Flexibility, hybridity and decentralization of offices have become the norm among companies owing to the pandemic that has called into question the traditional workspace model. Companies have realized that the workforce has been able to work remotely from coworking offices. This decentralized model has supported better organizational efficiency and individual performances and the idea of maintaining a hub and spoke model with small and satellite offices spread across regions has been welcomed by companies. This is exactly how coworking spaces have penetrated the new office strategy that companies want to maintain and make it apart of the hybrid model of work in the long run.
The environment of a coworking office space is much more beneficial to an employee than the traditional office. Would you wish to work in an office with the same people and limited facilities or work in an atmosphere with a set of heterogeneous professionals and plenty of amenities? The latter is preferred now. The scope for networking and establishing relevant connections are highly facilitated in a coworking space. This is why organizations actively choose to set up their office in these spaces as they get to interact with and encounter a wide variety of experts and expertise.
Home-working “isolation” is another vital factor that makes flexibility, hybridity and decentralization a desirable option for companies. Many studies have shown that a very low percentage of workers find it more productive to work from home. In recent times, we have seen a positive shift in overall employee sentiment to resume working from the office, citing diminishing professional growth, disproportionate work-life balance, and workplace disconnect as the primary reasons for their desire to return to work.
As businesses continue to assess employee readiness, the hybrid-friendly workforce model has gained traction, and every month, the number of seats transacted increases as organizations exit traditional spaces and move to shared spaces. While the work-from-home model was a pleasant change for a short time, many companies do not want it to be a permanent part of their culture due to the lack of human touch and technological and infrastructure limitations. Shared workspaces are a tremendous asset to large corporations that allow an enterprise to pivot according to a highly dynamic marketplace.
The modern workforce has different expectations as compared to what employees did a few years ago. Large corporations now see greater cost efficiency and benefits of a collaborative and innovative work environment. Reducing capital expenditure is important for organizations that prefer to cut down the same. All facilities and amenities provided at the coworking space are employee-friendly and greater than what a traditional office can offer. Even within the core locations, wherever companies are getting opportunities to discontinue their conventional rental leases, they are doing so and setting up managed offices with the help of co-working firms.
Research has shown that people over 70 per cent of employees now want a mix of office-based and remote working. The research proves one thing – employees want a new hybrid approach to work. Not only do employees demand it, it has many benefits for employers too – like enhanced employee productivity, and access to more talent. From an employee perspective, such a work model provides the flexibility to a proper work environment that’s close to home. It also creates the opportunity to collaborate with peers who live nearby and have social interactions with people. Corporates have already shifted from traditional to new-age offices and many companies have been also considering small offices and/or desks in coworking spaces that are located close to their employee’s homes.
In conclusion, it can be said that with flexibility, hybridity and decentralization being major priority, companies are gearing up to bring back more of their employees into the physical workplace, and hence coworking spaces are becoming an increasingly attractive proposition. According to a recent study, out of the total net absorption of 34.1 million square feet across the top seven cities in FY22, co-working comprised a healthy 13 per cent share. Additionally, one of the most positive characteristics of such workspaces for large enterprises is the ability to customize the space to a company’s unique culture and needs. Keeping in view the need for flexibility, companies want employees to enjoy the benefits of such a work strategy. With coworking office nearby home, more and more employees would prefer this option while simultaneously enjoying other advantages. In short, the future of coworking remains robust and safe.