Domestic Brands Ruling the Indian Coworking Market: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit By Saloni Bhalotiya, Research Associate at Ken Research, India “The definition of shared workspaces has evolved over time with the concept taking a shape of its own. The co-working trend has disrupted the commercial real estate market and is only going to increase manifold.”- Mr Amit Ramani, CEO & Founder, Awfis The Flexible Workspace Industry in India has been dominated by domestic players which contributed around 68.0% of the total market supply in 2019. Operators are continually evolving their strategies in order to maintain their competitive edge in the industry. In order to understand the dynamic business strategies we reached out to Mr Amit Ramani, CEO & Founder of Awfis, one of the major domestic Coworking brand. Here are some edited excerpts of the interview: What lead to the ideation of Awfis? How has the flexible workspace industry changed since then? Disorganized commercial spaces, no or little transparency and the absence of a conducive environment for employees to work in, led me to start out with this venture in 2015. The industry has come a long way since then and today it is not only solving the traditional workplace problems, but it is imbibing the latest technology and is therefore appealing to millennial and Gen Z entering the workforce. The journey of Awfis growing from 5,800 desks across 20 centers in July 2017 to 35,000 seats across 67 centers in 2019 is a clear testament of our growth. Currently, we have 25,000+ community members and 1500+ companies spread across 9 cities in India. The flexible workspace market has been growing with a CAGR of around 31% during 2016-2019. What are the major growth drivers in the industry? Companies are shifting towards more personalised and flexible workspaces from the traditional office set up. India’s thriving economy, growing start up ecosystem, its conducive nature towards networking and enhanced creativity has all lead to the revolution in the flexible workspace industry. The growing Gen Z population value their work-life balance more than ever. They want a workspace that can help them maintain this balance. Tech enabled co-working spaces provide them with exactly that, accompanied by flexibility and collaboration. These spaces are interactive while being edgy and cool at the same time. Who are the major end users for flexible workspaces? In the recent past, the demand from large corporate & SMEs has increased drastically. This is because shared workspace offers them multiple benefits in terms of speed, flexibility and plug & play solutions that allow them to focus on their core business without getting into the stress of managing real estate. Grade A amenities at affordable prices have attracted SMEs, startups and freelancers to co-working spaces. Large enterprises are also opting for co-working spaces to avoid the hassles of long term leasing and managing office spaces, which incurs heavy costs. Awfis is currently servicing over 25000+ professionals and 1500+ companies across sectors such as IT Services, E-commerce, Electronics, Retail, Automobile, Financial Services, Business Services, Telecom, Consulting, Media, and Technology etc. We are focused at understanding the ever-evolving needs of the Indian consumer so as to incorporate it without losing the essence of the brand. What has been the company’s Expansion Story? The expansion journey of Awfis from 5,800 desks across 20 centres in July 2017 to 35,000 seats across 67 centres in 9 cities now is a clear indication of the massive opportunity this space presents & the tremendous growth that Awfis has undertaken. It also is a testament of Awfis’ deep understanding of the micro markets & the Indian CRE business ecosystem. We will be increasing our presence in already existing Tier 1 markets including Mumbai, Delhi NCR, Bengaluru, Hyderabad, Kolkata, Pune & Chandigarh and our aim is to double our capacity year on year i.e. we expect to reach 2, 00,000 seats by 2022. We have also launched a centre in Chandigarh recently and are looking at expanding into cities such as Kochi, Indore and Ahmedabad in the next 12 months, while simultaneously strengthening our position in tier I cities. The competition in the industry has been growing drastically. What has been your strategy to maintain the competitive edge in the industry? At Awfis, we take a different route than any other industry peer. We are more value driven. Also, we have surpassed the usual design sensibilities and created the perfect balance of aesthetics, functionality & minimalism to aid maximum creativity. Our centers are easy to distinguish owing to our focus on bespoke ergonomic furniture, uniquely designed activity-based settings, flexible setup & efficient space planning. We also accommodate requirements of individual professionals, small teams as well as large companies. Our business model – Managed Aggregation Model (MAM) and product offering – Awfis Enterprise Solution (AES) are the prime examples of that. Under our MA model, we tie up with landlords of underutilized commercial spaces and share the revenue with landowners. Through our Awfis Enterprise Solution, we provide our clients a hassle free way to outsource the tedious task of designing, building and managing of their ‘own’ office space. A number of enterprises have already collaborated with us under this model. Do you think the demand for flexible workspace will increase in the future? Coworking is rapidly transforming into a mainstream segment, owing to the evolving role of technology and millennial forming an integral part of the workforce in India. We are witnessing ‘flexibility’ as being an important reason for adoption of coworking spaces. Shared workspaces have proved to be a win-win for organizations as well as employees. The holistic experience of coworking spaces will drive the demand by large enterprises. Also, while metros have witnessed great demand, Tier II cities will grow rapidly with studies suggesting that Tier II markets are estimated to grow to 8.5 million seats by 2020. What are the upcoming trends in the industry and how do you see the future of the industry in terms of supply? Shared workspaces will enjoy momentous growth in the coming years with “flexibility” being an important component amongst the other aspects of a workplace. Coworking spaces have proved to be beneficial for both organizations as well as employees. Shared workspaces will rapidly foray into tier II cities, in addition to metros witnessing great demand. Cognizant of the ever-growing Artificial Intelligence & Machine Learning, the significant inclusion of these across co-working spaces will lead in the coming years and deeply support new workforce entering. The segment has tremendous capability both on the demand and supply side equally to cater to the ever-evolving needs of the market. For any queries or feedback, reach out to the author at saloni@kenresearch.com To Find More Flexible Workspace Market Research Reports, refer to this link:- https://www.kenresearch.com/manufacturing-and-construction/real-estate/india-flexible-workspace-mrket-outlook/313543-97.html https://www.kenresearch.com/manufacturing-and-construction/real-estate/china-flexible-workspace-market-outlook/308536-97.html Other interviews https://www.kenresearch.com/blog/2020/02/tech-revolution-in-india-co-working-industry-ken-research/ https://www.kenresearch.com/blog/2020/02/tech-revolution-in-asia-pacific-co-working-industry-ken-research/ Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications ankur@kenresearch.com +91-9015378249 Ken ResearchArticle NameIndian Coworking MarketDescriptionAsia Pacific has evolved to become the largest market for flexible workspaces in the last 5 years. The industry has evolved ever since its inception and variety of entities have become the part of the industry value chainAuthor Saloni Bhalotiya Ken Research Tags: 2016-2019, 2019-2025F, Competitive Landscape in India Flexible Workspace Market, Emerging Business Model, Existing Gaps in India Flexible Workspace Market, Flexible Workspace Industry, Marketing Strategies Supply-Demand Analysis and Supply-Demand Gap Analysis, Need and Pain Points Leading to Emergence of Flexible Workspace Industry in India, Organizational Structure of Flexible Workspaces, Revenue Streams, Supply-Demand Analysis and Supply-Demand Gap Analysis, Target Addressable Audience in India, Value Chain Analysis