Indian workplaces have undergone a change because to coworking spaces. In metropolitan areas where the cost of buying or renting a typical office space is very high, the trend of shared offices has been on the rise. Coworking spaces are a well-liked alternative to traditional offices for small enterprises, freelancers, and startups since they are adaptable and affordable. The need for coworking spaces in India is anticipated to grow over the next few years, therefore the industry has a bright future.
In India, the demand for flexible workspace is anticipated to increase by 2025, and coworking spaces are anticipated to make up between 15% and 20% of the country’s overall office space lease. The desire for a flexible work environment, the expansion of the gig economy, and the rising number of startups are some of the factors influencing the demand for coworking spaces in India.
WeWork, one of the industry’s top companies, has had a big impact on the coworking movement in India. WeWork was established in New York in 2010 and has since quickly grown throughout the world, including in India. WeWork has, however, encountered its fair share of difficulties, such as monetary setbacks and issues involving its former CEO, Adam Neumann. WeWork is now owned by the Japanese giant SoftBank, and in order to reestablish its financial stability, the business has undergone extensive reorganization.
WeWork currently operates 34 coworking locations in six Indian cities, including Bengaluru, Mumbai, and Delhi NCR. The company’s current priorities are maximizing its current areas and growing its enterprise products to better serve larger businesses that need specialized office solutions.
People also query the fame of WeWork. WeWork is renowned for its distinctive workspaces that provide an environment that is collaborative and community-driven and come with facilities like cafes, event spaces, and wellness centers. A world where people work to make a life, not simply a living, is what the organization aspires to build.
WeWork does not function as a traditional landlord. Even though the company leases properties to establish coworking spaces, it also provides a variety of services and perks that go above and beyond what a typical landlord would offer. The foundation of WeWork’s business strategy is the provision of a whole office package, which includes everything from furniture and utilities to social gatherings and networking possibilities.
In conclusion, coworking spaces in India have a promising future since the need for flexible workplace is expected to grow in the next years. Despite its difficulties, WeWork has contributed significantly to the development of the coworking movement in India and is still a major force in the sector. Coworking spaces will continue to be a practical alternative to conventional office spaces as more people want to work independently or launch their own enterprises. They offer a flexible and collaborative work environment that promotes creativity and innovation.
Regus, 91Springboard, Awfis, Innov8, and GoWork are just a few of WeWork’s rivals in the Indian coworking market.
Due to a number of causes, including the COVID-19 epidemic and worries about the company’s business strategy and leadership, WeWork experienced substantial financial difficulties in 2020. The business had to cancel its initial public offering (IPO) plans and let go of thousands of workers as a result. The business’s corporate governance procedures and Adam Neumann, its co-founder and former CEO,’s actions, both came under criticism. WeWork still runs coworking spaces all throughout the world, including in India, despite these difficulties.