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What is a co-working space?

Co-working spaces are an arrangement in which workers of different companies share an office space. It allows cost savings and convenience through the use of common infrastructure, such as receptionist and custodial services, equipment, utilities, parcel acceptance services and in some cases refreshments.

The days where co-working spaces were occupied only by freelancers and start-ups are far behind us, large enterprises nd MNCs have started selecting coworking spaces over private offices in view of the agility and flexibility offered by shared workspace providers.

5 reasons why co-working spaces over conventional/traditional offices is the smart choice:

Opportunity for Customization of Office Spaces

Different businesses have different infrastructural requirements. Flexible workspace providers design private office spaces or shared workspace as per the business’ infrastructural needs. Flexible workspace provide options between single desk, shared office or private cabins. It also gives an option to have brainstorming sessions in designated or common zones.

Lease – Real estate Efficiency

Most conventional office spaces are rigid, inflexible & require hefty investments. Co-working spaces, on the other hand provide plug-and-play offices that require no CAPEX investments, no lease! You get a membership according to your needs, and you can change it at a moment’s notice. Be it a desk for just one day or 10 dedicated desks for a week or a private office for four months, shared workplaces give you remarkably flexible choices.

“Read also: https://www.theexecutivezone.in/coworking-space-for-startups/“

Interactive Events

Co-working spaces organize events to keep their members and employees engaged. DIY workshops, corporate grooming seminars, business related workshops, etc. give employees the chance to have fun and meet new individuals from various backgrounds while learning something new.Such recreational exposure helps in keeping the employeesfocused and motivated, in turn increases their productivity.

Networking Opportunities

The foundation of co-working spaces is building a community of like-minded individuals. Co-working spaces are centersfor ideas and experiences, consisting of people from various companies and walks of life working together within the same office premises. The Co-working concept also provides individuals the opportunity to expand their professional network, as well as venture into new collaborations for mutual interest.

Increased Productivity

One of the benefits of coworking spaces for startups is increased productivity. Working in an atmosphere that stresses on the importance of collaboration and shared values is much more inspiring and motivational. In a coworking space, you work with other innovative and creative freelancers, entrepreneurs, small businesses, or startups.

When you work around other like-minded professionals, some of whom have very unique talents and skills, you are exposed to a wide range of knowledge that can help analyse and make progressive decisions when faced with a difficult work situation.

One advantage of coworking spaces is that you have enough people to consult within the space, there is no need to step out of the office to get professional advice or inspiration. That minimizes time wastage.

Enhances Work-Life Balance

Balancing work life and personal life is a struggle for everyone. Main benefits of working in a coworking space is that it allows you to keep your work and personal life separate.

Coworking helps you to stick to a more efficient work schedule and focus in a distraction-free environment by providing a more creative and productive work atmosphere.

Your motivation for work spikes, as everyone in your space is aiming at success, ultimately boosting productivity. It is a positive step towards the much-needed work-life balance.

Seamless Flow of Ideas

Coworking means brainstorming and learning new things every day from differently skilled coworkers. In the long run, one of the benefits of shared office space is that you become creative, knowledgeable and eventually an industry-leading expert.

When ideas flow seamlessly between professionals working on the same project, everyone is able to focus solely on the areas in which he/she is skilled.

Collaboration

Shared workspace promotes collaboration by providing open space for easy communication, encouraging coworkers to share knowledge, expanding job opportunities and opening people up to a new network of professionals. Coworking spaces boost your creativity.

Working along other creative and innovative freelancers, entrepreneurs, etc. can help in gathering new perspectives, ideas and advice which ultimately leads to more productivity.

Communal Environment

Choosing a shared space may be seen as a benefit of coworking spaces to freelancers, entrepreneurs and startups. The advantages of coworking spaces is that you are not just sharing an office space, but you become part of a community of like-minded people.

This type of office environment brings a feeling of collectivism that will make the workplace more enjoyable and productive. In addition, such an environment offers some more benefits other than creating a community of people who feel connected to their coworkers, it often hosts a variety of interesting events and lectures that all of the employees can attend.

Equipped Offices and Appropriate Meeting Spaces

When buying your own office, you need to invest in its design, furniture and equipment.

On the other hand, coworking spaces come with everything you require. Coworking spaces usually feature a modern design that appeals to a youthful workforce. In addition, coworking spaces have appropriate meeting spaces where business meetings can be held.

Coworking offices and their meeting rooms offer a wide variety of affordable and professional rooms to suit any occasion.

Corporate Mailing Address

Coworking spaces are located in the prime location of cities, where it would otherwise be nearly impossible to find an office space. A coworking space gives you a corporate business mailing address.

Having a corporate mailing address in a highly reputable location also sends a positive message to your clients which is one of the major benefits of working in a coworking space.

We see a fair share of change happening in workspaces around the world in the year 2020 as a result of the COVID-19 pandemic. With technology as the key feature behind the trends in the past, we see a new future with every new innovation and breakthrough.

Technology has greatly impacted the workplace by focusing exclusively on increasing quality, reducing cost and enhancing scalability, resulting in the booming of cloud computing, artificial intelligence, virtual reality and automation.

Let’s take a look at a few changes we can expect in future workspaces:

Contactless Technology

As we see companies slowly resuming work, employers are considering ways to create a more contactless (or at least a low-touch) workspace environment. Technology will play the key role in this transformation. Contactless check-in where onecan create a visitor profile at the reception by using their own smartphone. Exchanging information digitally instead of the traditional handshake and business cards.

De-Densification – the New Norm

De-densification of the workplace post-COVID-19 era will help occupiers to maintain social distancing and enhance the workspace wellness. It could also urges companies to work in shifts to ensure the office isn’t brimming with people in close contact with one another.

Social Distance Will Be the Key

Social distancing and hygiene during and post the Covid-19 era will be an important priority of all workplaces. Temperature check and the availability of sanitizer at the entry and other high risk/common areas around the office, use of masks, elevator capacity reduction, and safety markings around the office will be some of the precautions taken by employers/workspace providers to better the current situation.

“Read also: https://www.theexecutivezone.in/how-co-working-spaces-adapt-to-new-normal/“

Emergence of Shared Spaces

With majority of employees opting for flexibility in working from different locations, companies have started to consider downsizing their traditional/conventional offices and leaning towards the idea of setting up offices in coworking offices in proximity to their employee’s residence after considering the pandemic situation(working far from home/ in different cities).

We are still very far from the complete resolution of the novel coronavirus but in the long run, considering the various benefits of shared workspace, coworking as an industry will start to boom.

A virtual office is part of the flexible workspace industry that caters to the demands of evolution in the way we work today. It provides businesses with various services, space and/or technology, without the need to bear the CAPEX of owning or leasing a conventional office.

There are a few factors that come into play when considering the benefits of a virtual office:

Cost-effective

When considering the capital required to build, rent or lease an office, the option of a virtual office is a smart choice for any freelancer, entrepreneur, start-ups or SMEs. Virtual offices are a concept where physical presence is not a necessity but benefits such as premium office addresses and other services such as board rooms, meeting rooms, concierge services and other administrative services can be procured and enjoyable as per requirements.

Flexible and Less time consumption

Recent times have shown a shift from “working in an office” to “working from home”. This trend has been more beneficial to the employees in aspects of the time and cost consumption, as a result the time spent to commute can be used more efficiently to increase productivity and improve overall work attitude.

Remote Working

A virtual office is a remote working style that allows one to work on their own terms and use unique methods to achieve maximum productivity in the initial stages of business. The benefits of having virtual offices allows one to work efficiently from the comfort of their home, a coffee shop or on the go, which reduces stress levels and helps maintain a happy and healthy balance between work and life outside of work.

“Read also: https://www.theexecutivezone.in/virtual-office-benefits/“

Business/Team Expansion

Virtual offices provide flexibility to organizations seeking to expand their business. When a company needs a physical presence in a different city, virtual offices are the go-to-approach to sustain the day-to-day operations. Without an obstruction of a fixed workplace and other legal formalities, increasing a team size is smooth-running with virtual offices.

Easy setup

Setting up or shutting down of a virtual office is hassle free and easy, without the need to spend anything additionally.

In conclusion, having a virtual office at the initial stage for a start-up or entrepreneur is an asset, and can further continue to effectively support in the growth of the business.

The Executive Zone, has been and will continuesupporting business’ grow and maintain a professional presence by providing excellent shared, private and virtual office spaces in Anna Salai, Chennai.

COVID-19 in the span of just a few months has altered the way an employee works and a company navigates in its day-to-day life. Businesses all around the world have adjusted their operations in an effort to put an end or at the least to slow down the spread of the COVID-19.

The concept of social distancing and experimental remote working may lead one to think of a future where “working from an office” is no longer a necessity. However, we believe that not everyone is equipped and ready to manage the “work from home/remote working” situation.

The switch from an office to work from home has been seen to come with its pros and cons. Despite its benefits, remote working is found to be very distracting depending on the employee’s household situation. Kids, electricity, internet connectivity/Wi-Fi, network and other factors may contribute to the drawbacks of working from home and thus leading companies to opt for a coworking space in proximity to an employee’s home to ensure commuting time is minimal and also work can be carried out with lesser distractions.

We see the increase of virtual offices in cases where distractions are lesser and the level of productivity remains the same or in some situations show an increase, companies have decided to continue the work from home lifestyle and this may also continue after the COVID-19 Pandemic has passed.

Long term contracts with office space providers would entitle a company to pay a rent as per their agreed/defined contract even if the space is not being utilized. This payment had been a major struggle to many companies who were faced with tangible setbacks and losses within their respective businesses during this COVID-19. The flexible terms of coworking – For Example – No lock-in, no deposit, etc., has led to the shift from conventional/traditional offices to coworking spaces.

The pandemic has resulted in many setbacks seen by businesses, start-ups and freelancers. The key to a stable ground is through networking (community) and coworking spaces were always known to fuel connections and drive businesses. Connections made between different employees from various fields/backgrounds in a coworking environment could be a potential investment/client

Thus we see businesses adding the possibilities of further lockdowns & restrictions to their future plans and are working towards finding flexible terms for their rental agreements. This would ensure that if/when a similar situation arises, they would be able to benefit from the flexible terms, various offers/options, cost efficiency, amenities, and vicinity along with the safety measures offered by coworking space providers.

Located in the prime commercial area – Anna Salai, Chennai, The Executive Zone is a selection of high-spec serviced office suites spreading across 25,000 square feet area with refined ambience and stately elegance located at Chennai’s most popular business address.

Co-working spaces have become extremely popular in the last few years. Without a second thought, it is a great choice for start-ups and budding entrepreneurs to network and collaborate with like-minded professionals. Large companies adapt to co-working spaces to economize, network and fuel employees’ creativity.

So, what are the key things one should look for while choosing the right co-working space in Chennai? Let us walk you through the process and see how The Executive Zone falls under this category.

Location

This is the first but obvious criteria when it comes to company establishment as you’re most probably going to choose a co-working space with a dazzling address. The Executive Zone provides you with a prominent yet fancy address of 766, Anna Salai, Chennai. Nevertheless, it’s important to check out where the location is situated in terms of transport and the neighbouring area. The Executive Zone is located just near Spencer Plaza bus stop and is at a walkable distance from Thousand-Light metro station. It is a non-stop connection through bike, car and provides ample parking space. Anna Salai is a commercial hub in Chennai, in proximity to a number of Bank head offices, Malls, Cinemas, Hotels, Restaurants, and IT companies.

Value for Money

Unfortunately, money tends to become the key factor for most company decisions. Value for money is what comes to mind when choosing a co-working space. The price spent on a seat should be returned as satisfaction. The Executive Zone has a price range starting from Rs. 9000/shared space and the services provided is on par with worldwide best co-working spaces. The atmosphere, affordable plans, location, facilities, meeting spaces along with event access are top amenities that drive value for money.

Flexibility

A co-working space is where professionals canwork on a daily, weekly or monthly basis as per their flexible time. While most start-ups use co-working spaces and have a set timing, once in a while, you may want to switch up your working hours. So, choosing a space with flexible timings or longer working hours are noteworthy points. It is always better to choose a 247 access co-working space. The Executive Zone provides its clients with 247 access and flexibility to change plans according to their needs.

Infrastructure

It is really important for one to visit the co-working space in order toverify if the facilities are comfortable enough and suit the needs of your employees. Things like seating arrangements – table and chairs(comfortable forlong working hours), accommodation(for visitors), Wi-Fi, office stationery, printers, scanners and more.The Executive Zone is spread across 25,000 square feet area with access to over 8,000 square feet of shared space. Itprovides state of the art facilities and is equipped with quality reception area, business lounges, 2 cafeterias, 7 diverse meeting rooms, 50-seater amphitheatre and phone/skype booths.

Security

In a 24*7 co-working space, it is important to pay attention to have a space where you feel secure to leave your work and belongings overnight. It is important to check the security measures, especially if the place is open all day and all night.The Executive Zone has CCTV, bio metric access, manned security guards, fire alarms, etc. for the safety and security of the centre and its clients.

Coffee, Food, Perks

As the workspace helps your productivity, it is equally important to find a co-working space that provides unlimited coffee for refreshment. Most spaces provide 24*7 availability of refreshment and other compliments. The Executive Zone has umpteen food options, tea, coffee, filtered water for your refreshment and if you think you need a break, come try our foosball table.

High-speed internet

If you are using internet for emails and uploading heavy files to the cloud, you should move your work to somewhere with a strong and reliable internet connection. Most co-working spaces ensure that the Wi-Fi is at top speed, but it is a good foresight to enquire and test it yourself during one of your co-working space tours. The Executive Zone provides 100 Mbps speed internet connection for your seamless browsing, video calls, file transfer/upload etc.

Privacy

Co-working environment is a great opportunity for increasing efficiency for freelancers as it helps them to focus. Some people like to work in collaboration whereas some like to work in private. Some spaces are uncomfortable for work, others feature excessive chatter from community members. The other option is to hire a separate cabin which might be expensive for a freelancer. Privacy in shared work space is very hard to find, be it for productivity, phone call, video call, business meeting or for a personal peace of mind. A good infrastructure can provide privacy in shared space too. The Executive zone has boxes, meeting rooms, lounges and even a skype/phone booth to keep your conversations in private and work in focus.

Office environment

Did you know that lighting, temperature, moisture and noise are very important factors silently affecting your productivity?It is noteworthy that your ambience is supportive for your mind to focus. Also, there’s nothing that could help you and your business grow faster than learning from your peers. Community mixers and events offer this opportunity. You can find your inspiration or a solution to your current problem from the unexpected sources! The Executive Zone has a client base across various fields for better opportunities to network and collaborate.

Visit The Executive Zone at Anna Salai, Chennai, to check out the ideal and optimal work environment and infrastructure facilities available in the centre.