Flexible spaces aren’t a trend anymore, it’s the new normal. Coworking spaces are now gaining traction in recent years. But the real estate industry has gone through a massive transformation, facing challenges as well as skyrocketing growth. These “New Normal” workspaces are now attracting smaller and bigger businesses at a stable rate as the economy is resurgent. After the peak lockdown, organisations, majorly in the IT sectors are moving towards flexible workspaces over conventional office setups.
As per a news article by LiveMint, the demand for coworking spaces has doubled from 2019 to 2023 – 14% to 27%. There is no one sole reason for this boost, it is an amalgamation of several factors that are discussed below.
Embracing sustainability and a forward-looking mission
Several flexible spaces are now coming into the limelight as they are moving towards flexible working models and sustainable work life. In 2023, coworking spaces are expected to qualify for every credit and recognition. Sustainability is going hand in hand with the planning & designing of these spaces. Professionals now prefer interiors designed from eco-friendly materials by being completely eco-conscious and futuristic. Initiatives such as sustainable amenities, organic food options, eco-friendly roofing and flooring, to name a few, are a part of modern-day coworking spaces.
All-inclusive local and social community
According to the founder of the Global Coworking Unconference Conference (GCUC), Flexible spaces that act as platforms for professional belongingness as well as social connections have a strong chance to thrive in the future. Community activities are witnessing the highest engagement between flex spaces and other local communities. Hence, flexible spaces are focused on initiatives such as fun social events, supporting small businesses, linking with non-profit organisations, charity events, and other casual catch-ups. Demand from medium to large sized companies would particularly help the flexible operators scale up for the future.
Proven avenues for newer industries
As refreshing as this sounds, coworking spaces are also moving towards ultra-chic designs, especially for contemporary beauty brands. This sector has recently discovered the concept of flex spaces, and the connection between this niche with the professional world is turning out to be a ‘new normal’. Flex spaces are offering freelancers a professional environment to work efficiently at the same time save on huge Capex costs. Flexible spaces are proving to be the perfect intersection of networking opportunities and elevating operations.
Across the country, the Q1 of 2023 has witnessed a large share of the flexible space segment in cities like Bengaluru, Mumbai, Pune, Kolkata, and Hyderabad. There is an increasing trend for the need for flexible spaces in Tier II cities as companies aim to reduce costs, maintain proximity to their staff, and retain valuable employees by offering flexible work arrangements (recent report CBRE).
BuzzWorks-managed spaces are designed to collaborate, innovate and aid by being the right place for an individual’s growth. This sector is here to stay and despite the challenges, the industry is stepping into a zone of strong recognition in the coming years.