Start-ups, SMEs, even corporates have moved to new way of working! Have you? Check benefit
The Co-working segment has witnessed a strong growth in India in 2018 with the market growing at the rate of 16 per cent year-on-year.
The Co-working segment has witnessed a strong growth in India in 2018 with the market growing at the rate of 16 per cent year-on-year. The industry expects to hold on to this momentum as the demand for private co-working spaces increases in the next 12 months. Sarthak Chhabra, Director & Co-Founder, AltF CoWorking - India’s first private co-working space provider, told Zee Business Online that not just startups but even the small and medium enterprises are now opting for the new way of working.
"CoWorking segment has shown enormous growth in 2018, with a lot of expansions, acquisition, and investment in the segment, the market is growing at the rate of 16% year on year. With this, the demand for private coworking spaces has also increased with the rate of 25% in 2018. Not only startups but SMEs and corporates are also moving to the new way of working increasing the average occupancy per desk to 1.2 members," he said.
Chabbra added that with such massive growth last year, 2019 is expected to entice more opportunities, investments, and entrance of new players into the market. Also, the segment is more likely to spread its wings into tier 2 and 3 cities in the coming years.
Meanwhile, Sudeep Singh, Chief Evangelist and CEO, GoWork - world’s largest co-working facility, said that a new wave of managed offices has emerged to fulfill the needs of millennials.
"2018 has been a transformational year for co-working segment. The Co-working industry continues to witness strong growth momentum resulting in 16% on-year growth in expected net office absorption for 2018 at over 33 million sq ft across top seven property markets (as per a recent study). As the players shifted their focus towards hospitality, a new wave of premium and managed offices has emerged to fulfill the needs of the millennial clientele," he said.
Singh added that 2019 will witness the popularity of co-living spaces along with a steady phase of consolidations, buyouts, and mergers in this industry. He said that players will also merge with niche service providers to enhance their brand offerings and carve an unparalleled niche for themselves.