The traditional ways of working from 9-to-5 in a day and typical workplaces do not hold good anymore and are losing their essence. While modern day establishments are switching to flexi-hours and work-from-home options for employees, there has been a steady rise in newer ideas or trends such as co-workers and nomad workers with shared office space, which are appearing as a promising trend.
Coworking centers and executive suites facilities are shared office spaces that operate as temporary work hubs that anyone can rent by the hour, day or month. The concept of shared office space has become one of the popular trends among techies, startups, individuals working as freelancers and creative types seeking community and association with like-minded entrepreneurs – or simply ready-to-use workplaces that do not require a multiyear commitment. Yet each is as distinct as the people who frequent it.
The executive suites are fully furnished offices and other types of workspaces that are typically leased on a pay-as-you-go basis. They enable individuals or companies to occupy office space without signing a long-term lease, paying a security deposit, leasing equipment or contracting for telephone, internet, and other services. Coworking spaces use pay-per-use model, which helps the co-working space owners to have more revenue streams to depend upon besides desk rents. Members have to pay only for the services they use and not anything extra.
Many residential cum commercial projects in Dhanbad along with shared office spaces are coming up with the entry of millennial in the professional world. This is one of the biggest triggers of the shared office space trend. They are becoming entrepreneurs, building and creating successful startups, and are changing and shaping the trends of how and where we work.
Benefits of Shared Office Space: Some of the reasons as to why coworking and shared office spaces are so appealing and successful in the first place are due to the following:
• One of the visible triggers that encourage the growth of co-working spaces is that it is much more reasonable and cost-effective. Especially, in the case of start-ups and micro-enterprises, which are at the starting point find it useful to save money for their business by choosing for shared workspaces.
• Millennial entrepreneurs who are a part of shared space also have lesser responsibilities to worry about. The building owners take care of things like cleaning and maintenance. This is one of the major reasons why millennials prefer renting over owning as most of the mundane tasks and responsibilities are already taken care of.
• Business owners find the diverse environment with creative talent, designers, developers, and entrepreneurs all working together under a shared office space as inspirational. Moreover, it becomes very easy to build a strong and diverse network or community of like-minded people. Startups are especially benefitted as they can find and connect with experts who can mentor and nurture their business as and when required.
• Leases tend to cover periods of several years and owning a building is a huge investment and needs a lot of thinking before making it a reality. On the other hand, shared office space can be rented on a monthly, daily, or hourly basis as and when the need arises.
• With more and more millennials starting their own business and with many following their entrepreneurial drive, and with the availability of online resources, the fast turnover rate for tech startups, creating a startup from scratch happens fast nowadays, and this can also be established with smaller teams. This has increased a swift demand for commercial project in Dhanbad and has led to a boon for the shared office space industry. The concept of shared office space is perfect for business owners with small budgets, uncertain futures, and the requirement to collaborate with other similar business owners.
• According to a survey, more than 62% of millennials reside in urban cities where they have access to amenities like grocery stores, hotels and restaurants, are convenient and easily accessible. These facilities goes well with the location of shared office spaces usually occupying urban centers, making it a perfect fit for millennials’ making it a dream location to work and socialize.
• Commuting to shops and office spaces in Dhanbad become a lot easier and office goers do not have to face the traffic woes as these shared office spaces are centrally located. The office goers use the opportunity to explore more of their home city.
• Finally, with the advent of millennials in the work force, new ideas are emerging. They are resisting the urge to follow conventional office structures. They are breaking down corporate hierarchies, dismantling 9 to 5 mentalities, and even redefining social norms in business interactions. Real Estate projects in Dhanbad offer shared office spaces that provide more opportunities for individual expression, and offer an alternative and more practical option to traditional office culture. Simply put, they are new and they are trending.
• The concept of crowd sourcing funding is another aspect that seems to be advancing the growth of co-working spaces. With more and more success stories in the co-working space coming up, private funding is unavoidable. With more money coming in, negative reviews like mediocre internet connections, increasing noise levels and lack of privacy will soon be eliminated and a thing of the past.
The concept of shared office space also has some drawbacks. There will be limitations on what can be done with the space, and if an upgrade is required, not much can be done in that department. But, in spite of its drawbacks, shared office spaces are quickly becoming the dominant choice and emerging as a popular trend for the remote workers, startups, entrepreneurs, and millennial professionals because of the practical aspect of the concept. Because of this, the shared office space industry is sure to flourish and will witness a positive and steady growth in the coming future and help many to achieve their dreams in an economical manner.