Co-working spaces, a $400 million goldmine

Thanks to flexible lease options and locations advantage, these workplaces of tomorrow have become the go-to workspace for millennials, start-ups, young entrepreneurs and even MNCs who are looking for a trendier, plush and more laidback work environment. 

Co-working essentially involves individuals or small groups working independently, but with access to each other’s critiques, opinions and ideas. It is especially popular among boutique firms and start-ups. 

A city-based entrant in this sector is the Rattha Group, which has interests in realty, hospitality and financial services. One year ago, the group had introduced Workenstein and Workafella, its signature range of co-working spaces, located in Perungudi and Sholinganallur, and Alwarpet respectively. Shray Rattha, director, Workenstein, says, “We will be launching a serviced office space in Hyderabad this August. We intend to set up around 2530 more serviced office spaces in key markets like Chennai, Bengaluru, Mumbai, Pune, Ahmedabad, Kolkata and NCR. We have a 1,200-seat capacity at present. Tier 2 cities like Coimbatore and Trichy are also on the anvil of the company, going forward.” 

Apart from offering world-class facilities vis-à-vis, the work environment, co-working spaces are also turning into avenues for empowerment. Take the case of WSquare, a co-working space located in Adyar, that specifically caters to women entrepreneurs and professionals. The brainchild of two young businesswomen Vandhana Ramanathan and Jinal Patel, the six-month old serviced office space was born from the need to help women, who had taken a break from work, owing to familial needs, bounce back and get assimilated into corporate life again. 

Jinal tells us, “We wanted women entrepreneurs to have a space where they could network with like-minded women professionals, who could go on to inspire them, and give them a leg up in their ventures. Our workspace creates a conducive and safe atmosphere for exchange of ideas among office-goers. For the benefit of our professionals, we have even introduced a crèche facility.”