With a major focus on cost optimization and flexible rental subscription, the coworking ecosystem will emerge as the new bull run in the real estate section as the latest fad will rule the roost in the ages to come.
Thanks to the startups and the gig economy, that propelled the coworking culture to new heights as the flex space sector in India rose to over 50% alone in the year 2019. This asset class has not faced an iota of dip, year after year in India, and across the world.
With the current scenario of the pandemic, the grim predictions might throw some challenges for the office space sector altogether, the post lockdown will bring an abundance of new opportunities as more and more large corporates and conglomerates will resort to stuck a deal with the major coworking players.
It is the coworking’s sheer willingness to adapt and reimagine growth with disruptive approaches that pave the way for the maximum footfalls of the working class, as they were already catering to the safety needs and preference since the advent of shared space culture.
PlugnWork mode would be the new normal, post Covid world
Work From Home (WFH) might be an appealing concept, but it is losing its sheen due to myriad distractions as employees face challenges ranging from inadequate technology resources to household chores, from large family setups to bedroom-turned offices. These consistent challenges might pose a significant disruption to operational efficiencies as well as work productivity at large.
Add to that, the mental agony is another area of concern for employees as they struggle to balance between office deadlines and home duties. It is also the lack of much-needed psychological support and the coworkers’ bonding that is taking an emotional toll. Not just that, exchanging ideas or coordinating tasks become way smoother and easier at the workspace and might become extremely challenging when working remotely.
The need of the hour is the coworking space that sets the benchmark for safe and healthy working spaces across the country, also that set the right tone for the safe cum social ecosystem which is a missing fad from all the traditional office spaces.
Flex Leases and Clauses
Coworking will continue to dominate over the traditional office spaces, as the contract will become more and more flexible. The agreement clause will allow the founders and entrepreneurs to flex the amount of space they required as the business blossoms.
More and more coworking players are bringing the ‘no access in emergency’ clause where a landlord agrees to abate a fair proportion of rental during a period when a tenant could not able to access the premises for plenty of reasons that include an earthquake, pandemic, flood, bombings, etc. It offers maximum flexibility to the startups and small businesses where they only need to pay a rental till the time they have an access to the coworking premises.
Adapting to coworking with best practices at everyone’s disposal
Adequately distanced workstations are set to be the emerging culture at the shared office spaces. Add to that, the frequent sanitizations checks, the sophisticated precautionary measures, wide-open zones, a dedicated zones for fun activities, and healthy culinary options at the cafeteria are the favorable factors that attract more and more workforce at the flex office spaces.
A smarter and dynamic workspace could carve a niche and optimize an office space transformation by introducing technological prudence such as smart contracts, biometrics, temperature control systems, IoT security systems that could help the workforce choose an office space from the standpoint of convenience as well as optimal use of the resource.
Reimagine the space
Additionally, the coworking space also needs to reimagine the office design that offers sustainability and environment conservation such as bringing in retractable roofs that allow natural lightings or facilities that incapsulate air purifiers, and the flooring that rules out the mere possibilities of dust and pollution.
Final Words
These millennial workspaces need to be re-programmed in a post-COVID scenario that optimizes space, resources, and technology utilization with sheer prudence. It could be a perfect recipe of green and smart office spaces that are redirected to cater the young entrepreneurs and the workforce alike.
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