Trends are indicative of change.
At OurDesk, we’re keeping a close eye on the changes that can have an impact on the future of coworking. Here’s a brief look at the varying factors contributing to the drivers in this industry, specifically in the Indian market.
Increased Number of Startups and Freelancers
As per Department for Promotion of Industry and Internal Trade (DPIIT), we’re seeing an increase in the number of startups registered in the country. As at 31 December 2023, 1,17,254 startups were registered. India’s freelancing community has also seen a flourishing start with average rates charged as USD 26/hour against a global average of USD 41/hour.
According to a report from Gitnux, 40% of coworking space users are freelancers, while 36% are entrepreneurs and small companies. Freelancers, entrepreneurs and small businesses were early adopters of the coworking business model and the rise in their numbers indicate a strong upward trend for coworking spaces as well.
Post-Pandemic Growth:
Several sectors in India witnessed rapid growth during the post-pandemic era, and a few others are steadily recovering. Among the growing sectors in the IT industry; several knowledge centers are being set up in India, given the availability of new and experienced talent. This is a positive indication not just for the industry but for the economy as well.
Decline in Regular Office Leasing:
For FY23, Anarock research revealed that there was a 12% decline in regular office leasing activity but the coworking industry picked up the slack. Flexi office spaces’ share of office activity shot up to 23% in FY22-23 – a 11% surge against the 12% share in FY20. This substantial increase of 11% is the highest recorded growth across all office sectors.
While some reports indicate that the coworking industry is maturing in India, much remains to be seen in this fast evolving space. The factors above are indicative of a bullish run for various stakeholders across the value chain. The team at OurDesk recently wrote about how hotels were making way for coworking spaces and how GIFT City could become another hotbed for this business model, echoing the sentiment that this industry has a long runway before it can show signs of maturity.
What do you think about it?
About OurDesk
OurDesk - A brand new 52-seater coworking space/reading room is now OPEN FOR BUSINESS! Located in Khar West, OurDesk is just a short walk from Khar railway station (300m) & near SV Road (75m). High-speed internet, ergonomic furniture & abundant natural light are on the house! We also have an on-site pantry & separate toilets for men/ women on the same floor. Flexible membership plans are offered to solopreneurs, freelancers, entrepreneurs, management consultants, chartered accountants, marketing agencies, small businesses, startups, and professionals seeking shared office space or a flexible workspace for remote work.
OurDesk is more than just a coworking space; we are an initiative of Mataji Rampyari Bai Trust, a registered not-for-profit organisation with a rich history of assisting members of the community for over 50+ years. Our commitment to fostering collaboration, innovation, and growth in the business community is driven by our longstanding mission to empower professionals like you. By choosing OurDesk, you not only gain access to a dynamic workspace but also contribute to the meaningful initiatives and support provided by the trust. Together, let's positively impact the business world while uplifting our community. Join us on this journey of empowerment and transformation.
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Explore our modern office space in Khar West, Mumbai, conveniently situated near the Khar Train Station, offering location advantages for professionals seeking work-life balance in a community-driven space. Take advantage of our meeting rooms, hot desk options, dedicated desk setups, virtual office services, and business support offerings. Join us at OurDesk for networking events in a professional environment, and experience an affordable workspace designed to boost productivity and collaboration.
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