The Rise Of The Third Space

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POST LOCKDOWN THERE HAS BEEN A SURGE IN FLEXIBLE OFFICE SPACE DEMAND DUE TO COST AFFORDABILITY, CAPITAL EXPENDITURE, AND FLEXIBILITY. SMARTWORKS FOUNDER- NEETISH SARDA SHARES HIS VIEWS. HOW ARE CO-WORKING SPACE PROVIDERS RETHINKING THEIR BUSINESS STRATEGIES? Pandemic has accelerated the need for managed office space providers. Premium facility management and de-densification have led enterprises to consider flex operators as they have become crucial to their return-to-work strategy. Flexibility has become essential for enterprises, and by the sheer nature of flexible managed workspace, we are poised to cater to the demand coming in for 'third space'. WHAT ARE THE WAYS COMPANIES ARE LOOKING TO ATTRACT RISING, REMOTE WORKING CONSUMERS? The priority for every business currently is a safe return to the workplace to continue operations. We foresee an amalgamation of Work near home and remote working concept, taking shape in the near future. The future will be about a holistic experience that the workspace providers offer and will go beyond just office spaces. "TECHNOLOGY INTEGRATION WITH WORKSPACE DESIGN WILL CONTRIBUTE TO THE RADICAL TRANSFORMATION OF THE WORKSPACES IN THE YEARS TO COME. THE FUTURE WORKSPACES WILL BE A NETWORK OF CONNECTED WORKPLACE STRATEGIES, TOOLS & TECHNOLOGIES. WITH THE EVER-EVOLVING EXPECTATIONS, DELIVERING AN OMNI CHANNEL CUSTOMER EXPERIENCE WILL BECOME A KEY PRIORITY." WHAT ARE THE CHALLENGES IN TERMS OF FINDING THE RIGHT PROPERTY AND THE RIGHT TARGET MARKET? The challenges associated with finding the right commercial property can start with identifying and finalising the target market, followed by the right business property and commercial partners. Since not all commercial properties are advertised, one needs to work with the right property consultants to identify the key properties. Location is crucial when it comes to choosing office spaces as it should be convenient for your clients, partners and employees. It is vital to look for a well-connected space, without any delivery restrictions, ample parking space and most importantly, the business rates that suit your requirements. HOW CAN A FLEXI-SPACE PROVIDER CREATE ITS NICHE AND A PLAY TO ITS STRENGTHS? Flex spaces are no longer just an option for corporations but have become a crucial part of their future strategy. In such a scenario, every player must identify their strengths and stand out to survive in the increasingly saturated co working market. We believe the player should believe in its product and offerings, and the niche should have the potential and uniqueness to coexist in a competitive market condition like India.