About 2/3 of every organization’s team is made up of younger generations, who show up everyday day at work. For them, an office space is not just a physical location of working but more of an active zone; and work is something that can be tackled remotely in any scenario. If you sum this up, the mission of the coworking movement emerges out. And, probably that is why you can find co-working spaces in practically every city that is a business hub. Take Gurgaon or Mumbai for example – with a plethora of furnished offices and business districts to offer to a wide range of corporate, startups and enterprises. A co-working space in Gurgaon for e.g. is an amazing grooming area for independent professionals and entrepreneurs, who’d like to get better opportunities in the future.
Even though you see several foreign and domestic co-working spaces popping in metro cities, there are still companies that are still functioning the traditional way with a linear workflow and hierarchical corporate structure. It might be successful in the past, but going with the trends this isn’t working well for the CRE businesses in India. And, this is why CRE business owners and investors who want to see a steady development should capitalize on the growing demand for co-working spaces.
Here are some areas where co-working movement can work in favour of CRE development:
It’s time to learn that the scenario of the modern office has changed – To understand the impact of the co-working movement in today’s commercial real estate, it is vital to take few steps back and understand that how the modern office changed. Today, every office has about 65% of their workforce comprising of millennial and that’s where the need for a traditional setup diminished. Within the next decade, this percentage is bound to increase (about 75-80%).
If you’re a commercial real estate owner, landlord, dealer, or investor, you know the priority to satiate the needs of your clients. Today, those clients are the millennial, who want sophistication, easy workflow and technology integrated into their workspaces. The desired workspace is not the one where you could work with head down meet deadlines. Of course, deadlines are important, but so is workers wellbeing and that’s where a vibrant workspace fulfils the need. The word office isn’t actually needed anymore, and nor does a single style works every time. It is getting more about the energizing and collaborative group work environment.
Get the designs that can be quickly modified with the changing needs – Co-working spaces are designed to be high on functionality, which means its design can be quickly adapted to the changing needs of the client. It is why there are variations of work areas imbibed under one roof – dedicated desks for those who want a highly functional and focused area to manage a vast amount of work; hot desks for independent professionals who just need their tablet or notebooks to function; and even private cabins for people whose work requires frequent meetings and discussions – all these functions can only be executed with the right integration of the right design. Over time, these growing businesses will eventually need a bigger space to accommodate their teams without taking up the pain of shifting to a new address.
The traditional office spaces don’t give this liberty to businesses and usually, they have to settle for dysfunctional workspaces which come with a designated number of seats for employees or their work styles. As a result, workers perform less efficiently, communication gets confused and ultimately the business’ output suffers. For the owners and investors of a commercial real estate, the focus needs to be on getting their traditional office spaces redesigned so that the energy levels and functionality remains similar to a co-working space. This implies more open workspaces with spacious and comfortable seating which facilitates employee interaction and collaboration.
With design, it doesn’t just mean the office layout or the office interiors. It included everything, from the paintings, wall hangings, any props, office garden, and the most essential in the lot, the furniture. Office furniture plays a major role in employees’ happiness levels and works satisfaction. Plan the furniture design that it can be easily reconfigured whenever the need for more floor space is needed. Also, they should mix well the décor of the area so that it doesn’t look cluttered at any point. Adding these features to your existing office design will be huge selling points for CRE businesses who want to attract more buyers and tenants.
Focus on increasing the office facilities to gain and hold back tenants – The good point with any shared office is that you get to share the common office facilities with other members. This idea of sharing amenities grows into a community building habit that comes with added interactions, networking, and thus, more business perspective.
When tenants in the same office premises start networking with one another, not only they begin to nurture the value but also reap the benefits of successful networking.
Take Google or Apple for example, which have designed their ‘campuses’ for their employees where everyone is open to interactions, knowledge sharing, and thus, creates fantastic results. But, it’s not just them who can create such ambience; your office building can have the same effect. Go for adding a common canteen area where food variations can be added to satisfy the taste buds of everyone. Multiple lifts, common lounge area in every floor, and patio gardens and seating areas, are few ideas that you can apply. By giving businesses a workplace with awesome facilities offers them and you with more development opportunities.
Strive to provide a smooth experience even if it comes at a price – Surely, adding extra amenities at your office building comes with added costs. Sometimes, a lot. But, by giving these amenities you will give your tenants a seamless experience. When they will see that there are several amazing things that they can take leverage of and their engagement with the tenants are at a high you can easily stand out among the competition and even levy more for your workspace.
It is all about your brand, focus on building it – In the event that you need to draw in the millennial workforce, you have to focus on your brand image. This statistic is utilized to create a polished and unmistakable branding. On the off chance that you need to pull in them to your office space, you have to give them a brand worth tying up with. Numerous co-working spaces mark themselves with a stylish name and logo. They have proficient websites and a solid social networking game. How does your brand stands compared to that? Channel your efforts into appropriately marking your properties and it will definitely bring exponential advantages for the long term.
Do you think that these tips will work significantly for your commercial real estate business? Do you have something else that you recently learned from the developing pattern of co-working spaces? Tell us in the comment section below.