Inside India’s booming co-working industry: Insights from a leading operator

CXOToday has engaged in an exclusive interview with Mr Anurag Sharma – Marketing Head, Bhive Workspace

BHIVE has emerged as one of the most sought-after co-working spaces. So, what is the success recipe behind this?

We are currently going through an exciting phase where there’s a resilient start-up ecosystem, coming up with great ideas to solve real-world problems. A lot of their continuity models worked successfully and quickly overcame the Covid-induced setbacks.  We are fortunate enough to be able to understand the needs of this new breed of entrepreneurs. We laid great stress on the value of money by offering services that are highly flexible and customizable. Space is one of the crucial aspects of any business. Space gives a business an address and a personality that ultimately helps in connecting all the other dots. Unlike some other flex operators, BHIVE realized that flexibility and the freedom to choose can make a real difference. This is perhaps the recipe that is creating a win-win for everyone.

Tell me something about the industries that are actively opting for flex spaces? 

Traditionally IT and ITeS were the first to try the concept of managed working in India. But over the last 2 years, the flex industry has evolved drastically. Now it is not just about the space but about the whole experience of working in a post-covid world. Businesses across industries are actively looking for managed offices and co-working set-ups where there are facilities to support daily operations and are flexible enough to get the best value for money. So, the range has now broadened and some excellent product mixes are garnering interest from almost all the prominent sectors. For example, in BHIVE the product mix consists of a fine blend of managed office concepts, co-working services and virtual offerings. This makes us the perfect launchpad for start-ups and unicorns, some of them who have spread their wings from the hive.

What are the challenges that the industry is facing and how BHIVE as one of the prominent operators is handling that?

Currently, the global recessionary climate is the main challenge for a lot of flex players. A lot of global players who have taken sizeable flex spaces in India might vacate as a cost-cutting measure. But the good news is, India is in a good spot. At BHIVE we are leveraging the bullish business sentiment and a strong start-up ecosystem, and we are witnessing Indian businesses emerging as great brands. The rising input cost and real estate cost are other challenges which will increase the logistical and operational overheads. We are lucky enough to foresee this and hence we have kept the best possible offerings ready for the growing needs of businesses. One of our latest and state-of-the-art ventures, BHIVE Workspace HSR Campus, boasts of being the largest coworking campus in India with over 8000 seats while our workspace at BTM Layout, Garuda BHIVE Workspace, is the largest standalone coworking space in the country, with a 5000+ seating capacity.

As a flex operator, you have paid great attention to design. How does a design-driven approach work for the clients?

Working preferences have changed a lot over these last two to three years. While working from home, people have realized the importance of flexibility and its relation to productivity. A lot of businesses are promoting the hybrid style, where coming to the office is like a get-together, an opportunity to share experiences. For some others, going to the office daily is more fun. As a new-age flex operator, we have realized that design is at the centre of all these. Hence BHIVE has pledged to take an aesthetic approach that has all the functionality. Our workspace designs get the best out of space and boast features which are crucial for enhancing productivity, like quiet areas, minimal distractions etc. All our designs are tech-enabled to make collaboration easy and effective. But the best part is, everything can be customized while keeping the core functionalities intact. In all our concepts and service offerings we have kept the design as the key priority as we believe that one can get the best out of a space if the design is good.

With a lot of big and small players entering the space, what the future really looks like?

The future is definitely bright and this is just the start. The segment has already started to innovate with some great service mixes and experience-driven products. Even though there is strong competition for the new entrants and the established ones, the ever-changing business needs will create a win-win for everyone. It all depends on how effectively, creatively and swiftly an operator can address these needs.