Co-working in 2018: The year of the disruptor

17 December 2018

Co-working in 2018: The year of the disruptor

  • ET Realty

Co-working players have bridged the gap between supply and demand mismatch in the past 3 years by providing innovative and affordable solutions to the market.

Rising entrepreneurial spirit across the globe in the past two decades has led to disruptive entrants in almost all industries. Their innovative solutions coupled with visions for a dynamic future have transformed lives, cultures and economies. Some big Disruptors of their times are Amazon (1994), Netflix (1997), iPod (2001), YouTube (2005), Uber (2009) and Airbnb (2008). To bring in perspective, one can look at Uber’s journey and the way it brought in lower cost taxi services using a mobile app. Since, its inception the company has completely transformed cab rides making it the new normal.

Disruption is at the core of innovation by exploring an industry and discovering a new way that provides an advantage over the current approach– such as–‘shared workspaces’ that are disruptors for the commercial real estate market. A few years ago, co-working laid the foundation as a radical concept thatemerged to disrupt the workspace dynamics in India, and has gained widespread acceptance and success.
Co-working players have bridged the gap between supply and demand mismatch in the past 3 years by providing innovative and affordable solutions to the market. Initially, it was only freelancers, budding entrepreneurs, and start-ups with constrained budgets that relied on co-working spaces. However, with negligible capex requirements, affordable renting options, innovative and collaborative workspace designs, co-working spaces are attracting larger enterprise customers as well.

Around 90% of Asia’s top 200 occupiers are considering using shared workspaces while 56% are already using it. This is evidenced by the percentage of deals for 15 desks doubling from 21% in 2015 to 48% in 2017. Even the average lease term of shared workspaces is now over 24 months, exactly double of what it was in 2013. Co-working is now a fundamental part of the CRE leasing activity and a full-fledged sector in its own right, giving tough competition to conventional office spaces.

This year by September, Co-working service providers had already absorbed over 10% of the total office space in the top 7 markets in India. (Source: JLL). In the first quarter of 2018 itself, co-working had transacted about 2 million square feet commercial realty; way ahead of the 1.8 million sq ft in2017 (Source: Knight Frank). It is expected to grow 3 times by 2021, leading to massive opportunities for the co-working business in the country.
Large corporations have used the workspace as a driver of dynamic and vibrant culture to drive productivity and innovation. The gap in technology and design innovation is being filled by co-working players by providing an array of facilities in the https://www.https://www.awfis.com/inspiration/wp-content/uploads/2016/06/shutterstock_3835072871.jpg.com/inspiration/wp-content/uploads/2016/03/Awfis-is-your-new-Office1.jpgistration domain like access cards, attendance monitoring, invoice systems, app-based bookings, tech savvy meeting rooms.

These factors along with the growing demand for Grade A workspaces by SMEs and the rise of entrepreneurial aspirations of Tier 2 cities gave an impetus tothe growth of the co-working segment across the country. Co-working today eases the burden of space logistics, converting a company’s fixed costs into operational costs. The shared workspace as part of the portfolio of large companies is expected to be 20-25% of the overall leased space by 2022.

Outlook 2019
2019 will prove to be the year of exponential growth for co-working industry with the expected growth to be 4 times – 8 times of the current size of the industry.

As the youngest workforce in the world, India is spearheading the co-working revolution; and will shift the workspace dynamics for larger share of the market in 2019 with technology, innovative space design and flexibility driving factors for change. Design will remain at the core while shifting from aesthetics to propelling productivity, creativity and innovation. Distinctive amenities catering to the customised needs of community members and companies will be allocated to further aid productivity.

In the past 3 years, co-working has moved from being a peripheral discussion to bea mainstream industry that is driving value for the customers and creating new sources of income for new age businesses. In the coming decade, it is expected to chart the path towards becoming the new normal.

Visit the below link to read this article online: https://realty.economictimes.indiatimes.com/realty-check/co-working-in-2018-the-year-of-the-disruptor/3373

Awfis and Nucleus Office Parks launch 27,000 sq ft space in Mumbai

13 July 2022

Awfis and Nucleus Office Parks launch 27,000 sq ft space in Mumbai

  • Posted by Awfis Editorial

The Mumbai centre has been launched in partnership with Nucleus Office Parks, the operating platform for fully owned Blackstone offices in India.

Awfis, a flex workspace provider, launched its Awfis Gold centre spread across 27,000 sq ft with 450 seats at One International Center, Lower Parel, Mumbai.

The Mumbai centre has been launched in partnership with Nucleus Office Parks, the operating platform for fully owned Blackstone offices in India.

Currently, the company has 10 Gold centres spread across 3.5 lakh sq. ft. in Mumbai, Bengaluru, Hyderabad and Chennai with another Gold centre coming up in Mumbai in the next 3-6 months.

It has 131 flex workspaces having 77,500 seats across 14 cities and plans to establish a network of 200 centres by end of 2022.

This story appeared in the 13 July, 2022 issue of Constrofacilitator and was originally published  at: Awfis and Nucleus Office Parks launch 27,000 sq ft space in Mumbai

Awfis and Nucleus Office Parks launch 27,000 sq ft space in Mumbai

12 July 2022

Awfis and Nucleus Office Parks launch 27,000 sq ft space in Mumbai

  • Posted by Awfis Editorial

The Mumbai centre has been launched in partnership with Nucleus Office Parks, the operating platform for fully owned Blackstone offices in India.

Awfis, a flex workspace provider, launched its Awfis Gold centre spread across 27,000 sq ft with 450 seats at One International CenterLower ParelMumbai.

The Mumbai centre has been launched in partnership with Nucleus Office Parks, the operating platform for fully owned Blackstone offices in India.

Currently, the company has 10 Gold centres spread across 3.5 lakh sq. ft. in Mumbai, Bengaluru, Hyderabad and Chennai with another Gold centre coming up in Mumbai in the next 3-6 months.

It has 131 flex workspaces having 77,500 seats across 14 cities and plans to establish a network of 200 centres by end of 2022.

This story appeared in the 12 July, 2022 issue of ET Realty and was originally published at: Awfis and Nucleus Office Parks launch 27,000 sq ft space in Mumbai, ET Realty

Awfis leases 85,000 sq ft space in Noida

10 May 2022

Awfis leases 85,000 sq ft space in Noida

  • Posted by Awfis Editorial

Currently Awfis has 11 co-working centres in the Delhi-NCR region and the company plans to open 10-15 more centres in the market by the end of 2022.

Awfis, a flexible workspace provider, has leades 85,000 sq ft space in River Side Tower, sector- 125, Noida. The centre will have over 1500 seats and is expected to go live by end of March 2022, the company said in a media release.

Currently Awfis has 11 co-working centres in the Delhi-NCR region and the company plans to open 10-15 more centres in the market by the end of 2022.

Amit Ramani, CEO & Co-Founder of the company said, “We are delighted to partner with River Side Tower to open this new ’workspace in Noida.The sharp recovery and the growing demand for flex workspaces from this region inspired us to continue to create garde-A flex workspaces, so as to facilitate businesses of all size in the market. We are confident that this trend will continue to grow and even the most traditional companies will see merit in setting up hub and spoke offices to help people work in close proximity to their homes allowing them to spend lesser time in commuting.”

The company claims to have launched over 50 centres with 30,000 seats and entered three new markets in the past 15 months.

Awfis plans to open 200 centres across the country by the end of 2022. It currently has 121 centres with 70,000 seats across 14 cities.

This story appeared in the 9 February, 2022 issue of MSRealty and was originally published  at: Awfis leases 85,000 sq ft space in Noida – ET Realty