CORPORATE TAKEOVER OF CO-WORKING SPACES

In the last two decades, co-working spaces have undergone a sea change in infrastructure and functioning. From small, crowded rooms with people hunched over desktops, to large, well-appointed spaces that bring together a collection of people across industries, these places have truly come of age. There was a time when entrepreneurs and start-ups were the ones who opted for them. Today, however, large companies form part of a significant chunk opting for them as a viable space option to run entire teams and business verticals.

Startups have always gone for co-working spaces, and the reasons for it have always been obvious. Lack of financial resources, the pains of starting up, the effort to do more with less yet give the team a place they can call their own made such spaces a viable work option for companies who were just starting out. It helped give them access to new talent across industries, helped them mingle with fellow entrepreneurs, incubate ideas and helped foster a sense of community.

The playing field for co-working spaces has increased significantly in recent years, with the entry of businesses that focus on a mobile workforce, flexible time schedules and emphasis on costs. Large companies are increasingly investing in co-working spaces, opting to place their employees there for varied periods of time. This trend is something we are noticing happening in different co-working spaces.

For Golden Square, however, this isn’t a new trend. Ever since 1996, large companies have been using Golden Square as their office space for teams of 20 or less. One particular company whose growth we’ve personally witnessed is Dell Computers, which started its India Operations from Golden Square.

McAfee, Network Associates, and HDFC Standard Life were the other companies who are giants today but started out from a Golden Square co-working space.

Renting space in a shared office with people across different organizations has its own benefits which works for everyone concerned, irrespective of the company size. Our offices have been designed keeping productivity in mind, providing office spaces with minimal distractions, support for non-core activities and an environment that make employees feel comfortable and safe.
What do large companies look for in a Co-working Space?

Most co-working spaces in the market are designed and marketed to bootstrapped startups, often with small teams. 

Large Companies, however, have a different set of requirements.

1) Quite and Productive Spaces- Rooms within co-working spaces where teams can work efficiently with little or no distraction.
2) Efficient Support Services- Back office and Front office support, including following up with contacts, handling errand work such as picking up documents and cheques, and handling administrative processes and tasks. These are simple tasks which are urgent and important but eat into the productive time of key team members.
3) Conference Rooms and Meeting Rooms- These are designed for privacy and productivity.

Golden Square has put conscious thought into designing our spaces for productivity. More time to complete tasks at hand and fewer distractions, both visual and auditory has found to have a significant impact on productivity as per our findings. People focus better when distractions of all kinds are minimized or taken away.

FACTORS DRIVING BUSINESSES TO CO-WORKING SPACES

COST EFFECTIVE - A recent 2017 JLL India Report has said that companies save 20-25% of their real estate costs by opting for shared workspaces. This is a significant amount, considering today’s rates and proves that opting for co-working spaces is a very practical consideration. In fact, Golden Square has seen some of the top multinational company employees regularly sitting at our offices, working across time zones and managing this shared space. CheckPoint Software Technologies Ltd and Array Networks regularly have their people working with us.

FULLY FURNISHED OFFICE - Co-working spaces are available as fully functional, ‘plug-n-play’ spaces that make it easier for companies to set up and manage the business in no time. This reduces the loss of man hours, increases productivity, is more flexible to lease or rent and payable only as per use The availability of 24/7 Wi-Fi, air conditioning and temperature control facilities, separate room availability based on employee strength and option to conduct meetings and conferences with state-of-the-art equipment make Golden Square very sought after. 

FLEXIBLE LEASE/RENTING - Taking up a permanent office space is a huge commitment, which begins with leasing or renting the space for a set number of years. There is also a huge time and cost investment in interiors which is difficult to recover. With co-working spaces, it becomes easier for small businesses to run entire teams out of one site. Golden Square currently has a team of 15 people of a company operating out of our space since the last 5 years. Besides the flexibility, it also becomes easier for large teams to place a section of their employees in a co-working space based on project requirements, who can then be moved across locations easily. Co-working spaces let you pay according to the use.

SCALING UP MADE EASIER - Businesses constantly work with a dynamic team while starting up. Even well-established companies are faced with changing team sizes based on requirements. In a traditional office setup, accommodating people becomes difficult when people strength moves from 2 to 10, mandating a larger office, more amenities, and greater spends. In Golden Square’s co-working spaces, such flexibility is a given considering that the needs of a business have already been taken account for. All our co-working spaces have exclusive quiet rooms built specially to accommodate flexible team sizes. Businesses can move between them based on their needs.

COMMUNITY CONNECTS - Co-working helps put members in direct access with a community of Vendors and Service Providers who take care of everyday company needs. For a business to function, there are several HR, Finance and Operational tasks that can be outsourced to third parties to ensure better productivity at work. By virtue of Golden Square being a co-working ‘hub’, companies can avail services of vendors who take care of a multitude of tasks on an ongoing basis. Handling bills & accounts,  automating a business process, setting up a webpage, handling an event, are a few examples. With this, companies can save time, manage their primary tasks and ensure the business runs smoothly. 

Corporates have several takeaways when it comes to co-working spaces. Besides getting rid of the stress of setting up an office, what works for them is also how Golden Square’s amenities and facilities provide much-needed support and quality for them to do what they do best - work.