Category: Millennials

Co-working spaces have become widespread in Bengaluru due to the practical benefits they accrue to small businesses. These shared office spaces have improvised over time and adapted to the needs of the consumer. Every space available in Bengaluru now is equipped with hip-looking furniture, a bustling cafe, and a lively, high-octane millennial throng.

Having said that, every company has its own set of preferences and requirements, and therefore, the right choice of a shared office space will remain unique to your business and you. 

With that in mind, let’s look into the prerequisite knowledge required before deciding on a shared office space. 

Expense

With the range of options available in Bengaluru, shared office spaces memberships are obtainable at low costs and are a great choice for start-ups. Spaces are available at only Rs. 4,900 per seat, which helps save money on rent and utilities.

There are numerous things that determine the price of your shared working space.

For instance, the type of space you decide to rent is one of them. In Bengaluru, you may choose from three types of co-working options, flexible desks (hot desks), dedicated desks, and private cabins. The cost incurred will vary depending on your choice.

Some co-working spaces are designed to provide a luxurious experience with deluxe facilities such as a gourmet café, a gaming area, and plush lounges, with frills such as filtered water flavored with fruit. Of course, in addition to standard features like high-quality office equipment, security, shared services (printers, employee pick up and drop, being some). It’s possible that some businesses may choose to pay a high price for a more aesthetically pleasing environment. Bengaluru is home to a number of shared office spaces that provide its tenants with modern desks and other office furnishings as well as access to premium office supplies. Spaces like this are an option for businesses that prioritize their workers’ morale and happiness.

Whilst looking for the perfect choice for a shared office space, businesses must consider the best option available within their budget. 

Location

Location is a vital element in the search for the perfect shared office space. Choose a micro-market that is favorable to your business, that increases employee productivity, and allows your business to network and expand. 

The choice of the location is also a determinant of the cost and therefore many businesses prioritize location, convenience and proximity when researching the right co-working office space.

If you’re in need of a co-working space in Bengaluru, it’s important to choose one in the most favorable and convenient locations.

Networking

Co-working spaces have made it easy for new and existing companies to socialize and network. In Bengaluru these shared office spaces provide an excellent opportunity to businesses to make connections, helping them expand their companies. Several co-working spaces also conduct workshops and other networking activities. Therefore, for businesses that are looking to broaden their network and in turn their company and customer base, must prioritize this advantage being provided at co-working office spaces.

Rentals

The leases at co-working spaces are flexible and an attractive feature for business owners. The temporary nature of the co-working office space memberships allow growing businesses to easily widen their company, or move out according to their convenience. In addition, some shared office locations provide short-term memberships such as daily or weekly passes. The monthly leasing costs for businesses will be greatly reduced as a result of this.

Conclusion

Co-working spaces in Bangalore provide everything you need to get work done, with a wide range of prices to choose from.

In terms of office space, it’s crucial to know exactly what’s needed and what’s not. For a bootstrapped company, a co-working space’s utility features might be important, hence they might avoid a plush waiting area, a gourmet café, or well, fruit-infused water. At the same time, it’s crucial to consider factors like pricing, ease of upsizing and downsizing, reliable internet connection, cleanliness, and accessibility around the clock. Simply said, you should try to find a place where you can get a good price, with all the necessities.

With accessibility to a one-day ticket to work at these shared office spaces, a variety of these spaces can be analyzed before choosing the perfect pick fitting the needs of a distinct company. 

Co-working spaces are definitely the future of office spaces due to its adaptability to the different needs of all divisions of a business. 

One of the country’s most liveable cities, with multiple job opportunities getting created, thanks to IT/ITES and allied sectors, Bengaluru, post Covid has seen the most resurgent demand in office and commercial spaces, post Covid. ‘Furnished Office Spaces’ are making ready to plug-and-play, veritable built-to-suit format as a clear comeback. 

This trend is also finding favour among budding entrepreneurs who are keen on kick-starting their businesses in Bengaluru. The provision of these efficient and ready-to-go office spaces is helping companies save more than just precious time to grow their business. 

Young entrepreneurs, with a quick need to adapt to business needs, sans the time required to convert bare shell spaces, are promptly adapting to the concept of furnished office space, logically. 

WHY FURNISHED OFFICE SPACES ARE THE LOGICAL CHOICE. 

1.  Economises on spends: The cost incurred when furnishing an office space is saved with the option of an already-furnished office space. Although the rent or lease on these office spaces might be marginally higher than unfurnished office spaces, the overall expenses on setting up and furnishing the space are reduced. 

2. Efficient on time and sans the operational complexities: One of the vital elements in the business set up is the time a standard business has –to establish its brand in the market, become identifiable with its product and service and break even, and subsequently, make profits. Furnished office spaces have helped businesses save significant amount of time on setting up their work spaces, and instead, use the time on more critical operational tasks. The hassle of doing the interiors, decor and other furnishments of an office space are reduced to none. Plu. Operate. Start. Simple, efficient, productive and elegant. 

3. Professional and Comfortable Space : As a furnished office space is already ready to accommodate a company and its associates, all one has to do is customise it according to their needs and create a comfortable space to work. Businesses thus can refocus energy on important tasks to run successfully. These spaces are furnished to look professional and this enables a company to start their business with a formal, professional imprint on clients. 

Furnished Office Spaces – The savvy choice for your business 

Traditional office spaces available for businesses require a lot of time and effort to perfect into a comfortable working space. Meanwhile, furnished office space are ready for your company from the get-go and are strategically located in prime locations for utmost returns. 

Not only is this new concept a trend in the world of start-ups, but also for established businesses. When a company is looking to move, the expense of furnishing a new office space is an additionally large amount of resource that is utilized. This can be avoided with the help of ‘Furnished Office Spaces’.

Conclusion

Investing in a new office space is a huge step for any business. Flagging off full-fledged operations from a new site calls for a substantial investment of cash and the resolution of several logistical challenges. 

The new shift of businesses from conventional office spaces to furnished office spaces is a well thought through move from company owners who have analysed the pros and cons of this new concept. 

Bengaluru as a hotspot for entrepreneurs as consumers of office spaces, is shifting their attention to furnished office spaces for increased convenience and efficiency. 

These furnished office spaces are offered for lease by us in Bengaluru. 

Warm shell properties may be regarded as residential or commercial units stripped down to their minimal furnishings. Warm shell properties are also referred to as vanilla shells. These property units are nominally embellished and ready-to-use, while offering all the amenities a new home owner would require, from running water to electricity to basic lighting and plumbing. Warm shell essentially is an upgraded version of a basic property to make the unit habitable. Understandably, warm Shell units in the residential market are at a lower cost, as compared to the projects offering furnished apartments. Tenants are offered the freedom to furnish their homes, according to their liking, with an option to arrange for additional furnishings and resources. 

Characteristics of Warm Shell Properties

• Bare minimum amenities: Frugal is good. 

With any new property, whether commercial or residential, one of the major obstacles is the additional expense of outfitting and setting up even the most basic amenities. This problem is solved by warm shell properties as they supply the tenant with all the essential furnishings and utilities, allowing them to save money on fit outs, even before they shift in.

Several other advantages are also offered, for instance when the property’s furnishing costs are included in the rental fee –  securing finances become simpler. Clearly an advantage over paying for it oneself. 

• Feasibility 

Ready-to-move-in properties are always preferred while having your finances in order. High levels of risk are involved in investing in the properties that are still in the planning phase.

In order to avoid any unwanted surprises on the way, the smarter option would be to invest in ready-to-use properties so that you can get a sense of your surroundings before deciding on whether to move in or not. For instance, a vegan brand looking forward to exploring a new arena by purchasing a store in an under-construction commercial building, may later discover that the store next door sells meat-based products. Quite a dispensable and irreparable situation, with significant damage to the brand’s reputation. Hence, to steer clear of such shocks later, it’s advisable to invest in warm shell properties, next to ready-to-move-in or functional assets – whereby the sense of the surroundings and the neighbourhood is not left to speculation or chance. 

• Affordability Factor

One of the most convincing factors of warm shells properties is their affordability, compared to fully-furnished properties. In case of a fully furnished house, there may be some things that the property is equipped with which may not be to your liking plus a fully furnished space not done to taste – also takes up a lot of room. A better option would be to rent a warm shell property and save a considerable amount by purchasing the furnishings according to your preference and budget. With the basic necessities already present, you can design a space of your liking, at a minimal cost.

Warm Shell Properties From an Investment Point of View

• One-time Investment

One time investments have considerably more value, you make use of only essential items needed in the workspace and set your business up in a minimalistic fashion. You have the opportunity of making significant savings by not spending on unnecessary items at the time of buying and later on in the process selling the space and earning a better return.

• Easier to Trade

A quick solution to effortlessly making profits in real estate would be to invest in warm shell dwellings, especially during the beginning of your real estate journey. Despite the fact that a completely furnished property would prospectively help achieve better profits, it might be costly for middle class individuals. Warm shell residences generally fall in a highly affordable range, have a wider appeal, and are simpler to be sold.

• Larger Target Audience 

Potential homebuyers may lean towards acquiring a dwelling that provides them with the possibility of decorating their place as they please, whenever they please. A warm shell property can be compared to a blank slate, with all the necessities in place. This gives purchasers the freedom to design and develop their residence according to their fondness, increasing the possibility of a successful purchase.

If you are interested in buying an affordable space developed according to your liking, warm shell properties offer modularity and economical sense in a sense of managing multi-variate situations. 

With the rising entrepreneurial spirit and spurt in the startup culture across the country, the co-working sector has been experiencing massive growth with demand for professional and affordable spaces. Among them the shared office space ecosystem are on the rise.  As existing and upcoming businesses drench in the digital transformation wave, the dynamics of the workspaces have changed leading to an emergence of a variety of new trends. 

Why Are Businesses Opting for Shared Office Space?

As large enterprises and budding businesses wish to reduce the operational costs and eradicate the capital expenditure as much possible, the concept of shared office space is a bliss for the entrepreneurs. These ready-to-move-in co-working spaces allow for an expansive geographical footprint, flexibility, affordability, nurturing tech-enabled environment, and collaborative workspaces while having the basic hygiene elements of an office space in place. The traditional outdated workspaces are on the decline due to the changed preferences of employers and employees alike.

Let Your Office Space Reflect Your Brand Ethos.

Modern flexible workspaces offer build-to-suit options to the tenants which allows the companies to customize and configure their office spaces the way they want it. This allows for curated office spaces wherein your employees would have a greater sense of belongingness and comfort, therefore, contributing to the positive, collaborative work environment with high productivity. 

Factors That Have Fueled the Growth of Co-working Spaces.

 

• Work near home, Hybrid and Remote working models – As the concept of working has eventually evolved with remote working and hybrid working models gaining traction due to tech enabled solutions, the demand for shared workspaces is bound to rise. The ‘work near home’ phenomenon has compelled companies to explore the option of allowing employees to work out of their nearest coworking spaces as they offer a tech-enabled working environment as well as have the necessary office infrastructure for maximizing productivity.
• Tech enabled spaces with shared amenities – Collaborative workspaces with ample amenities that offer a good work life balance. Modern co-working spaces are thoughtfully designed with a blend of form and function. Flexible floor plans, wi-fi enabled zones, collaboration rooms, break-out zones, common cafeteria, 24*7 security, ample parking facility and other common amenities are provided to ease the employees’ work life as much possible.
• Millennials’ role – The demand for shared working spaces in India is fueled by a variety of causes, one of them being the startup led by millennials and even younger employees will likely continue to occupy shared workspaces in the country. Over 46 percent of India’s workforce is millennials so going forward their impact on society is going to be immaculate.
• Businesses on the boom – Multiple mergers and acquisitions in the market, increasing number of operators on the lookout for purchasing small or city specific businesses for the purpose of expansion or reinforcement of their position in the market in the future and players with national presence attracting international operators due to ease of doing global business under government’s initiatives. Hence, the demand for office spaces to skyrocket in the upcoming scenario. 
• Niche workspaces in demand – The target consumer for co-working spaces has evolved with women entrepreneurs, freelancers, remote workers, solopreneurs, event organizers, corporate clients and budding startups being at the forefront. 
• Increased geographical spread – Tier 2 cities and towns such as Indore, Kochi, Ahmedabad, Lucknow, Chandigarh and Bhubaneshwar have witnessed a prolific increase in the demand for the shared workspaces that have bolstered the startup environment, with tier 3 cities catching up soon. Due to reduced operational and set up costs in tier 2 and 3 cities, MNCs and startups are strategically expanding their roots at such locations. 

In nutshell, the overall predications state that shared working spaces have a bright future in India. By 2025, it is expected that around 42% of the population in India will work in urban centers, and hence the demand for office space will increase manifold. With economics playing on the mind of many new businesses, the demand for shared office space will grow tremendously in the next decade.