Hyderabad June21, 2018:Knight Frank India, one of the leading International Property Consultants today launched a report on the changing perceptions of the workplace titledCo-working: The office of the future.
Key findings of the report:
Dr.Samantak Das, Chief Economist and National Director – Research, Knight Frank India, said “Due to the changing perceptions of the office, the workplace is being viewed as an instrument that could drive a dynamic and vibrant culture of corporate productivity impacting the financial, cultural and environmental ethos of the organisation. This far reaching agenda warrants an element of specialisation. The co-working operator is filling this niche and is fast being regarded as a specialist in workplace management who can cultivate an environment of collaborative enterprise that yields tangible benefits to the occupier.
The fact that large Indian corporates today constitute approximately 50% of the co-working operator’s overall client roster bears testament to its increasingly widespread acceptance among mainstream occupiers. While co-working companies took up a modest 0.17 mnsqmt (1.8 mnsqft) in 2017, the first quarter of 2018 itself has exceeded the annual tally of 2017 at (0.19 mnsqmt) 2 mnsq ft. The expansion plans of major players and the increasing appetite for this format from occupiers, property owners and co-working operators should see annual transaction numbers triple from current levels over the next 3 years.”
Adds Viral Desai, National Director – Occupier Solutions Group, Knight Frank India, “From being on the fringes as a short-term solution, co-working is now being considered as a real estate solution. Flexibility to scale up and down, ease of transaction in terms of a single cheque, no hassle of fit outs or dealing with multiple vendors and reduced legal and compliance risk are some of the factors that have paved the way for co-working. Commercial Real Estate has to transition from a product to a service with a higher level of customer service and co-working operators are making this transition happen.
Although there is a lot of discussion on whether co-working will replace traditional office spaces, it is important to note that a co-working space is complimentary and not conflicting to the traditional office space and that both will co-exist. Also going forward, we will see occupiers using a mix of both flexible and traditional space. Having said that, there are two major challenges that co-working operators will face, one is that they are buying long and selling short hence the financial risk and the second is not meeting customer expectation thus leading to erosion of value associated with a negative or declining customer experience.”
To download the report, click here: http://content.knightfrank.com/research/316/documents/en/india-office-market-co-working-the-office-of-the-future-5637.pdf
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