While addressing the changing demands of clients, Paras Arora, Founder and CEO, Qdesq, shared his profound realisation. He added that Qdesq adeptly addresses these needs within their office spaces, creating an environment that fosters employee retention and attracts them back to the office as their preferred workspace. "The positive impact of these insights empowers clients to attract and retain exceptional talent," he conveyed.
Co-working spaces are the future of offices worldwide, and Bengaluru and Delhi NCR lead in the flexible workspace market. With changing dynamics among employees, companies that previously did not consider co-working spaces are now viewing them as a viable solution.
"Hospitality and the co-working space industry have risen like a phoenix from the ashes in the last two and a half years," said Dr. Annurag Batra, Editor-in-Chief & Chairman of BW Businessworld Group, and Founder of Exchange4Media, while speaking at the BW Businessworld Flexi Spaces Conclave & Awards 2023.
Arora, in his vision, sees technology as the driving force behind business excitement. He further mentioned, "It goes beyond just fancy amenities like gymnasiums or cafeterias; instead, technology's seamless integration forms the core of success. Visionary leaders who embrace technology from the outset make it an integral part of their journey."
According to Yogesh Arora, Director of AltF Coworking, pricing is of paramount significance, and location is the crucial determinant in this aspect. Different micro-markets have their own unique pricing dynamics, and thoughtful co-working space design plays a pivotal role in optimising costs. "Understanding the diverse customer groups in co-working spaces is essential for determining pricing efficiently," he said.
Ninad Karpe, Founder & Partner of 100X.VC, emphasises that securing pre-funding for a startup requires not just a brilliant idea but also excellent execution and proper business management. "Actively running a business is crucial to attracting funding. Investors are eager to support visionary concepts, recognising India's tremendous growth potential. While the future balance between flexible and non-flexi spaces remains uncertain, innovative ideas backed by strong execution will lead to success," said Karpe.
Umesh Uttamchandani, Co-Founder of Dev Accelerator Private Limited, stresses that retention is a critical factor for any business, showcasing the level of confidence from clients. Uttamchandani stated that while managing Office Spaces for an Enterprise Client may have a longer cycle compared to co-working space services, retaining clients might not pose as significant a challenge. Moreover, he added that Larger players secured funding, but the majority of the industry is still self-sustaining or supported by family and friends. However, private equity players are starting to invest in top-tier operators, hinting at a changing landscape.
Harsh Mehta, COO and Co-Founder of UrbanWrk, highlights the company's success in retention. "Over 50% of their esteemed clientele have been with them for five years or more, thanks to exceptional services and an unwavering commitment to client satisfaction. Their winning formula involves delivering superior products and services, offering the right value at the right price, and attracting and retaining valued clients," Mehta added.
In conclusion, the Flexi Spaces Conclave and Awards 2023 provided valuable insights into strategies for thriving in the dynamic world of flexible workspaces. By understanding and meeting the evolving needs of clients, embracing technology, optimising pricing, and focusing on retention, businesses can stay resilient and adaptable, overcoming challenges to achieve lasting success.