, a 15-day contract or a 3 month contract unlike your conventional deals where you have to sign a 5-year contract and you are committed,” said Karan Singh Sodi, Regional Managing Director of JLL Mumbai.

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based out of Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

Latest on Daily Digest

The Pandemic Has Transformed Urban Design

Why Wellness In The Workplace Is Crucial

Emerging Commercial Real Estate Trends For 2021

Amazon Web Services CEO Predicts A Hybrid Future Of Work

How Technology Could Improve Workplace Culture

Prioritizing The Employee Workplace Experience

IWG Plans To Raise Millions For New Acquisitions

UK Employees Want More Flexibility

Employers Prepare For A More Flexible Future

Lawsuits Against Knotel Continue To Pile Up

Ad
Advertisement

FOLLOW US

  • Facebook
  • Twitter
  • LinkedIn
  • RSS
  • instagram
  • pinterest
Ad
Advertisement
Advertisement
Advertisement
Advertisement