Companies

With growing demand, co-working spaces make room for millennials

Garima Singh New Delhi | Updated on January 30, 2018

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From frustration zones to spas, firms aim to break monotony of traditional offices

Cashing in on the growing demand for co-working spaces, industry players are planning to focus on the needs of the urban millennials.

“From wellness of millennials to keeping them de-stressed, we offer gyms, spas, gaming zones, badminton courts, de-frustration zones, Art of Living sessions,” said Sudeep Singh, co-founder, GoWork. “Recently, we have come up with urban sleeping pods with TVs. We have also introduced crèche facilities in our campuses to support women entrepreneurs and single fathers to work independently without having to worry about their kids.”

As per a survey conducted by PwC, by 2020, 50 per cent of the global workforce will be millennials.

“Currently, around 50 per cent of the total Indian workforce is millennials. Typical co-working spaces have a high concentration of start-ups, which — barring a few exceptions — are an all-millennial enterprises,” said Rahul Agrawal, founder and CEO, Workspace, a co-working company based out of Bengaluru. “It is safe to say that 85-90 per cent of the workforce in a co-working space are millennials.”

According to insiders, in the past five years, the size of the millennial workforce has increased 30 per cent on an yearly basis.

“By designing advanced technology and extending support to start-ups through alliances with various service providers, co-working spaces break the monotony of a traditional office space that provokes and practices a formal work environment”, said Himanshu Bindal, founder and CEO, ONE Co.Work, which caters to start-ups, SMEs and remote teams.

As the sector is in its early stages, the majority of the players are currently targeting the millennials residing in NCR (National Capital Region), Hyderabad, Mumbai, Chennai and Bengaluru. However, in a year or two they are also planning to enter tier II markets.

Published on January 30, 2018

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