Over the past decades, coworking spaces have changed dramatically. From a niche notion for startups to a popular trend phenomenon embraced by organisations and entrepreneurs, coworking spaces have become people’s choices. This paradigm shift exhibits broader shifts in how individuals work, cooperate and engage with their physical environment. According to a study by Avendus, India’s coworking sector is expected to grow to 126 million square feet (MSF) by 2028. These increasing numbers are based on the growing demand for coworking spaces from startups, global capability centres and information technology-enabled services. Furthermore, the companies’ need for flexibility and cost savings are also the driving factors behind this demand.
Today, coworking spaces have evolved as vibrant magnets for creativity and collaboration. However, with increasing operating costs and competition, it is imperative for co-working organisations to reduce costs while scaling up their operations. Here’s a look at the ways in which these spaces achieve these objectives:
Embracing Sustainability
In recent times, sustainability has evolved more than just a phrase; it is a practical technique that can considerably decrease costs for coworking spaces. By investing in energy-efficient lighting, heating and cooling equipment, these spaces can significantly reduce organisations’ utility costs. Moreover, the implementation of eco-friendly activities like recycling programs and the adoption of renewable energy sources corresponds with corporate social responsibility to address environmentally concerned customers.
Flexibility in Lease Agreements
Traditional office leases often include long-term commitments and significant upfront fees. This poses a considerable strain for organisations, including startups and small firms. On the other hand, coworking spaces offer a flexible option. Companies may select from a number of membership choices, including hot desk and dedicated desk plans, which allow them to pay just for the space they use. In order to attain more privacy, they may consider renting private offices or professional conference spaces. This means that companies can scale up their operations without being locked into a long-term contract.
Shared Amenities
Setting up an office from scratch is usually expensive. It requires the purchase of furniture, equipment and supplies while paying for utilities and maintenance. Coworking spaces, thus, offer a cost-effective solution by providing everything companies need to operate. This includes basic office equipment like desks, chairs, printers and particular office spaces like conference rooms, meeting rooms, etc. By sharing these advantages with other members via membership fees, companies can drastically reduce their operational costs.
Facility ManagementÂ
Management of an office space is both expensive and time-consuming. Office staff has to clean the area, fix any damage and verify that everything is working well. With a coworking space, all of this is taken care of. The coworking space provider handles all aspects of facility maintenance and services, allowing organisations to focus on their operations. As a result, they become capable of saving their time and money while earning a piece of mind by keeping their workstation in good shape.
Reception and Virtual Office Services
First impressions matter, especially in the corporate world. A professional receptionist possesses the capability to influence the way clients perceive a firm. Nevertheless, hiring a full-time receptionist can be rather expensive for small firms. Additionally, a small staff team can struggle to complete their tasks while managing incoming calls and emails. Here’s where coworking spaces come into play. Many membership packages include reception services that involve welcoming guests, taking calls and receiving mail. Also, some even provide virtual office alternatives that provide a professional company address and access to conference rooms without the need for a permanent and physical office.
In conclusion, coworking spaces offer an efficient, cost-effective and smart way to scale down operating expenses without compromising professionalism or quality. Whether it’s a startup, a small-sized or an established firm, coworking spaces provide benefits to all.