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First ever co-working study in Bengaluru – RealtyMyths

Co-working Spaces RealtyMyths
  • 60% office-goers work remotely for 2 or more than 2 days every week
  • 64% believe their company is wasting significant amounts of money through underused office space
  • 97% executives believe that co-working helps their companies to maximise profits
  • 84% of professionals trusts co-working helps their company to recruit and retain top talent
  • Marthahalli (66%) followed by Electronic City (52%) and MG Road (48%) are the most preferred locations for co-working in Bengaluru
  • Flexibility and multiple work-place options (75%) and reduced travel time (65%) are the top reasons for professionals to prefer co-working over traditional workspaces

Over 60 per cent professionals in Bengaluru revealed that they work remotely for at least 2-days in a week, according to a survey by Spaces, the Amsterdam-born creative workspace provider part of IWG. Spaces released Bengaluru’s first ever city-specific survey on co-working based on the insights from working professionals from Bengaluru. 60% of respondents said that they worked at least two days a week from somewhere other than the office. This included predominantly working from cafes, followed by working from home and also from client offices.

Highlights:

  • 57% of women office-goers from Bengaluru work remotely every week for 2 or more days
  • 73% of women said flexibility and workspace options make co-working an attractive option.
  • 69% office-goers believe that co-working provide an inspiring work environment
  • 78% believe that co-working workspaces help in retaining talented employees

Highlighting the findings of the survey, Harsh Lambah, India Country Manager, IWG Group said, “According to a IWG global study, more than two-thirds of global employees work remotely every week, and over 50% do so for at least half of the week. The trend also reflects the changing work culture in India as well where Bengaluru is leading the co-working phenomenon in the country, with corporates and start-ups driving the demand for shared workspaces. These findings reiterate that working professionals prefer the flexibility and benefits that co-working spaces provide to both employees and also to employers. What we’re seeing in Bengaluru is also being replicated in other big cities of the country as well.”

The survey by IWG-Spaces also revealed that 95% of working professionals believe that flexible working helps their business grow by enabling employees to be more productive while on the move.

84% of the respondents believe that this flexibility is also allowing their companies to attract more talent as co-working spaces provide not just convenience but also a more creative environment that fosters inter-personal collaboration in comparison to regular offices.

64% of professionals who were not working in a co-working office also believed that their companies were wasting money through underused or underutilized office space.

In terms of benefits, the respondents also revealed that flexible working not only reduced their commuting time, but helped enhance productivity, improve staff retention, boost job satisfaction and also encouraged creativity amongst the workforce. A resounding 97% respondent also said that flexible workspaces enabled their companies to maximise their profits by reducing real estate management costs.

The move to flexible workspaces reflects the changing demands and expectations of the workforce. Well over half the respondents (69%) agreed that co-working improved job satisfaction while 82% said it would help employees achieve better work-life balance, demonstrating the need for businesses to provide working environments suited to today’s globalised workforce.

The study also revealed respondents’ preference for the top co-working locations in Bengaluru. Marthahalli (66%) followed by MG Road (48%) and finally Electronic City (52%) emerged as the most preferred locations for co-working spaces.  Spaces by IWG has two facilities in the city, located in Fairway and Shantiniketan.

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