The concept of coworking spaces has become extremely popular in India. It has started to contribute to the Indian economy. Apart from that, coworking spaces have become hubs for freelancers, small businesses, startups, and entrepreneurs. If you are wondering how coworking spaces have an impact on the Indian economy, here are some of the ways discussed below:

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8 ways in which coworking spaces are helping Indian Economy

1. Promoting Entrepreneurship
2. Increasing Job Creation
3. Supporting Freelancers
4. Driving Innovation
5. The attraction of foreign investment
6. Boosting Local Economies
7. Improvement in Real Estate
8. Encourages Regional Development

1. Promoting Entrepreneurship

Coworking spaces bring a supportive atmosphere for business owners and startups. You can avail of flexible networking opportunities, and working spaces, and also have access to resources as well as mentorship programs. These can help you to prosper.

2. Increasing Job Creation

Coworking spaces are bringing job opportunities in segments such as finance, marketing, IT, and customer service. With more businesses setting up, the need for skilled professionals is increasing. This ultimately leads to job opportunities.

3. Supporting Freelancers

There is quite a good number of freelancers and remote workers who are contributing to businesses in India. For them, coworking spaces are a great option as they get a supportive environment where they can not only just work but also network with other freelancers and businesses.

4. Driving Innovation

Coworking spaces provide a platform for people who think alike to come together, share ideas as well as team up. This helps to come up with innovation, and it even leads to the creation of new products and services.

5. The attraction of foreign investment

Coworking spaces in the country have a good contribution and they are attracting foreign investments to India.

6. Boosting Local Economies

The majority of the coworking spaces are located in areas that are still emerging and not so developed. This helps in boosting the local economy. This also helps with job opportunities and attracts new businesses.

7. Improvement in Real Estate

It is because of the coworking spaces that real estate has seen good growth. As coworking spaces are growing, commercial spaces are much in demand. As per a recent survey, coworking spaces currently account for around 20% of all commercial real estate transactions in India. This was merely 14% about 2 years back.

8. Encourages Regional Development

Coworking spaces are spreading to Tier-2 cities as well as towns in India. This helps in the development of the region and lessens the concentration of economic activity in bigger cities.

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In conclusion, coworking spaces are playing an integral part in boosting the Indian economy. They support entrepreneurship, come up with jobs, promote innovation, attract foreign investment, and enhance local economies. If you too are looking for a coworking space in Gurgaon, Noida and South Delhi that gives you all the required amenities such as high-speed internet connection, printing facility, entertainment options, a cafeteria, etc, then you must choose The Office Pass (TOP). Not only will you get the best facilities but you will certainly like the locations as well. All that you have to do is to contact us at 08999 828282.

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Gone are the days when companies would either have their own office space or would take it on rent. These days, the concept of coworking spaces has taken over. The biggest reason is the difference in cost. The expenses related to traditional office space in India depend on various factors like location, size of the space, and infrastructure. 

The cost of renting a bare shell traditional office space in cities like Mumbai, Delhi, Bengaluru is between INR 80 to INR 250 per square feet, approximately. Add to it the cost of furnishing, maintenance, electricity, office boys, security, air-conditioning, power back-up, electronics, insurance, admin manpower, office supplies like tea & coffee, mineral water etc would be around INR 60 per square feet. Overall cost of running a traditional office will be INR 140 to INR 310 per square feet. Assuming occupants are sitting with a density of 70 square feet per person, this works out to be INR 9,800 to INR 21,700 per seat (or per person) per month.

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Talking about coworking spaces in India, the cost is far more affordable. Most coworking operators charge you on a cost per seat basis that removes all the hard and tedious calculations. The cost per seat in a coworking space ranges between INR 8,000 to 14,000 per seat per month. Thus there is a cost saving in access of 20% merely by switching from a traditional office to a coworking space. 

Cost is often one of the basic factors for businesses when it is about choosing between a coworking space and a traditional office. Here we listed out some factors that help in differentiating the expenses between traditional office and coworking office as mentioned below:-

Cost Comparison Between Traditional Offices & Coworking Spaces in India

1. Monthly Rent
2. Utilities
3. Maintenance
4. Equipment
5. Amenities
6. Location
7. Flexibility
8. Community

1. Monthly Rent

Coworking spaces usually charge a monthly fee for shared workspaces and common areas. Traditional offices often have a higher monthly rent for a private office or workspace (as explained above).

2. Utilities

In a traditional office, utilities like electricity, internet, and phone services are often an additional cost, whereas, in a coworking space, these utilities are typically included in the monthly fee.

3. Maintenance

In a traditional office, maintenance cost is charged separately. However, in most coworking spaces, these services are included.

4. Equipment

While setting up a traditional office space, office equipment needs to be purchased; while these items are available on rent in a coworking space.

5. Amenities

Coworking spaces often offer a range of amenities such as meeting rooms, printing facilities, coffee and snack areas, and event spaces, which are usually included in the monthly fee.

6. Location

The location of a coworking space can affect its cost, with more desirable locations usually having higher monthly fees. Traditional offices may also be more expensive in prime locations.

7. Flexibility

Coworking spaces offer more flexibility than traditional offices, such as the ability to scale up or down the amount of workspace needed, or the ability to change locations. The duration of the lock-in period in a coworking space is 12-18 months whereas in a traditional office the lock-in is usually 3 years.

8. Community

Coworking spaces offer a sense of community and networking opportunities, whereas traditional offices may not. The cost of the community aspect should be considered when comparing the two options. 

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Thus, coworking spaces are generally more economical as compared to traditional office spaces in India. However, it is important to consider factors such as the type of infrastructure, location, and amenities offered, before taking the final call.

While you are looking for a coworking space in Delhi NCR, you can sneak peek at the benefits that The Office Pass (TOP) offers. To discuss this at length, you can call us at 08999 828282.

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The pandemic changed many things around the world, including the concept of office space. Although coworking spaces existed before the pandemic, the concept has witnessed a spike. When companies are trying to strike a balance between productivity and cost reduction, the coworking market in India offers a practical solution to the pressing occupier wants and needs.

As per the reports of Savills, by 2023, coworking rentals will account for 12 million square feet or around 20% of all leases. As compared to 2019, when this market accounted for 14% of all office leasing in India, this shows massive growth.

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The coworking space market will keep growing throughout the 2023 year since most organizations are trying to find the right balance between total pricing optimization, employee motivation, productivity, and cooperation. Some of the future trends of Coworking spaces in 2023 are listed below:

10 future trends of Coworking spaces in 2023

1. Rapid urbanization and rising demand for flexible working spaces
2. Boost in technology and digitization
3. Growth of Tier 2 and Tier 3 cities
4. Increased focus on community
5. Growth in investment and partnerships
6. Expansion into new segments
7. Focus on sustainability and wellness
8. Integration of AI and automation
9. Amenities
10. Flexible Workspaces

1. Rapid urbanization and rising demand for flexible working spaces

With the growing urbanization and increased number of startups, remote workers, and freelancers, there has been a demand for flexible working lately in India. This has led to the growth of coworking spaces in the country.

2. Boost in technology and digitization

The digitization of businesses has resulted in a rise in remote work opportunities. This has ultimately led to an increase in demand for coworking spaces in the country.

3. Growth of Tier 2 and Tier 3 cities

The concept of coworking spaces has also been accepted well by the Tier 2 and Tier 3 cities in India. Earlier, it was only a Tier-1 thing.

4. Increased focus on community

Many coworking spaces in India like The Office Pass (TOP) now focus on coming up with a community feel. They offer workshops, networking events, and other community-building activities.

5. Growth in investment and partnerships

As the coworking industry is growing, it has also been able to attract investors. Therefore, huge investments and partnerships in the sector are growing now.

6. Expansion into new segments

Coworking spaces are expanding into new sections such as managed offices, incubation and acceleration centers, co-living spaces, and co-retail spaces. It provides a complete ecosystem for businesses.

7. Focus on sustainability and wellness

In order to bring a more favorable work environment, coworking spaces in India focus on sustainability and wellness. This helps in attracting environmentally conscious clients.

8. Integration of AI and automation

AI and automation have been added to the coworking spaces in the form of automated face recognition for access control. It is expected to improvise operational competence and augment the overall user experience.

9. Amenities

Coworking spaces in India come up with facilities such as printing facilities, high-speed internet, meeting rooms, conference rooms and private offices to attract more businesses, entrepreneurs, remote workers, freelancers, etc.

10. Flexible Workspaces

Coworking spaces in India offer flexible plans, such as part-time or full-time memberships, and day passes. This has been seen to be appreciated by businesses and startups.  

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The coworking industry in India is expected to grow significantly in the coming years, with a focus on technology, sustainability, and wellness. If you want to find the best coworking space in Delhi NCR, you can choose The Office Pass (TOP) without a second thought. Contact us at 08999 828282 for a site visit.

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