Com­pa­nies are see­ing sense in co-shared of­fice space

Star­tups can now lease of­fice space for as lit­tle as 5,000 per month in Delhi’s swank Con­naught Place area with ac­cess to con­fer­ence rooms, Wi-Fi; tax, le­gal, HR con­sul­tancy and more

HT Estates - - HTESTATES - Rozelle Laha

Smart think­ing is en­abling s mall com­pa­nies to get of­fice ad­dresses as swank as Con­naught Place, the seventh most ex­pen­sive of­fice des­ti­na­tion in the world. All thanks to co-work­ing spa­ces, where one com­pany sub­leases of­fice space to smaller en­ti­ties.

Com­pa­nies seek­ing a foothold in the pre­mium busi­ness dis­trict of Con­naught Place at bud­get prices or re­quir­ing space for teams work­ing on spe­cial projects, sur­plus staff or for busi­ness meet­ings, are shar­ing sub­leased of­fices with oth­ers.

At their dis­posal are fully loaded, beau­ti­fully de­signed workspaces with un­in­ter­rupted Wi-Fi; ba­sic tech­nol­ogy plat­forms; tax, le­gal and HR con­sult­ing fa­cil­i­ties; food and bev­er­ages; cof­fee vend­ing ma­chines and recre­ational zones. They don’t own the space but have ac­cess to premise main­te­nance; house­keep­ing; se­cu­rity; re­cep­tion­ist; of­fice boys; sec­re­tar­ial sup­port; com­mon area main­te­nance; elec­tric­ity; wa­ter and more.

Many start-ups are now cre­at­ing co-shared workspaces. “We sign long-term con­tracts with com­mer­cial spa­ces and con­vert them into thought­fully carved out mo­ti­va­tional and pro­duc­tive work en­vi­ron­ments, which are sub­leased to our mem­bers,” says Dr Ritesh Ma­lik, co­founder CEO, In­nov8, a startup with cowork­ing spa­ces in Chandigarh and Delhi’s Con­naught Place, which, ac­cord­ing to prop­erty con­sul­tant CBRE has an an­nual oc­cu­pancy cost of $147.71 (₹10,000) per sq ft.

At th­ese co-work­ing spa­ces, com­pa­nies can get ded­i­cated desks (no one else can use them) and also pri­vate of­fices or busi­ness cen­tres (where mem­bers have their ded­i­cated sound­proof cab­ins and of­fice spa­ces).

Th­ese co- work­ing spa­ces are also equipped with meet­ing rooms, con­fer­ence rooms, cafe­te­ria, au­di­to­rium, in­ter­view cab­ins, and so on, that can be used by all the com­pa­nies shar­ing the space, de­pend­ing on avail­abil­ity of th­ese spa­ces.

“There are no le­gal has­sles, no headaches of main­te­nance, land­lords and facility man­age­ment of the of­fices. You have an of­fice as and when you re­quire with no strings at­tached,” says Ma­lik.

Co-work­ing spa­ces are get­ting to be pop­u­lar for small and medium sized busi­nesses, free­lancers (like pho­tog­ra­phers, IT Con­sul­tants and oth­ers), con­sul­tants, early stage and ma­ture star­tups and re­mote teams for large cor­po­ra­tions and MNCs.

One can get a desk for an em­ployee for ₹ 5,000 per month on­wards at most of th­ese cowork­ing spa­ces i n Del­hiNCR. The charges of meet­ing rooms start from ₹ 199 per hour on­wards, in­clu­sive of all other ser­vices (like space, in­ter­net, ba­sic, TV sets, pro­jec­tors and bev­er­ages et c). Busi­ness cen­tres are avail­able from ₹ 7,000 on­wards de­pend­ing on the lo­ca­tion.

“A typ­i­cal book­ing ten­ure ranges from six to nine months. How­ever, many users, par­tic­u­larly star­tups do not like to lock in and re­new their stay on a monthly ba­sis,” says Vikas Lakhani, co- founder, I nstaOf­fice, a co- work­ing space provider that launched its first cen­tre in Fe­bru­ary 2016 and al­ready has over 75 clients on board.

“There is a clear ben­e­fit of nearly 40% in leas­ing cowork­ing space (de­pend­ing on the scale and fa­cil­i­ties of­fered) com­pared to tak­ing a con­ven­tional lease for 10 peo­ple. If you were to also con­sider one-time setup costs, this ben­e­fit goes up to nearly 70%,” adds Lakhani.

Land­lords and ser­vice providers ben­e­fit too. De­mand pat­tern for land­lords ear­lier used to the tra­di­tional model of leas­ing their large prop­er­ties to sin­gle clients for a num­ber of years for a reg­u­lar rental yield has be­come more dy­namic with a very high churn rate. Read the full story on www. hin­dus­tan­times.com/realestate

PHO­TOS: MOHD ZAKIR/ HT

Top and above: Chill out space at the In­nov8 of­fice

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