The Evolution of Work: Why Corporates are Opting for Flexible Workspaces?

JLL recently published a co-branded research report with Smartworks which shows the bright and promising future of flexible offices in India. The report suggested that approximately 53 million square feet of total operational flex stock are shared among Delhi-NCR, Bangalore, Chennai, Pune, and Hyderabad. With such high and impressive numbers, it is clear that the demand for managed office spaces will continue to attract more business entities in the near future. The report also revealed that there has been a 10X growth in operational flex seat leasing among startups between FY 2021 and FY 2023. Check the report of JLL – Smartworks 

There’s no doubt that the pandemic has boosted the demand for flexible and managed office spaces due to obvious reasons. Another report from a prominent global commercial real estate player, CBRE, disclosed that almost 56 percent of respondents are planning to have at least 10 percent of the total office portfolio as flexible workspaces by 2025. This unprecedented rise of flexible workspaces indicates the bright future of the commercial real estate segment in India. 

The exponential rise in managed workspace leasing across different regions in India proves the sheer dominance of flexibility and agility among modern-day businesses. As we proceed, we will highlight some of the latest workplace trends that are attracting businesses to lease fully furnished offices that foster flexibility and agility.

The Rise of Flexible Workspaces in India

Gone are the days when office spaces were all about conventional fixed desks with very limited scope for innovation and collaboration. In recent times, the trend has taken a swift turn towards flexible and managed workspaces because these spaces are equipped with top-notch amenities and other facilities that allow businesses to unleash their true potential. 

The latest workplace trends have played a crucial role in the commercial office space segment. Some of these trends are:

1. Prime Commercial Location
2. Lower Office Expenses
3. IoT-Enabled Workspaces
4. Top-Notch Amenities
5. Hybrid Working and Satellite Offices
6. Opportunities for Brand Collaboration
7. Employee Retention, Satisfaction, and Safety
8. Streamlined Operations and Higher Productivity
   

1. Prime Commercial Locations:
   Location plays one of the most important roles to attract investors, clients, and even highly potential individuals. Flexible and managed workspaces are often located in prime commercial locations, offering businesses a prestigious address that can enhance their reputation and accessibility.

2. Lower Office Expenses:
   One of the most crucial aspects for any entrepreneur is to minimise the costs and by leasing flexible and managed office spaces they can reduce the overhead costs with immediate effect. These workspaces provide a cost-effective solution as businesses can opt for shared spaces, reducing the need for high upfront investments and ongoing maintenance costs.

3. IoT-Enabled Workspaces:
   Incorporating Internet of Things (IoT) technology, allows businesses to empower their workforce with required facilities. Fully furnished and flexible offices offer features like hot desking and touchless solutions, catering to modern work trends and health concerns. In recent times, these concepts have gained massive popularity in commercial office space settings.

4. Top-Notch Amenities:
   Managed workspaces come with top-notch amenities like modern furnishings, advanced technology setups, and shared services, creating a conducive and appealing work environment. Today’s workspaces are packed with state-of-the-art amenities including:
   

• Meeting, Conference, and Training Rooms,
• Collaboration and Gaming Zones,
• Anger Management Rooms,
• Snooze and Medical Rooms,
• Smart Stores, Cafes, and Cafeteria,
• Reception and Lobby Area,
• Virtual Reality Facility, and much more.
  

1. Hybrid Working and Satellite Offices:
   With the motive of providing flexibility to the new-age workforce, businesses are inducing smart workplace solutions. Managed and flexible office spaces cater to the rise of hybrid work models, allowing employees to work from satellite offices closer to their homes, enhancing work-life balance.

2. Opportunities for Brand Collaboration:
   Managed workspace providers often conduct multiple events and programs that allow different people to come together and contribute with great companionship and sportsmanship. Also, Proximity to diverse businesses within these spaces fosters collaboration and networking opportunities, potentially leading to fruitful brand partnerships.

3. Employee Retention, Satisfaction, and Safety:
   This has been one of the most concerning elements for businesses in the post-pandemic period. Due to high attrition and moonlighting rate, companies are now recalling their workforce back to the offices. A comfortable and well-equipped workspace that contributes to employee well-being will eventually lead to increased retention rates, higher job satisfaction, and a focus on health and safety.

4. Streamlined Operations and Higher Productivity:
   Streamlining operations and maximising productivity have been the oldest yet vital components for every business enterprise. Managed workspaces allow businesses to handle operational aspects, letting businesses concentrate on core tasks which ultimately boosts productivity.
   

In conclusion, flexible and managed office spaces like Smartworks offer a multifaceted solution that addresses the evolving needs of modern businesses. With prime locations, reduced office expenses, IoT-enabled features, top-notch amenities, and enhanced productivity, these spaces align seamlessly with the demands of hybrid work models. They not only promote brand collaboration and employee well-being but also streamline operations, leading to heightened productivity. As the workplace landscape continues to shift, these workspaces stand as a testament to adaptability, fostering innovation, efficiency, and success for businesses of all scales.