Popular Trends with Respect to Co-working Office Space in Colombo
Coworking offices are emerging as a global trend in the world of business. Small-scale enterprises, start-ups, and freelancers are the ones preferring coworking offices over traditional workspaces and for the right reasons. Coworking offices are not only cost-efficient but also encourage entrepreneurship and foster freelancers and independent workers, who seek an agile environment to work. Besides these, they also offer flexibility, mobility, and opportunity to work with like-minded professionals.
Coworking spaces are rapidly evolving with the growth and expansion of businesses around the world. They have transformed from providing a simple hot desk to offering private workspace, meeting rooms, Wi-Fi services, and additional amenities like conference hall, business concierge services, and so on.
Many countries are embracing the concept of coworking spaces due to their unparalleled benefits. Coworking offices come with no strings attached, giving you the advantage of opting out whenever you want. They give you the ability to select the package that’s right for you, as per your business needs. Along with this, coworking offices are a hub of creativity and innovation and they play a key role in enhancing networking opportunities. Distinguished locations, parking facilities, and security are some of the other benefits coupled with coworking offices.
Home to different cultures, languages, and ethnicities, Sri-Lanka is also seeing a rise in the IT sector with several start-ups and businesses emerging in its metropolitan cities such as Colombo. Hence, the demand for office space for rent near the port city of Colombo is also on the rise. It has been a decade since the concept of coworking offices was discovered and in the past five years, coworking trends suggest that it will continue to grow. This is because firms seem to be closely following global trends in self-employment and entrepreneurship, free of administrative hassles.
As the number of remote workers and freelancers continue to rise, the shift towards coworking office spaces in Colombo will play a dominant role in how and where people work. Here are some popular trends with respect to the coworking industry in Colombo:
- Impact on commercial real estate: With the demand for industry services growing tremendously, coworking office spaces are having a major impact on the performance and utilization of commercial real estate. This is because coworking offices are increasingly upgrading their features by expanding their amenities.
- Coworking spaces are growing: Compared to coworking offices in 2011 that rarely exceeded 20,000 square feet, coworking offices today are no less than 100,000 square feet, targeting large companies. Small businesses, start-ups, and large enterprises are realizing the benefits of a coworking space and are thus, shifting their businesses to more affordable, flexible, and innovative workspaces.
- Emphasis on a niche: Nowadays more coworking offices are focusing on a niche market and are delivering rapid growth and profitability. Enhanced emphasis on a niche market helps in creating a community of like-minded professionals who support each other and can share valuable business practices.
- Coworking spaces are turning global: With leading firms expanding their operations beyond boundaries, coworking office spaces are going global to satisfy their business needs. For example, The Executive Centre, a provider of world-class coworking office spaces for rent in Colombo also offers high-end and modern coworking spaces in India in cities like New Delhi, Mumbai, Bangalore and so on.
- Increased migration of big corporations in coworking office spaces: In the present, some of the top business organizations like IBM, Microsoft, KPMG, and so on are rapidly exploring the possibility of moving their operations to coworking spaces. This is because positioning the teams in prestigious locations, equipped with technological resources helps them stay in tune with developing industry trends.
It is difficult to envision a future where coworking spaces become the norm for large businesses in Colombo. But as many small businesses continue to opt for these workspaces, the day is not far when big corporations too will begin to set up their operations in these flexible shared office spaces.
The way in which we work continues to evolve over time. Overall, we can say that coworking spaces are still a small segment in the world of business but this style of work is gradually gaining steam and popularity. Hence, it’ll be interesting to see how this industry shifts and revolutionizes the work culture in the coming days.
Why More Firms are Choosing a Virtual Office Space
The recent advancements in technology are playing an excellent role within the evolution of business trends around the world. Nowadays, it's very easy to line up a corporation of your own with minimal start-up fund and a worldwide customer base at your fingertips. However, technological advancement just like the internet isn't entirely helpful in cases where the physical presence of workers is required. This is often where virtual offices come into play.
What do Virtual Offices Mean?
A virtual office offers professional address and office-related services to a business without the overhead costs of a protracted lease and administrative staff. A virtual office space allows employees to work from anywhere while enjoying the facilities of traditional offices like a physical address, telephone services, necessary office equipment, and so on. One of the benefits of virtual office space is that some of its providers just like The Executive Centre offer supplementary amenities such as meeting rooms, conference hall, video conferencing facility, etc. at an additional cost.
Reasons Behind Firms Choosing a Virtual Office Space
Often the foremost cited reason for businesses going virtual is money, but, that’s not always the case. There are of course several factors that motivate businesses to choose a virtual office space. These are:
Distinguished business address: We regularly see many companies operating online but it's our natural tendency to not trust a business that lacks a physical address. Professionalism within the business world cannot be skipped and it's important to acquire it in every aspect. A virtual office ensures that your business incorporates a professional address together with a mail-handling service that allows you to specialise in building your empire. For example, if an entrepreneur has founded his business in Mumbai but requires few employees to work in Pune to satisfy his client’s requirements, then the most effective step would be to book virtual office space in Pune to work in close proximity with the client.
Minimal rent and no maintenance cost: Leasing or acquiring a standard office space can cost you an enormous amount of money. These include paying utility bills, buying furniture, technological equipment, and so on. With virtual offices, one doesn’t have to worry about these expenses. Low-cost virtual office space for rent comes with zero maintenance costs to help you invest your savings in expanding your business.
Flexible approach to work: One of the most important reasons behind firms choosing virtual office space is flexibility at work. Virtual offices offer flexible plans to satisfy your business needs. This not only helps in boosting productivity but also makes employees more positive and enthusiastic towards their work.
Amenities: A virtual office offers all the mandatory facilities required to hold out the operations of a business. These include mail handling, phone answering services, office equipment, and so on. Together with these, one may choose extra amenities offered by the virtual office provider by paying an additional cost.
Possibility to expand your business: A fixed workspace often acts as a barrier while expanding your business. A virtual office space, in contrast, helps you increase your team size seamlessly without the need to lease a standard office with long-term commitment.
Increased scalability: Working in a very virtual office space helps entrepreneurs scale up or scale down their resources as per their business needs. This, in turn, helps them grow their business constantly.
Virtual offices are thus, compelling many start-ups and firms to alter the way they function by adapting to the evolving trends within the world of business. If you aim to expand your business beyond boundaries and revel in a stress-free and versatile environment, virtual offices are what you must consider.
Why Entrepreneurs and Start-ups Prefer a Coworking Space?
Considered as a ground-breaking revolution in the field of business, the coworking office spaces have been transforming the face of commercial real estate over the last few years. A coworking space is a collective workspace bringing together a number of independent professionals under one common roof to share amenities offered by the serviced office. These spaces are gradually changing the way we work by serving as a top pick for start-ups and entrepreneurs who do not possess the funds to rent a building of their own as their office space.
Working from home has always been a possibility for entrepreneurs looking forward to starting their company, but at present, a huge number of them are realizing the benefits of shifting their operations to a coworking space. Offering a wide range of exceptional amenities, these collaborative workspaces help save costs. In India, there has been tremendous growth in the number of shared workspaces leading to the development of new projects in top cities. The emergence of a large number of coworking office spaces in Bengaluru, Mumbai, Gurgaon and other leading cities is changing the work culture by transforming them into coworking hubs.
Coworking office spaces offer diverse features and are beneficial for those who are planning to set up or carry forward their business. The popularity of coworking spaces has therefore been on the rise. Here are some other factors behind start-ups and entrepreneurs preferring a coworking office space: -
- Productive space encourages individual growth: Working from home might sound convenient and cosy but it can lead to distraction and isolation. Coworking office spaces, in contrast, offer an exclusive professional set up that will meet your requirements while making a great impression on clients or potential investors.
- Low expenditure: Renting traditional office space is costlier as it includes the expenses of internet services, furniture, access to conference rooms and so on. Moreover, unlike traditional office spaces, coworking spaces require you to pay on a monthly, weekly or daily basis. Consequently, entrepreneurs do not have to worry about long-term contracts preventing them from changing or terminating their business.
- Healthy interactions resulting in a wider social network: One of the significant reasons behind people’s inclination towards coworking office spaces is the availability of opportunities to network with like-minded professionals. These interactions result in the gaining of insights and sharing of ideas which ultimately boosts the entire team’s productivity.
- Access to world-class amenities: State-of-the-art infrastructure, distinguished address and top-notch facilities have become synonymous with coworking spaces. Most of the top shared workspaces like the coworking office space in Gurgaon are known for providing amenities, both exceptional and basic. Designed for the purpose of ensuring every client’s comfort, coworking office spaces provide you with ample benefits and should be your first choice while looking for a place to set up a business.
- Availability of talented individuals: Establishing a start-up means elevating your business and hiring new staff. Setting up a business in a coworking space is quite beneficial because these collaborative workspaces are inhabited by a range of professionals and the perfect fit for your company might be an individual sitting at your next desk. This saves time and makes the process of hiring less risky. In metros, where hiring is a time-taking and lengthy process, shared workspaces like coworking office spaces in Chennai are following the process of hiring individuals who share the same space by analysing their work.
It is true that co-working spaces have their own drawbacks such as privacy issues, inability to customize space as per your requirements, lack of peace and so on but the advantages surely outweigh all inconveniences. Due to this reason, start-ups and entrepreneurs are increasingly preferring to relocate to co-working spaces with a large number of them finding the experience, an extremely productive and profitable one.
Shared offices such as coworking office space in Mumbai serves as a world-class business centre to empower your business. Along with Mumbai, TEC also has exceptional coworking office spaces in Pune and other leading cities in India offering unmatched and flexible working experience.
Top Shared Office Spaces Myths
From startups to major businesses, having the right office space that checks all the boxes is a challenging task. In the previous decade, shared office space was a new and economical option for many companies. In recent times these office spaces are picking up the hype and have surged in popularity.
As a matter of fact, many people are actually preferring shared office spaces rather than generic private space, for countless benefits that it brings to the business and employees. These kinds of spaces are known to bring out the best of employees while helping them experience a vibrant professional setting.
But some people still have their doubts about this modern professional setting. Some might even argue that an office that is shared is bad for the business and brings morale down. These preconceived notions can cause any upcoming business a fortune.
Before you go and spend a large amount of funding for private office space, let us list down and bust all the myths of taking up a shared office space for rent. In this article, we have debunked the false notions about shared office spaces.
- Shared office spaces are too noisy and unproductive
Oftentimes you would hear people compare a shared office space with a coffee shop or a crowded classroom. This is certainly not true. The only similarity a shared space has to a coffee shop is that the abundance of coffee.
Coworking spaces like these have a good number of open workspaces and private workspaces. All of this depends on what kind of business prefers which type of space. In a way, shared office space is just a large catalogue of different types of offices and rooms that suit any and every business.
Also, many studies suggest that people tend to be more productive and energetic when they socialize and work together, so shared office spaces actually increase the morale and productivity of your employees.
- Shared office spaces seem unprofessional
Serviced office spaces or shared office spaces are well equipped to be hospitable to any and all clients. These spaces have a specific set up that takes care of client visits, meetings and conferences, and other recreational activities. Generally, these spaces will at least come with meeting rooms, conference rooms, minimum amenities like coffee, recreation rooms, and a cafeteria.
Spaces like these have a very attractive and professional business setting that will surely fascinate any client that comes to you.
- Coworking spaces are for start-ups and freelancers
Sometimes these office spaces may portray a flexible and rather raw environment, best suited for upcoming companies and start-ups. The flexibility of such spaces makes it seem that freelancers and unbothered young professionals might thrive in this environment. That is true to an extent. A flexible office space does give you freedom, unlike private space.
But even large companies love flexible settings and work routines that help them feel at their prime in such an environment. All the amenities, rules and regulations align with a professional space. So a shared office space experience is fun and better for your business.
- Coworking spaces are for techies
Many tech companies have started using shared office spaces. But this does not mean that these kinds of serviced spaces are for that niche crowd. The setting and environment of these spaces are built for any company that is not shy to cut expenses while exercising the flexibility of such an environment. Any company can adjust well in a shared office space, which helps their business grow.
As long as the company has a strong professional network, dedicated employees, and a vision to make it, coworking spaces will be the best option.
Conclusion
Yes, private office spaces may have their own perks, but shared office spaces are where you are part of a larger community rather than just your company. These kinds of spaces help businesses make contacts while teaching them a thing or two about management. So if you are thinking of getting your own serviced office space in India, then do not think twice.
5 Ready To Move Offices in Colombo
Establishing your firm in a new city can be daunting, more so if the city happens to be the national capital. After all, finding your place in the market starts with finding your place in the city.
Once you have a space that’s yours, you can start focusing on your business and build your brand.
Why Colombo?
Colombo is a great city. Functioning as the main cultural, commercial and transportation hub of Sri Lanka, the capital is home to 5.6 million people. Apart from being home to many notable firms including Millennium IT, 99X Technology and others, the city offers ample opportunities to big and small businesses alike.
Moreover, our contractual terms can also be adjusted to fit your requirements, allowing you to commit to your new workplace for as long as you need.
Now, without further ado, below are 6 ready to use office space in Colombo.
1. Office Space in Colombo
exclusively deals with quality workspaces in cities worldwide.
Our spaces offer an abundance of amenities to help you create a productive and enjoyable environment for your organization instantly.
All our centres provide a members' lounge with state-of-the-art connectivity and a secure, keyless locking system. You’ll also get full-service and operational support with 24/7 access to your office space.
There are also some additional services like expert IT support and infrastructure with complimentary refreshments.
The suites are ideal for day offices and can be easily adjusted to your needs. You can change everything, from the layout to the interiors, to better represent your brand and its unique style, throughout your workplace.
2. Maga One
The Maga One office space in Colombo depicts a thoughtful design with subtle modern touches. Its state-of-the-art infrastructure promises to propel your business forward.
The tailor-made design focuses on the industry, demographic, and target audience of our network. It reflects TEC’s experience and commitment to developing workplaces that are more than just four walls.
Common areas and collaborative spaces have rooms of the highest quality to support community culture, while the cafe is fully-equipped with the best f&b facilities.
The designs are flexible to accommodate any changes requested by the new tenants.
3. World Trade Centre
This ready to occupy office near the port city Colombo is the most sought-after business address in the country for a good reason. The World Trade Centre, one of the tallest buildings in Sri Lanka, is home to many prestigious local, international, and multinational companies.
At Level 35 and 37, The Executive Centre offers workplaces with contemporary interiors. There’s an abundance of natural light to provide for a lively environment to work.
Enjoy seamless connectivity and stay up-to-date with the advancing market and propel your business to success.
4. Parkland, Park Street
Another ready to occupy office space in Colombo is situated in the Parkland Building, Park Street. The centre is conveniently located on the 9th floor in the Parkland Building in Colombo 2 with modern interiors that complement the landmark.
The space is a few metres away from some of the best restaurants in the city, including Park Street Mews and The Curve. Moreover, the office is surrounded by the hustle and bustle of the city; perfect for building and growing your clientele.
The location enjoys great business from many prominent commercial buildings- Access Towers, Hemas Building, and others- and proposed landmark projects- Altair & Colombo project.
5. McLaren’s Building, Bambalipitya
The McLaren’s Building offers another great office space for rent in Colombo. The business centre is located on the 2nd floor of the 9 -storey building in Bambalapitiya in Colombo 4.
It’s easily accessible by public transport as the Bambalapitiya station, which is open to many bus routes, is only 500 metres away.
The building is also close to the Majestic Shopping Mall that hosts many well-known retailers and a wide array of restaurants and bars. Many major global companies are also situated in the vicinity, such as HSBC and Samsung among others.
The location also has a bold yet cosy interior design to portray an edginess with a touch of warmth. Including the amenities and crowded surroundings, any business will be a success at this location.
6. Lotus Building
You can also find a sweet spot in the prime area of Nawala. The Lotus Building in the area has an office space on rent in Colombo. Located on the 2nd floor, the business centre is only a few metres away from the Open University of Sri Lanka and some of the best restaurants and retail outlets.
It also has many bank and financial service companies situated in the area including NTB Bank. Besides, the carefully designed interior makes the business centre stand out and the amenities are an added bonus. You’ll easily find yourself settling in as soon as you move.
Last word
Other ready to occupy offices in Colombo 01 are only a click away. Kick start your business endeavours at a great location that can support your dreams.
You can always visit Business Centre for more details, and find the right spot. You can request for quotes and other information and we’ll be happy to help. After all, that’s what we do.
Advantages and Challenges of a Co-working Space
The setting and arrangement of a co-working space is a great medium for sharing ideas, working and communicating in a collaborative space. They inculcate the practice of working and operating in an environment where people yield maximum productivity and results, with minimum effort.
It also provides basic amenities such as conference rooms, WiFi, bathrooms, lounges, and office equipment like printers, fax, etc.
There are a lot of co-working space providers for shared office space in Colombo. Interested people can make use of the co-working space in Colombo.
Who Uses Coworking Spaces?
Many people benefit from co-working spaces. Some of the typical users are:
Freelancers: It is challenging to get freelancers to one place to work as they prefer flexible working hours. A co-working space makes it easier for them to work without being isolated.
People who work from home: There are a lot of people who work from home. Working from home can cause isolation and may lead to difficulty in concentrating. It can also hamper their social skills. Co-working spaces allow them a change in pace.
Startups: It can be tough for startups to find a workspace during their early years. Often, it is not possible to just use their homes. Co-working spaces are an advantage to entrepreneurs.
Large organizations: Smaller branches of large organizations are often not as well furnished or spacious as the main branch. If a meeting were to take place in such a branch, they could always book a luxurious co-working space for the meeting. There are several luxury offices for rent in Colombo.
Advantages
Some advantages of co-working spaces are:
- If you're running a business from home and it expands, you will require a co-working space. You won’t be able to bring your clients home all the time.
- Small organizations can rent bigger rooms for conferences, and workshops, when needed. They can avail fully furnished co-working spaces for cheaper rates instead of building a conference room.
- Multiple people from different backgrounds use co-working spaces. You can create your network here with the right people to boost your business.
- When we are working alone from home, it is tough to motivate ourselves. However, if we are in an environment where there is always a buzz, we also feel motivated to work.
- You can choose a favourable coworking space with respect to transportation. You can choose a co-working space nearest to the airport or railway station for your clients to commute easily.
Challenges
Even though co-working spaces are useful and thriving, there are several challenges that it faces:
- Since co-working spaces involve people working from different companies, data privacy is a big concern. In these spaces, people socialize with each other, and there are chances of data theft.
- Data security is one of the biggest challenges of co-working spaces. It can give birth to unethical activities such as hacking, invasion of privacy, document piracy, and more.
- Workers choose coworking space to be more productive. However, if the co-working space becomes too noisy and crowded, it can also have a negative impact and can hinder productivity and performance levels of the employees.
- Even though most co-working spaces boast of high-end facilities, it may not always provide the best results. It can cause a performance lag. For example, the speed of the internet can go down when more people use WIFI.
- If space is not maintained and cleaned properly, it can adversely affect the health of the workers. That will bring productivity to a halt.
Co-working space in Colombo
Even though the concept is new in Colombo, there are many shared office spaces for rent in Colombo. There is a wide range of providers with flexible time slots and are pocket-friendly as well.
Catalyst by HUB9, Likuid Spaces, and Coco Space are some of the popular coworking space providers in Colombo.
They are open from Monday to Friday and closed on Saturdays and Sundays. There are also co-working spaces that are available 24x7.
World Trade Center is one of the best co-working space providers in Colombo. They have a wide range of co-working spaces as per your requirements from simple to luxurious.
For a long period of time, they have been providing fully furnished office spaces for rent in Colombo.
Co-working spaces have positively influenced people. More and more people are opting for co-working spaces for better productivity and cutting costs.
It sure has become an essential part of our work culture.
The Importance Of Having A Prestigious Office Space
Are you starting a business but still haven’t looked out for a physical location to set up your dream startup? We can understand it can be difficult at times to find an office space for rent in Mumbai whose population is about to cross two crores. An office is very important when it comes to attracting talent and acquiring new clients. Furnished office space in Mumbai can act as your company’s identity and give you an opportunity to create your own culture.
With growing technological advancements, running a business in just a 9 to 5 arrangement is no longer feasible. However, a ready to use office space in Mumbai is necessary if you wish to expand your workforce. All businesses require an office to streamline their workflow and enhance productivity. One of the primary reasons to have an office is collaboration. Every business in their respective industry requires its employees to work together as a team to innovate and generate new ideas.
Reasons To Have Office Space For Rent in Mumbai
· Professional Development
Whether you offer a service or sell a product, a workspace of your own in a city like Mumbai will always help in facilitating and fostering rapid growth by bringing in more professionals and opportunities for development.
· Social Life
With teamwork, employees get the opportunity to have a social life. Most people who work together are likely to end up as really good friends, inside and outside their workplace. Whenever you offer help to your co-workers, you are the reason for their happiness making yourself more productive towards work. Working in such an environment keeps you motivated all the time. This helps in capitalizing on new networking opportunities.
· Quality Workforce
More than just the physical appearance, a company’s workspace acts as a pillar of value to outsiders. A good office is an expression of everything ranging from its work philosophy to financial health. Fully furnished office spaces in Mumbai are one of the best ways to invite people and communicate their essence.
· Better Communication
Many rented office spaces provide good quality wifi, so one can get connected to anywhere around the world. Despite being in the 4G era, these spaces provide high-quality video conferencing facilities in Mumbai. As a result, communication between the client and the firm is more engaging and accountable.
· Investors
To ensure growth and proper management of the company, your investors might suggest you get an office before they broaden their partnership. A feasible physically located business can help the owner gain trust and confidence among the associates or partners.
· Fewer Distractions
Working in a ready to use office space in Mumbai means working in an office with zero distractions. These spaces act as a place to work away from home that enables your mind to associate with the office and get your work done.
Choosing a Right Workplace For Your Business
Finding a fully furnished office space for rent in Mumbai to set up your firm is a bit complex. But the experienced team can make it easy for you by providing you with thousands of options to choose from. Although many businesses still work on the traditional idea of offices where coworkers collaborate and communicate among themselves. But today, businesses can still be functional and productive by sharing ideas and communicating on the web. A significant number of business owners in Mumbai operate from coworking spaces in addition to their traditional offices.
Having a working space for your business is like an investment. Therefore, every option must be weighed carefully to ensure maximum profit. If you think that luxurious office space will bring more projects and sales to your business, then it is worth every penny. Moreover, a company’s success is dependent on the growing team of individuals and associates must keep in mind the idea of expanding their organized workspace to manage their productive workforce.
