Co-working Spaces are even better than what they seem!!
Coworking has become the new normal and one of the most sought after segment of the Commercial Real Estate Industry for millennials.This is proven by the fact that large corporations are also increasingly seeking to enhance the workplace experience as a means to attract and retain talent, and that a significant percentage of workers who have the option to work from home or a coffee shop prefer to work from a coworking space.
Coworking Mumbai has come a long way since 2005, since the origin of its time; and while there is no secret sauce to getting the perfect space, various operators have enhanced their service offering to meet the demands of their specific market. Consequently, in the past few years operators have opened niche and industry-specific spaces, and billions of dollars invested in this segment of the CRE industry.
Statistics & Data showing the growth and potential of the Coworking Industry (Globally):
Currently there are approximately 15,000 Co-working Spaces across the Globe.
There has been an exponential increase of about 200% in the number of shared workspaces in the past 5 years.
By 2020 50% of large companies will have some form of shared office space
The future of coworking is forecasted at a healthy growth rate of 15% over the next 5 years
Statistics & Data showing the growth and potential of the Coworking Industry (APAC & India):
Leasing of more than 8.0 million square feet over the last two years has taken place
Occupancy levels for few institutionalised coworking operators in India has been nearing almost 100%
The coworking segment in India has received almost $400 million in investments till date
India currently holds a potential market size in the range of 12-16 million.
The number of coworking members is expected to rise to 3.8 million by 2020 and 5.1 million by 2022
Coworking Spaces in India took up about 1.8 million square feet of commercial real estate space in 2017. But the increasing demand has led the same industry to take up more that 2 million square feet of commercial real estate space in the first quarter of 2018 alone
Coworking is growing around the world and most major cities have coworking spaces. Asia/Pacific (which includes India), and especially China, have embraced coworking, making APAC the world’s largest coworking market.
Fun Facts & Statistics of the Coworking Industry:
40% of the workforce will be freelancers, independent contractors, and solopreneurs by 2020.
72% of landlords agree that working with Co-Working operators have significant benefits for their development
83% of Co-Working Space Users claim to have benefited from these new work environments over the last 5-10 years
70% of Co-Working Space Users felt healthier than they did in a traditional office space
68% of Co-Working Space Users felt an increase in focus and productivity
50% of Co-Working Space Users reported higher income.
Over the next few years, the sector will see an increasing need for coworking spaces from larger businesses, as corporate occupiers embrace a more dynamic coworking culture or shorter and lower-risk leases. From the looks of it, Coworking is powerful enough that I don’t see it as a dying industry. It is here to stay and to set a base for the future of work.