Benefits of living in Incuspaze Tower

Over the past 18 months, the COVID-19 pandemic has not only transformed the entire coworking landscape but has also fostered partnerships between real estate developers and coworking operators to create unique workspaces. According to a report by Cushman & Wakefield, coworking operators have aggressively expanded their portfolios, leasing 21% more office space – 4.91 million square feet in 2021 compared to 4.05 million square feet in the previous year – across the top eight cities in India to meet the growing demand for flexible workspaces from corporates amidst the pandemic. Another report by JLL predicts that India’s coworking space market will exceed 50 million square feet by 2023. Industry experts believe that the sector will continue to grow stronger as organizations gradually shift back to office work and reassess their real estate needs with an evolving workforce. Businesses of all sizes are increasingly recognizing the benefits of the flexible work model, with the emergence of new working styles and hybrid models. Flexible workspaces continue to experience a surge in demand due to their agile, cost-efficient, and flexible product solutions, as well as other advantages such as a sense of community, collaboration, and networking, with a constant focus on health and safety. Dharam Mehta, Head of Digital Products at WeWork India, notes that the coworking firm has witnessed a consistent increase in large enterprises seeking to move to its workspaces and sign long-term deals. “With a presence in prime locations across the country, our innovative product offerings such as On-demand, Virtual Offices, and WeWork Business Solutions are tailored to meet the changing demands of members in the new normal that can be customized to diverse working requirements. We have seen a 10% increase in our enterprise portfolio and leased over 1.7 million square feet of office space in the past year,” he says. While flexible/coworking spaces have traditionally been popular with startups, larger organizations are also considering moving away from long-term leases and owned premises due to uncertainty surrounding the pandemic.