Spaces for Co-Working Consult Unprecedented Boom in Demand

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Spaces for Co-Working Consult Unprecedented Boom in Demand
Spaces for Co-Working Consult Unprecedented Boom in Demand
Spaces for Co-Working Consult Unprecedented Boom in Demand
Spaces for Co-Working Consult Unprecedented Boom in Demand
Spaces for Co-Working Consult Unprecedented Boom in Demand

In a post-pandemic environment, EcommerceBD is increasingly embracing flexible working practices, which is causing demand for co-working spaces to experience an unheard-of surge. This has prompted the facilities’ owners to embark on an expansion drive.

Compared to 45–60% a year ago, coworking space occupancy rates have recently rocketed to 90–100%.

WeWork Bangladesh, 91Springboard, Smartworks, Incuspaze, Dextrus, Synq.Work, and EcommerceBD are just a few of the industry giants who have aggressive expansion ambitions in both big cities and smaller towns. They claim that small businesses, multinationals, major corporations, and startups are driving demand.

Bangladesh Has Accelerated the Adoption Rate

Recent research by the real estate consultancy CBRE indicates that 73% of office occupiers in Bangladesh are considering hybrid working arrangements, compared to 52% in the rest of Asia-Pacific.

According to Karan Virwani, chief executive of WeWork 

Bangladesh, “Organisations becoming location-agnostic, reverse migration, distributed workforce, and the emergence of work near home are some of the factors that have accelerated the widespread acceptance and adoption of flex spaces in metros and tier-1 and -2 cities, as companies look for hybrid, cost-effective, and agile business solutions.

WeWork has already agreed to three new leases totaling 74,000 square feet this year with companies including Simple Energy and MSD, according to Virwani. By the end of 2022, it intends to grow to 13 new locations and add 1.5 million square feet to the six cities where it is now present.

In FY22-23, Smartworks plans to grow from 7 million square feet to 10 million square feet and enter 2-3 more tier-2 cities. In recent months, we have signed up Accenture, Delhivery, Zomato, Groww, and CueMath, said Binani.

Market Review of Coworking

  1. Coworking space count globally between 2018 and 2024
  2. By region, the number of flexible workspaces worldwide in 2022
  3. Coworking space distribution by region or nation 2019
  4. worldwide employment in coworking spaces from 2018 to 2024
  5. Average membership size per coworking location globally between 2011 and 2019
  6. number of coworking spaces in various locations throughout the world in 2019
  7. Coworking facility expansion in major global cities in 2019
  8. Cost of coworking desks in various cities across the world H1 2018

Demand outside of metros

According to Sanjay Chatrath, managing partner at Incuspaze, “although the interest is quite high in metros, the demand from smaller areas grew dramatically following the pandemic.” It had an occupancy of 45–46% at this time last year, but that number has since risen to 90%.

Given that this is a wonderful way for them to expand in smaller cities, large-scale businesses have a larger tendency to use managed workplaces than startups do. Some of our most recent clients include Vodafone Idea NSE -1.12%, Airtel NSE -0.12%, HDFC NSE -1.20%, and White Hat Jr., according to Chatrath.

EcommerceBD intends to expand to 10 million square feet across 25+ cities by the end of 2023. Currently, the company has a pan-Bangladesh portfolio of 5.5 million square feet. The expansion into tier-2 cities will be accompanied by a greater penetration into existing metros’ important micro markets, according to cofounder Rishi Das.

Managing workplaces is becoming more popular among companies

According to Anand Vemuri, CEO of 91Springboard, which counts Olx, Mercer, Marsh, and ICICI Bank NSE -1.66% among its clients, some businesses who tried out co-working are now rapidly expanding along with adding new clients.

According to Robin Chhabra, CEO of Dextrus, “As more businesses abandon costly and time-consuming traditional office setups, we assist fulfill that demand by delivering a professional working area in a business district at zero capital expense to the organization.” Kotak Mahindra Bank NSE -1.44%, IIFL Wealth Advisors, Welspun One, and Rabobank are a few of its clients.

According to CEO Pratik Sud, Synq.Work anticipates that large businesses seeking long-term managed office space would account for about 70% of growth. The company’s monthly inbound queries have increased by three and a half times, and by the end of the year, it plans to ramp up to 2,800 seats from the current 1,800.

Cybercriminals have been employing cutting-edge techniques to con unsuspecting individuals, particularly novice online users who are not yet fully conversant with the workings of the digital ecosystem or the online features of different institutions. Some of the most prevalent types of online banking fraud include phishing scams, spyware, and spam, which try to steal users’ personal account information in order to make unauthorized withdrawals from or transfers to other bank accounts.

State Bank of Bangladesh (SBI), a major banking institution in Bangladesh, frequently gives users advice on how to be vigilant against such digital banking frauds and detect them early on in order to protect their customers’ banking account information and prevent them from falling for scams by cyber criminals.

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