While co-working space providers are setting up shared offices at various locations and expanding fast, there is one problem area in the overall flexible office value system that has not been addressed by them so far, that of the large commercial spaces lying idle waiting to be filled up by a big corporate.
Many a times there are situations when there is no flexible office option in a place which has high demand. But there might a large floor of a building in the same location which is waiting to be taken up by a huge corporate on rent. The wait does not get over for years sometimes.
This is where two Indian startups-WorkTNC and Breathing Room-come in. These two startups are addressing the area so far untouched by real estate developers and even by flexible office providers. They are aiming to be AirBNB of office spaces and provide revenues to landlords for their empty spaces or underutilized spaces and also serve startups and freelancers that are looking lower rentals for their offices.
WorkTNC has been started by Kunal Modi, Sandeep Bali and Nikunj Karia in Mumbai. Within 50 days of their operations, they have achieved profitability. The company today has co-working options in Mumbai, Gurugram, Noida, Hyderabad, Kolkata, Pune, Chennai, New Delhi, Navi Mumbai and Chandigarh.
All three co-founders have diverse back grounds. Sandeep Bali is graduate from Purdue University has worked with CouponDunia. He quit his family business of real estate to join the startup bandwagon.
Nikunj Karia, is a chartered accountant. Kunal Modi is a school dropout but studied computers and has worked with CouponDuniya, Foxymoron and others.
Breathing Room has been started by Kaushal Sanghavi and Mahernosh Bathena. His company provides meeting rooms, training rooms, board rooms and even desks in Mumbai, Bangalore, Pune and Hyderabad. Breathing Rooms especially focusses on less used spaces in existing offices and lets it out to other companies on per hour basis, earning a commission for itself and a decent rental for the actual owner of the office where the meeting or training has been taken.
Co-working spaces have become popular in India especially because of the developing start up culture. It is estimated that millennials will form 50 percent of the work force by 2020 across the globe. India already accounts for half of the global labour force and there is ever widening talent pool in the country which will increasingly adopt for flexible formats of office layouts. The area under flexible office format in India currently stands at 13 million square feet and expected to grow at phenomenal speed.