The future of decentralised offices

The sharing economy is not just a term, but has been a success mantra for many companies and coworking spaces has proven to be a dynamic instrument to drive forward corporate productivity and efficiency

- RASHMI NAICKER

The COVID-19 pandemic has led to a realisation that offices will never be the same again. Most of the companies and their employees have recognised the benefits of working remotely during the pandemic. While the global coworking spaces market was worth $9.27 billion in 2019, it came down to $8.24 billion in 2020. The main reason behind the decline is the economic slowdowns caused by the Covid-19 pandemic. However, as people become wary of the new work trends brought about by the pandemic, coworking spaces are now making a comeback and are now poised for an emerging hybrid work model.

“Flex spaces add the much-required agility to an occupier’s real estate portfolio and have become an integral part of their strategy. We believe the industry will receive a boost as demand for flexible tenured spaces will only increase, keeping in mind the requirement for more distributed office spaces,” states Harsh Binani, co-founder, Smartworks.

He further adds that “Cost advantage, efficient, and flexible workspaces for lower Capex, flexible leases, fully managed spaces, and customised offerings have led to a surge in demand for flex spaces. While the work plans remain fluid, companies continue to reassess their real estate needs. Occupiers are going in for an asset-light model as part of their real estate portfolio planning post-pandemic. Companies are diversifying operational risks by distributing work at more than one location, offering maximum flexibility to their employees.”