Coworking as a business model has been very optimistic about its future. Whether it is about the profitability of a coworking space or the overall potential of the industry in terms of scalability, the market is looking forward to the growth of this business. Despite the disruptions caused by the covid-19 pandemic, there are positive predictions for the business model that will see a rise in a balanced combination of both tangible and intangible value propositions in the form of workspace and community as a service. This will only be possible because of the innovations that are being witnessed in the space, of which the 7 most innovative things are listed below :
- Rise of unique and concept based spaces
Coworking has catered to all sorts of community members and has seen a rise in popularity. But, a recent development indicates that members prefer coworking services that provide specialized spaces and themes like writer’s room, commercial kitchens, and other spaces like women-oriented rooms. Village Underground, Lisbon is one the most popular theme based coworking spaces built from completely recycled materials.
2.Wellness and recreation areas are becoming more popular
Not all traditional office spaces provided wellness areas for yoga, spa, etc. This was a value proposition of new-age tech companies and the same is being carried forward to coworking spaces.
It surely indicates that these organizations are looking at cementing their place as an option for the typical lease based office spaces. American coworking giant WeWork offers such benefits through its multiple locations.
3.Real Estate players are making an entry –
Looking at the rapid popularity of coworking as a mainstay in the office space market, big and medium-sized real estate developers are offering co-working spaces as a product off the shelf to tenants. This is one of the most noteworthy trends because we are witnessing a shift in operational behavior from various industries. It surely is an innovation because the real estate players are increasingly trying to introduce newer innovations in the coworking sector. It is one of those opportunities that should be explored by real estate developers of all sizes to become a landlord in the coworking industry.
4.Public & Commercial establishments are doubling up as co-working spaces
To cash in on the trend, many commercial places such as cafes, hotels, restaurants, etc are remodeling their infrastructure and service model that can also serve as coworking for professionals. Many of these businesses are utilizing their real estate to provide lunch conferences, meetings, and work corners catering to different kinds of individual needs. In the post – covid times when the economy will become more gig-based, providing such options would amount to an extra stream of income. Accor, Raffles Singapore, Novotel Bangkok, and many others are luxury hotels providing a range of coworking services. ‘The Social’ chain across India is another successful example of such establishments.
5.Integration of IoT and smart electronics
Coworking is a new age solution driven by technology and to fulfill the needs of technology. It is a fact that the first-ever iteration of modern-day coworking was started by a group of computer engineers. So, the integration of futuristic technology into coworking spaces shouldn’t come as a surprise. Many coworking operators are involving IoT and AI technologies to make these workspaces smarter and future serving. WeWork, the biggest coworking chain in the world, is amongst the early adopters of IoT in its workspaces. Smartworks and DevX happen to be some of the Indian players using technology for enhanced user experience.
6.Connectivity through apps
The worldwide subscription model was a benefit offered by some big chains in fitness and hotels. It is a service that can only be leveraged by big brands with outlets across the globe. Though few massive brands like WeWork were offering the facility to its members, many small and medium-sized players are signing up for a shared membership model, where a professional can access any of the coworking spaces Ahmedabad signed up on the application at special prices. Such applications also help in locating nearby spaces and notify about discounts. ‘myHQ’ is one of the pioneers of a similar model in India.
7.The corporate footprint is increasing
The cost of leasing and maintaining a functional office is nothing short of exorbitant. This is a capital risk exposure that can be smartly reduced and redistributed to more experienced and efficient players, i.e coworking managers. Corporates can reduce a lot of their risk exposure by renting out bulk seats in coworking spaces that are a good fit for their business needs. Critical times, such as now, can benefit both corporates as well as coworking managers.
Final Thoughts
