We are all aware and familiar with the long-term effects that the Covid19 Pandemic has had on our lives and daily routines. Now that everything is slowly transitioning back to normal, it does not take much thought to realize that nothing is ever going to be like it was before the pandemic hit us all.
The same is the condition with the real estate market. After surviving and may we say, thriving in the virtual world for more than two years side by side the ongoing pandemic, it is now time for the sector to transition back to the offline mode of functioning. It is true that the work from home mode is here to stay and is not going to change even in the post-pandemic era. Companies like Facebook, Twitter, and Shopify have declared that it is okay for their employees to continue working online since they have observed an upward trend in their productivity during the lock down period.
We want to discuss with you yet another trend that has come up as an after the result of the pandemic - coworking spaces. If you think of it, India was never too fond of coworking spaces and never even thought of entertaining the idea had it not been for the trauma of the pandemic. However, the times have now changed and with time, so have the trends and preferences of the workforce.
A simple definition of a coworking space is that it is a property that can be used by a variety of people from different companies and sectors as a place of work. It can either be used by a solo freelancer or a small company that has a fair amount of employees. In the simplest of terms, it is a property that is open to sitting and working for the day.
Most of us are of the mindset that co-working spaces will lose their importance as soon as companies get back to their normal mode of operating. However, the exact opposite has happened. You will be surprised to know that coworking spaces are more in demand during the post-pandemic era than they ever were!
Did you ever think that coworking spaces would be the answer to your issues of reduced productivity and having trouble getting work done? Try for yourself, it sure is!
Strange, isn't it? Let us give you some more clarity on this subject. The boom in the realty sector and increased demand to build co-working spaces for either freelancers or a group of companies speaks for itself.
Shouldn't people be more cautious about safety measures and prefer their own company office to avoid getting more distracted than they already are? We have a few reasons that might answer your questions about why coworking spaces have become more popular, especially after the pandemic situation has calmed down.
Why has the Demand for Coworking Spaces Increased Post Pandemic?
1. Opportunities to Network
Since you are working alongside different companies and a variety of people from different industries, coworking space might be the place where you end up discovering your next big business idea! The environment here is collaborative and gives you ample opportunities to interact with like-minded people. Most coworking spaces also organize networking events for their members. These include partnership opportunities, brainstorming sessions, and educational workshops. When you start networking, you can meet new people who might be willing to invest in your company or give you ideas that you never thought of yourself. This is a great opportunity to bond, and create both profitable and personal relations.
2. Flexible Working Hours
This is one benefit that all of us have wanted to enjoy but none of us ever found an effective solution to. Co-working spaces have changed the narrative by letting employees enter and exit the location as and when they want to. You can decide on working hours that are convenient to you and come and go as you please. There are times when a company wants to hire employees from outside the country. In such cases, there is no need for them to relocate anymore. Instead, these remote workers can be given memberships to coworking spaces of the location that is accessible to the employee.
3. Saves Money
Cutting costs and saving money wherever possible is essential for both big companies and businesses that are just starting. Would it not be a relief if you can save funds that you had allocated to a traditional working office and use them as an investment towards the growth of your company? In a co-working space, you will only be required to pay for the area that you want to use instead of the entire office. As an additional benefit, these spaces also give you added amenities such as cleaning staff and printing services at no extra cost. With this, companies do not have to worry about pressure regarding long-term leases and complex legalities.
4. Reduces Burnout and Isolation
Are we still not sick and tired of being isolated in one room in our homes, working all day long? Do we still not feel the need to have some face-to-face interaction with our colleagues? I am sure we do. The reduction in face-to-face interactions and personal connections has negatively affected our productivity. Most employees believe that if they get any chance to work amidst people and brainstorm together, they would take it in a second. Coworking spaces not only reduce isolation but also give a feeling of togetherness. An environment where everyone is on the same path to developing their careers and pursuing their aspirations is ideal in the post-pandemic era.
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These shared spaces have been designed in a way that they cater not only to the physical needs but also the emotional needs of employees. They make sure that the workspace is not entirely professional and too uptight. Co-working spaces provide their employees with lounges and chill-out areas where they can relax when they take a small break or just want to get away from the hustle and bustle of their routine work and daily targets. Some spaces provide gaming consoles, billiards, and football tables too! These amenities are most attractive to startups that promote a kind of culture where employees can chill and have some fun with one another during short breaks or lunch hours.
Did you know that some co-working spaces allow their workers to get their pets along as well?
6. Flexibility in Leasing the Space
Leasing agreements and their various elements can sometimes lead to wasting a lot of time and money. When you lease a traditional workspace, you usually end up signing on a 3 to 5-year contract. Co-working spaces give you the flexibility to decide what timeline works best for you. You get an array of leasing plans to choose from according to your suitability. Here, you can pay on a monthly, daily, or even an hourly basis! The best part is that you always have an option of changing the plan if ever required in the future.
7. Mental Well Being
Most people who have explored the idea of spending their working hours at a co-working space, claim that this work arrangement has exponentially improved their emotional and mental well-being. When they see so many people working and hustling around them, it not only encourages them but also gives them a kind of mental peace to keep working hard. It has also increased a lot of interpersonal skills in people and given them opportunities to communicate more effectively and clearly.
8. Work-Life Balance
All of us have realized the importance of a work-life balance especially after the pandemic hit us. We know that working all day long is not ideal, nor is it recommended for the sake of our mental health. It is important to be able to distinguish between our place of work, and our place of rest. With coworking spaces, you can comfortably work in your chosen spot and go back home to your personal life after work. Since employees are now transitioning from home to their place of work, coworking spaces have created a structure where this transition is not too overwhelming but also at the same time, a distinction can be made between professional and personal lives.
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9. Enhances Creativity and Motivation
It is a well-known fact that humans are more than often influenced by the actions of their peers. For some, this is not too right, while others think this is not wrong either. In a coworking space, this influence has turned out to be positive. It is during office hours that people constantly brainstorm and work on producing out-of-the-box solutions. When you see people engaging in creative thinking around you, you get motivated to do the same. Bouncing off ideas among each other can lead to other great ideas that might do wonders for you and your career! Moreover, switching your work environment and trying something new like a coworking space might give you the push that you have been looking for since after the pandemic.
10. Caters to the Needs of Freelances and SMEs
Both freelancers and small/medium enterprises have taken a huge sigh of relief after finding out about the concept of coworking spaces. These are any day better than working in their living rooms or a noisy cafe. For most gig workers, prices have always been a concern. However, coworking spaces have accommodated the need of these people too and then have come up with a variety of pricing plan options. In case you have some last-minute work that needs you to be in a calm and silent environment, you can also lease private workspaces/cabins in a co-working setup.
All these benefits are an indication of the fact that a coworking space may indeed be a blessing in disguise for many of us out here! This new hybrid arrangement has not only turned out to be exciting but also extremely convenient as per employees. A coworking space is best defined as a conducive environment that is not only user-friendly but is also free of all possible distractions that you would otherwise encounter.
We feel this is also the best use of a property when it comes to turning it into an office space!
Now that you know why people are going crazy about adopting a coworking space like most of the companies today, do you feel you want to try it out too?