Co Working space benefits in new age economy
The need for shared workspaces
The age of start-ups and freelancers has arrived in India and is here to stay. The digital economy has spawned a breed of start-up culture hitherto unknown and unseen.
The immediate result of all this is the need for a workspace at an affordable cost. So, this is where shared office space from the house of Workloft comes into the picture! Not only can you choose from multiple plans suited for your work sharing requirements but also make the most of the latest developments in the commercial realty domain today. From premium slabs to affordable zones of Co-Working Spaces Mumbai, Workloft has got them all!
Real estate consultant firm C B Richard Ellis (CBRE) has pointed to the quantum leap in the Office Space in Mumbai and other major cities on the shared model. In the first quarter of the financial year 2018-2019, it was almost 2 million square feet, outstripping the total usage of 1.7 million square feet in the whole of 2017-18.
Understanding the Concept of Co-Working Space
Coworking spaces are those workplaces which offer a common working space and environment for different groups of people having varied work profiles. In short, those who work there do not belong to the same organization, unlike the normal company / corporate office. The space set up can vary, as in – single desk cubicles, wide lobby zones, compact or isolated cabins etc. It is more about the work attuned designs rather than standard office layouts.
Co workplaces can also be termed as shared workplaces although the subtle difference between the two lies in the amenities part of the workplace. In the case of the shared workplace, the amenities pertain more to the established setups.
Types of Coworking space and its benefits:
Having the right office space for rent can be quite challenging. Budget limitations and amenities requirements; do not go hand in hand. This is where coworking comes in. The city and location is again a key determinant to the required working setups.
Shared and co-working models can be spread out to different forms through a blend of technology and work requirements like :
- Physical and Shared – Used by different people but used at an individual level. This is something like a time office. The worker-tenants come at different times.
- Physical and collaborative –The different space users work together dissolving any time barriers. This creates a collaborative synergy of mutual help. It is Ideal for one or two man start-ups.
- Virtual and collaborative – The earlier explained concept of virtual workplace along with mutual collaboration.
- Virtual and Shared – The information in a workspace is common but used and accessed individually.
GST and Co workspace charges:
Like all products and services, shared and co-working spaces have been subjected to a new tax rate under GST which is 18 % compared to the pre GST rate of 15 % service tax. The main advantage is that input tax credit can be claimed under the new tax system. This credit covers all the accessory material and services used at the workplace. Hence the increase in GST rate is offset by the input tax credit. This is a positive development for the sector for virtual offices in Mumbai. The core advantage of co-working is the massive reduction in cost and sharing of amenities akin to any good office.
So, don’t delay further, check out their website and get in touch with Workloft today.