Shared Office Business: A Bubble or a Reality?Posted on 21st Jun 2019
Bubble or reality is synonymous with business, especially new age conceptual businesses. May it be e-commerce, technology in the food industry, transportation, and others. New ideas, although welcomed, bear the burden of bursting like a bubble or turn into a thriving reality.
The idea of Shared Office Business hasn’t been spared. It has borne the burden on uncertainty too. However, the concept has crossed the initial hiccups and is being accepted across various businesses whilst losing its tag of ‘only for start-ups’.
While not comparing with the western world, in India, shared office spaces demand is growing. The number of companies working in shared spaces is expected to double in the coming years. According to experts in the industry, the future is growth-oriented and it would come from tier-1 and tier-2 cities.
What makes shared office space desirable today?
To answer it in one line – shared office space is a full-service workspace for businesses, start-ups, SMEs, and individuals to work in a cordial environment in a prime location at an affordable cost.
Shared Office model is gaining popularity and there are a couple of reasons why it will overtake traditional set-up. Let’s understand.
Not just for start-ups – Apart from start-ups, the model is open for all – freelancers, SMEs, new and existing businesses, large corporations, MNCs keen to set-up branch offices. Hence, the tag of ‘only for start-ups’ is a thing of the past.
Flexibility – Businesses get the advantage of the flexibility of customizable workplace. Plus, they can utilize the option of paying monthly, quarterly, or as per their requirements.
Economical – With the increase in sharing economy, shared office space offers additional benefits in addition to the apparent economic benefits. Efficient allocation of real estate, air conditioning, and electricity, shared offices are environment-friendly.
Growing – The industry is witnessing a steep growth. According to a report by *CBRE, the overall shared space growth in India has increased by about 50% i.e. from 10 million sq. ft in 2017 to about 15 million sq. ft in 2018.
To conclude, the industry has bright prospects and despite the skepticism and doubts about its future, ‘shared office spaces’ are here to stay and the concerns about of it being a bubble will fail. Contact DBS India for more information
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