Can People Thrive in Coworking Spaces?
The pandemic has changed the face of many industries. ‘Survival’ and ‘floating’ through the times were the initial phases, ‘adapting’ and turning things upside down was the next. As people learned to meander through the new normal, it became extremely clear that work from home and flexible hours was a norm that people would adhere to in the longer run. As corporations decided to explore the flexible and coworking space culture to avoid the long-term expenditure of capital, the coworking space industry boomed with a revival of business that spelt growth.
The global coworking industry is expected to grow by $13.35 billion during 2021-2025 at a compound annual growth rate (CAGR) of 11% during the forecast period. This growth has been attributed to the fact that companies post COVID are adapting to the new normal in terms of operations as employees are still exploring the work from home and traditional office mode. India, too, seems to be at the crux of this melting point, with studies revealing that the share of coworking spaces within the total office space in the country is estimated to increase by 4.2% by 2023.
Why are coworking spaces the new favourite for corporates?
Flexibility is the first factor that makes coworking spaces feasible for many large corporate houses and startups. With upscale amenities, enviable perks, reduced cost heads, and designs curated to promote productivity, they offer a wholesome work environment that makes people come back to work every day.
Dextrus in Mumbai offers two intelligently designed offices in Bandra Kurla Complex and Lower Parel with abundant natural light, plants and ergonomic furniture. The space is intricately designed to ensure people get more out of work by staying calm and resourceful while networking with a host of other like-minded people around them.
However, does foregoing the comfort of being around your own people and opening to a host of many others from different sectors promote a sense of networking and help people thrive?
A Harvard report states people thrive higher in coworking spaces than traditional offices:
- A survey revealed that 69% of people felt more productive when they had various people to communicate with and learn from, never mind the sectors.
- People also responded by saying that being surrounded by other working professionals, regardless of their profession or industry, has a positive impact and creates a sense of community that boosts productivity and combats feelings of isolation.
- Cigna’s 2020 Loneliness and the Workplace Report found that 61% of Americans report feeling lonely at work. The hum of the office is exactly what many workers need to get a feeling of belonging and some extra motivation.
- Maintaining a work-life balance from home is rather difficult. Personal and professional lines get blurred as you find it difficult to avoid your household chores during work or look after your kids. A coworking space ensures you do not fall into this trap and lose your productivity by offering a nook or a fixed desk that allows you to build a dedicated space of work, shunning all noise.
Thus, it is easier to follow a schedule and get more done at coworking spaces.
Dextrus ensures the well-being of people working at the centre by organizing interesting activities to help them de-stress and find the right balance to work throughout the day. Also, such community events help people to network in-person through informal meets, creating a sense of community and opening up avenues to collaborate for businesses.
Coworking spaces offer office spaces for 24X7 that suit your flexibility, unlike a traditional office and allow the freedom to pay for amenities they need, leaving no headaches for cost and its functioning. It is also easier for offices to select a centre of work for them which is near their house, easing commute and avoiding unnecessary travel.
Conclusion: Coworking spaces are fast-growing and offer a solution in an umbrella that works for freelancers to startups and mid-sized companies to large organizations. It works for everyone, no wonder why many enterprise companies have been gravitating towards more flexible office solutions. The bottom line is that this sector is here to stay and enjoy long term growth over the next few years as people shift to hybrid models looking for premium workspace amenities that are a priority to ensure employee well-being, satisfaction and productivity