When Harsh Binani started Smartworks in 2016, managed office spaces were a new concept in India. Before managed office spaces, companies would lease office spaces for a fixed period and set up everything from scratch. This was a time-consuming and expensive process, especially for small and medium-sized businesses. Managed office spaces, on the other hand, offered fully furnished, ready-to-use office spaces on a flexible lease model that appealed to a new generation of entrepreneurs and business owners.
Today, managed office spaces are one of the fastest-growing segments of the Indian real estate market. Industry reports predict that the demand for managed office spaces will grow at a CAGR of 15-20% over the next five years. This is because managed office spaces offer many benefits over traditional office spaces.
One of the most significant advantages of managed office spaces is their flexibility. Companies can lease office spaces for a month, six months, or a year, depending on their needs. They can also scale up or down as needed, which means they don't have to commit to a long-term lease or pay for space they're not using. This flexibility is crucial for startups and small businesses that need to conserve cash and have unpredictable growth trajectories.
Managed office spaces also offer a range of services that make running a business easier. These services include IT support, security, cleaning, maintenance, and receptionist services. By outsourcing these services to the office space provider, companies can focus on their core business activities without having to worry about the day-to-day running of their office.
Another advantage of managed office spaces is that they are fully equipped with the latest technology and infrastructure. This includes high-speed internet, video conferencing facilities, and state-of-the-art meeting rooms. These facilities are essential for modern businesses that need to collaborate with teams and clients across various locations and time zones.
Managed office spaces have also spurred the development of co-living spaces, co-working spaces, and other flexible real estate solutions. This has created a new ecosystem of real estate providers catering to the modern workforce's needs.
In the future, office spaces are likely to be more focused on employee experience. As the competition for talent intensifies, companies realize they need to create work environments that attract and keep the best talent. Managed office spaces are well positioned to meet this demand. They offer a range of amenities, including gyms, cafes, and lounges, that make the office space a more enjoyable place to work. They also supply a sense of community, which is essential for employee engagement and well-being.
At Smartworks, the belief is that office space is more than just physical space. It's a place where people come together to create, collaborate, and build relationships. The focus has always been on creating a work environment that fosters creativity, productivity, and community.
The office spaces at Smartworks are designed with the client's needs in mind. The understanding is that different companies have diverse cultures and workstyles, and the goal is to create office spaces that reflect this diversity. Different zones have been created within the office spaces, such as quiet zones, collaborative zones, and recreational zones, to cater to the unique needs of clients.
"We plan to add another 3 Million sq. ft. this fiscal year and tier-2 cities to our portfolio besides Jaipur & Indore." said Harsh Binani, Co-founder, Smartworks
A range of amenities has also been provided to make the office space a more enjoyable place to work, such as a gym, a cafeteria, and a lounge area. Leading brands have been partnered with to provide clients with the best possible experience, such as Amazon Web Services, which provides access to innovative technology and infrastructure.
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Looking to the future, the expectation is that the office space will continue to evolve to meet the changing needs of the workforce. The focus will shift from providing basic infrastructure to providing an environment that fosters creativity, collaboration, and innovation. The office space will become a place where people come together to create and build relationships, rather than just a place to work.
The rise of managed office spaces has transformed the office space landscape in India. Managed office spaces offer a range of benefits over traditional office spaces, including flexibility, a range of services, and the latest technology and infrastructure. They have also spurred the development of a new ecosystem of real estate providers who are catering to the needs of the modern workforce. The future of office spaces is likely to be more focused on employee experience, with a focus on creating work environments that foster creativity, collaboration, and community. At Smartworks, we are committed to leading this transformation and providing our clients with the best possible experience.