Textbooks have taught us about the efficient use of available resources for sustainability. This concept has worked well in areas, such as public transport and carpooling. Making use of shared resources helps reduce the burden on existing resources while saving on cost and energy. In real estate, the concept is being led by co-working spaces, which enable several companies to operate out of the same office while sharing the resources.
India has witnessed a remarkable surge in the popularity of co-working spaces, which are increasingly being recognised as powerful agents of change for sustainability. According to property consultant, Anarock Group, the demand for co-working spaces have doubled in the past four years, with nearly a third of net absorption of 8.2 million sq. ft. in Q1 2023 across the top seven cities; a significant increase from 14% in Q1 2019.
An important pillar in India’s Net Zero journey
The infrastructure and real estate sector can be a key propeller in reducing carbon emissions as it accounts for nearly 40% of the total emissions, as per a McKinsey report. Traditional office spaces consume high natural resources to power their operations, leading to a substantial carbon footprint. With the hybrid mode of work gaining prominence and a smaller number of employees going to offices every day, there is a lack of optimum utilisation of resources. In contrast, co-working spaces enable multiple occupiers to operate out of a single space with optimum use of resources, thereby, addressing key environmental challenges and becoming an important cog in India’s Net Zero by 2070 wheel.
Sustainable by design
A relatively new concept in India, co-working spaces are actively including sustainability in their design. Integrating elements, such as large windows to allow ample sunlight to reduce artificial lighting, proper ventilation to reduce artificial cooling, solar panels and using treated water in washrooms are a few ways in which co-working spaces are becoming sustainable. Such practices create healthier workspaces, which attract employees, freelancers and occupiers.
Furthermore, co-working spaces are increasingly utilising technology to ensure smart building management, reducing power consumption. Their focus on waste management is a stellar example of real estate management in today’s age and era. The mushrooming of co-working spaces within and across key cities is helping reduce long commutes, resulting in substantial savings for people and a win for the environment.
Pooling resources
Collaboration is the key to co-working spaces, both on and off campus. While the efficacy of using shared resources at the office is well-established, off-campus activities, such as carpooling or common transport services, help reduce the carbon footprint to a great extent. The proliferation of co-working spaces across cities is boosting the sustainability drive and is helping fulfil the first and last-mile connectivity gap for occupiers. This assumes significance as an increasing number of people are supporting environmental sustainability and taking up spaces at green properties.
Furthermore, co-working spaces are at the forefront of fostering collaboration through networking events, bringing together companies and individuals from various backgrounds.
As we look forward to the next decade of India’s sustainability journey, it is evident that co-working spaces will play a pivotal role in reducing the environmental impact of commercial real estate while increasing the awareness quotient of its occupiers. Therefore, it would be safe to assume that the infrastructure and real estate sector, which has a 40% share in total carbon emissions, could well be the black horse in India’s Net Zero by 2070 journey.
(The author is Co-founder, Enzyme office spaces.)
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