Author: TEZ

Introduction

Space is an important element when there are so many companies in a building. And space utilisation is an idea where the workspace is measured for its efficiency, its usefulness, and its overall contribution to a company’s objectives. It’s essential to make the most out of every square inch so one can have a productive environment.

Many companies also spend hefty amounts of money to perfect their spaces. But still, a small or medium size company can reap the benefits of effective space optimization by shifting to a coworking module. The benefits of the shift are numerous, like the elimination of unused desks and the filling of them with something productive.

How Does Space Utilisation Work with Coworking?

Shared offices better known as Coworking Spaces are office spaces provided to those who require a better & affordable workplace. Coworking has become more critical of space utilisation & occupancy in recent years, especially after the covid. Although they charge as per the seats occupied, they rely on square foot measures to maximise the space.

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What Do Statistics have to Say about Shared Offices?

According to a recent study, the global average square foot stands at approx. 7200 sq ft. If we consider smaller non-franchisee standalone spaces, and cooperatively managed spaces, there are more than 35,000 flexible working spaces existing currently which creates more than. 521 million sq. ft. of office space.

International real-estate giant CBRE reported a fivefold increase in average rent. The area of Coworking Spaces increased from 20,000 to more than 100,000 square feet between 2018-19. Square feet in India, with a strong possibility of the industry riding the growth wave shortly as well. Shared Workspaces with effective space optimization, lead to better employee retention rate & experience.

Read also: “Coworking Growth Statistics – Series 1“

Numbers that Matter

Flex space supply in the Indian market boomed, resulting in a significant increase in the total stock, which nearly tripled from 9.9 million sq ft. in 2017 to 29.5 million sq. ft. in 2020. It has seen to grow at an average annual rate of 23% since 2010 with 14% of corporate workers using coworking spaces regularly. In Chennai also, it has seen some tremendous growth since its inception.

Reasons to Avoid Bad Space Utilisation… At Any Cost!

Companies spend a chunk of their money on Office Space and let me tell you that vendors charge per square foot of space, which can vary based on the market’s demand. So, if a company is willing to spend so much, it will want to ensure that spaces are utilised well.

For example, if you consider that the market price per square foot is $20 & assume that the average space occupied by your 100 employees is 100 sq ft, then you will have to spend $2000 ($20 * 100 sq ft) per employee, therefore 100 employees would cost you around $200,000 ($2000 * 100 workers). Which is a lot. According to AECOM, estimates suggest that desks and offices in the workspace are only occupied about 42% of the time and, on average, workspaces are empty about 40% – 50% of the time during the workday. What will be their first reaction when they spent $200,000 on buying space but still don’t find any improvements in the working environment? Yes, you would feel the same way if you don’t optimise your space anytime soon. 

Trends in the Favour of Space Optimization & Shared Offices:

The recent pandemic made us realise how vital social interactions are, and therefore promoting coworking spaces side by side. There has been a drastic increase in the coworking industry which shows no signs to stop.

1. Coworking space will take a rise in the absorption of seats by at least 20-30%.
2. Coworking is likely to grow by 20-25% in the coming few years.
3. Indian coworking space is all set to pass 50 million square ft by 2023.
4. 42.6% of the employees prefer coworking over WFH.

Conclusively, A workplace without any space optimization will frustrate people and compromise productivity. Companies can walk the extra mile to better optimise the space. Coworking and space optimization go hand in hand together and is the best option for anyone regardless of company size.

If you’d like to try coworking, we highly recommend making an appointment to determine whether the Executive Zone is the best choice for you. To improve the workplace with greater space usage, we made some significant financial investments during the early stages. Additionally, because there are so many workers in a coworking space, we receive regular input from them and can address any issues with the workspace.

A coworking space is a place where several shared office spaces are provided to individuals and workers of different companies for a small fee. Coworking spaces are getting popular across the globe. Before Covid, the coworkers were mostly freelancers and professionals who worked from home or did not have a permanent office or worked from different places but in today’s world, many large corporations have come to realize that they need to make the switch from the traditional office buildings to a modern-day coworking space. The increase in the coworking space market is primarily due to the companies recommencing their operations and altering to the new normal while recovering from the COVID-19 impact, which had before led to restrictive containment measures implying social distancing, remote working, and the closure of commercial proceedings that resulted in operational challenges. 

General Coworking Statistics

Coworking began as a movement motivated by digital nomads and close to instantly changing into a model for providing business services. This gave start to coworking spaces of different styles and sizes, alms cooperation possibilities, and much more. By 2021 the number of coworking spaces worldwide is almost 23,550 and which is expected to more than double by 2024 and surpass 41,000. If you are surprised how many people use coworking worldwide, the answer is 3.1 plus million and it should not come as a surprise that there will be 5 million by 2024. These historical and flexible workspaces offering freelancers the liberty to follow their passion are causing a spatter on the real estate market, too. And the global value of the coworking market is unlikely to start going down any time soon. The market size of the total coworking space is $30.36 by 2021 and surpass $30.36 billion by 2026 at a CAGR of 17.4%.

The size and capacity of any workspace matter hugely and should be chosen based on the needs of freelancers. Shared office facilities perfectly must offer desks, meeting rooms, and other labeled areas and resources for individuals that do now love to depend on location. In today’s world, there are on average 83 independent employees working in shared offices. The average flexible workspace around the world is 7,308 square feet.

Since we’ve mentioned size and capacity, next on our list is cost. The fact is that during two years from their launch, almost three quarters become gainful. 87% of shared office facilities become profitable within two years from their opening. 

Read also: “The Rise of Business Centers and Coworking Space in Chennai”

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In a coworking space, you get to be in contact with one to four members a day, or none, depending on how your mood is. Coworking facts show that 89% of independently employed people feel happier since they’ve joined coworking with utter flexibility. Coworking spaces are set as a productive and conducive working environment-productivity statistics show. Plus, everyone around you is truly there to work. 84% of coworkers feel motivated and engaged.

The coworking space business model is based on an aura of purpose blended with competitiveness. And the results are extraordinary. Shared offices make 70% of their members healthier, according to coworking productivity statistics. 64% of people sharing an office with a coworker have improved on completing their tasks on time, and 68% say they are better focused. More than half of coworkers feel they are part of something better. Their social lives are glowing, and their social networks have expanded by 79%. What makes these coworking hubs so worthwhile is that a staggering 80% of their members say they are happy to have someone to interact with, while 54% socialize on weekends with other coworkers.

The coworking space business model has proven quite successful and has found target users such as SMEs and startup teams. SMEs are today the primary lessees of coworking spaces. Startup teams come secondary with 27.12%, followed by freelancers with 16.61% and digital remote employees are a minority with 2.82%.

Other Top Coworking Statistics

• The current market share of flexible workspaces against the total office space market holds 3 percent and this is expected to go up to 4.2 percent by 2023. It would grow at an average of 15-20 percent year on year.
• Coworking operators produce 61% of their revenues from renting desks.
• 76% of people who cowork intend on using coworking spaces for a long period.
• The average age of members in coworking spaces is between 30 and 39.

TOP 5 COUNTRIES WITH THE GREATEST Number OF WORLD’S COWORKING SPACES (2021)

In terms of region, Asia Pacific remains on top with the greatest number of total coworking spaces in 2021 (5,889), followed by Europe (5,858) and North America (4,698). The United States holds 1^st rank for the greatest number of coworking spaces around the globe (3,762), followed by India (2,197) and the UK (1,044).

Conclusion

Flexibility, affordability, and productivity are the underlying principles of the coworking industry. Roamers, freelancers, and enterprises with far-reaching dreams and even bigger ideas are beginning to see coworking spaces as their offices of tomorrow. Shared workspaces give them the mend they need to lead a healthier and more harmonious life. The coworking statistics mentioned above show that coworking is a fantastic way to make a favorable work environment and growth in employee productivity. 

Coworking = Longer Life?

Coworking can boost your health by providing you the opportunity to interact with other coworking members. In this environment, you get to create strong professional and personal partnerships and social relationships. The current post pandemic situation has shed light on the multitudinous mental health problems that can arise from working remotely. It can lead to lack of productivity, severe burnout, anxiety, stress, insomnia, and the list goes on.

“The Executive Zone is more than just an office, but a community to help foster and nurture growth”

How does Co-Working Help Overcome Workplace Stress?

A coworking space is no fewer than a corporation and has all the amenities needed for an inappropriate workplace. Furthermore, it has fun zones and set up community events weekly to release stress at the workplace. It has an informal atmosphere where people can interact with employees of other companies. This communication will lead to the exchange of opinions wherein they can embrace good things from each other. Also,communication with others and discussing things will result in low stress.

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Does WFH make Freelancing very Lonely and How Does Co-Working Help them to Overcome it?

Freelancers can frequently go days without having an exact conversation with another person, resulting in greater feelings of stress, depression, and anxiety. Almost one-fifth of respondents cited working alone as the sole reason they had mental health conditions. This is because they feel isolated, due to having no daily contact with each employer or colleagues.

However, coworking spaces can help to ebb these feelings of loneliness, thus, reducing the detrimental impact on their mental health. Coworking spaces are filled with like-minded individuals meaning freelancers can build friendships with their fellow coworkers, making their workday a lot less lonely.

Read also: “7 Reasons Why Corporates Are Moving To Coworking Spaces?”

How do Coworking Help to the Betterment of Mental Health?

1. Change Of Environment and Flexibility

Holding the option to jolt your routine is a great way to split up monotony and get oneself out of a depressive furrow. While working from home is comfortable and may be a nice way to spend some of your workdays, getting out of the house a few days a week and path to a coworking space can provide framework to your week and give you something to strongly hope for. Coworking office spaces advance flexible work preparations. For example, they can begin early or work late, based on their most-productive work hours and plans. The Executive Zone offers flexi plans that allow members to make the most of flexible work hours.

2. Mindfulness and Innovation

A true greeting from the community manager right away lifts your spirits and refreshes your creativity, or a lunch break with harmonious colleagues or a quick outlet to a “coworker” who gets you re-oriented with some words of support. Corny moments are hard to find when you pick a good coworking space. You can also set clear boundaries – when you get there, you’re all business when you leave, you can go home to take care of the rest of your life, ease by a productive day at the office.

3. Really Yourself

The Executive Zone, as one the best coworking or workspace operators established in Chennai acts as a spread HR arm and organizes activities which are knowledge domain as well as fun for all our clients. This is particularly a boon for companies that have a lower number of employees and those find it hard to organize such activities. You can have lunch and learn with “coworkers,” you can swap marketing ideas with some new members at happy hour or meet your running body for a training run. At the end of the day, you effect that you didn’t really miss the postman and you never had the push to check Facebook. Shared workspaces give you the chance to share our work and offer up our skills to others daily.

4. Productive Work Environment

Nowadays, shared workspaces are likely to be designed for mobility, whether it’s a coffee bar that claim a walk down the hall, a phone booth on the other side of the room, a lunchtime yoga class, or standing desks to get you over the afternoon lull. Shared offices have everything you need to improve productivity, from well-equipped desks to user-friendly furniture to designated meeting rooms, recreation areas, community spaces, and cafeterias. As a result, you get all kinds of things done, which leaves you with huge time for your personal life. If you wanted to structure yourself somehow, you could lease a place in the coworking space for a month at once. Firstly, this way the cost will be much more agreeable than paying for every day, and secondly, once paid, you must go and work.

5. Improve Your Work/Life Balance

It is vital to care about your job and career, but it is even more crucial to set boundaries between work and the rest of your days. Working from home can smudge the line between them. Since your work takes place where you sleep and eat, you may strain yourself and not notice it, leading to burnout. Achieving work-life balance through coworking spaces is the best solution to this challenge. It’s easier to evolve a routine and manage time while working from a shared office. You can design your day ahead, use the capabilities offered by shared offices to raise focus, and enjoy the advantages of dedicated work areas and quiet areas. All these factors allow you to have an organized work life, which, in turn, hikes the quality of your personal life too.

6. Biophilia

Humans have been known to build with the warm, vibrant colors provided in nature. Science hints various indoor plant lives award a positive effect on your mental well-being. You could find an equipped office space in The Executive Zone with a huge focus on bringing nature into your life with well-lit, airy spaces and plenty of indoor plants. 

As you’re likely to be bangingout more work, you’ll also have the tranquility that you can go home feeling accomplished. Overall, coworking can play a role in promoting your mental well-being.If coworking is something you’d like to check out, we highly suggest setting up an appointment to see if The Executive Zone is the right pick for you. We’ve overworked on developing a community that’s inclusive and welcoming of all occupations and types. As mental health is the foundation of a productive mind and spirit, our motto is to create a space for everyone to thrive in their own lane, each day. Come see how we can be of aid in growth for the future.

Benefits of Organizing an Event in Co-Working Space

Coworking spaces are welcoming, comfortable, and elegant. Organization of an event requires good technical and gastronomic facilities. The Executive Zone offers event spaces for business events and gatherings in Chennai for brand shoots, product launches, workshops, networking sessions, press conferences, talent drive etc.

Good Location
The address where your event happens makes all the variance. “The Executive Zone” strategically situated close to metro stations, places of business and parking lots to ease the access. It will help you to get many people for your event, and it will offer more credibility for your business.

Top of the Line Technology

You can expect fiber-speed Wi-Fi, monitors, projectors, microphones, and video conference capabilities at our coworking space. You just have to bring your flash drive or laptop to start. You do not need to have an IT advanced knowledge to show up your business on the screen.

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Comfortable with Full Facilities

Welcoming an event at a coworking space can deliver a good experience for hours, for the speakers and guests. You will get it all already in-place, such as tables, chairs, projectors, air conditioner, coffee, and additional facilities to host a big event. In our coworking space, entirety is at your and the participants’ disposal. There’s one more advantage. After the event is completed, you say goodbye to everyone and leave as well.

Free Promotion

We have our own social media, newsletter, or blog. What can you find there? Information on current cowork events. Bingo! By organizing an event in such a space, you will get free promotion. Of course, this works both ways because your event becomes a showcase for coworking space. Mutual benefit? We are here for it!

Emotional Recommendations

What is the most general topic during coffee meetings? Business. You can be sure that people who work in coworking spaces daily will tell friends about your event. They are probably to do it in an emotional form. People who work in such premises like their place of work because they chose it themselves. They connect positive emotions with it, and thus, they talk about what is interesting at work. Details about your event will range from many people, including those interested in the event.
Searching for the appropriate event space booking for your event is as vital as the event itself. looking for a trendy space for your next event at the prime location.

The Executive Zone – Event Space

Best For – Annual Gathering | Business Events | Up to 60 Persons