Co-working spaces are anticipated to become a core part of commercial office leasing in Odisha. Due to its exponential growth in the past 3 – 4 years, the adoption of Co-working spaces in Odisha has been rapid, with all traditional office users finding this, as a viable alternative to owning or operating their workspaces.
In the eastern part of India, the coworking culture has spread into tier 2 and 3 cities. In Odisha, startups have been preferring to start their business from incubation centers and coworking centers. Of late, even big companies and corporates find Odisha as a favorite destination to invest in startups’ ecosystems.
In India, the coworking industry is expected to hit a value of $2.2 billion by 2022, while the penetration of coworking will grow from 0.7% in 2017 to 5.7% in 2022. Amid booming demand in India, collaborative workspaces are increasingly attracting companies. Best-in-class infrastructure, renewed networking opportunities, versatility in the workplace, no fixed capital investment, and the ever-swelling prices of commercial real estate are some of the many factors driving this demand in the Odisha market.
Let us have a look at the factors that are contributing to the growth of co-working spaces in Odisha.
No upfront investment of any fixed capital when leasing out the office space is one of the major drivers of the co-working market. The strong factor for a substantial potential for the growth of the co-working market is superior infrastructure at lower prices, and rising CRE rentals. Co-working spaces also contribute to cost savings of 20-25% compared to any typical workplace. Especially, in the states like Odisha, the rents are a bit low compared to other metropolitan cities like Mumbai, Delhi, and Bangalore.
Increased Chances of Networking & Partnership
By bringing people from diverse industries, backgrounds, and communities, co-working spaces build a closed-loop physical forum that enables individuals to connect and network. Co-working spaces give their participants the ability to step outside of their businesses and comfort zone, by looking at things in a completely new light, and make professional connections, get various perspectives, and a different perspective on challenges.
In Odisha, the capital city – Bhubaneswar – has been the major hub for business networking. It is the city where most of the business deals are signed every day and the support from the government helping businesses to start their ventures.
For many businesses who want to provide their employees with the right resources and flexibility, to unlock their innovative potential, a flexible and interactive work atmosphere with an emphasis on activity-based environments, networking events, and employee enrichment activities is seen as essential.
Extensive Workspaces with Facilities
Companies are making the transition to co-working spaces, to ensure that in a conventional office set up, they can have all the services and facilities that they are otherwise, unable to offer their workers. Many of today’s coworking spaces, provide a wide variety of facilities and workplace advantages that are appealing to workers and exceed traditional offices. The spaces are embedded with the new technology-enabled facilities, apart from simple workplace amenities such as activity-based environments, co-worker interaction zones, leisure areas, which not only increases employee efficiency but also helps to manage it effectively.
With 72 percent of founders below the age of 35, India is the world’s youngest start-up country. Without any corporate rigidity and bureaucratic constraints, co-working spaces, enables the right visibility and opportunities, to network and participate in skills development, and job enrichment. This draws millennial workers who have a more open and interactive working style. For several businesses, this makes a persuasive argument for exploring operating out of open workspaces more widely in the future.