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Co-working was initially a freelancers’ movement, but it has since grown into a lucrative industry for landlords and operators in the real estate sector as well as a key element of occupier strategy.
The world will never be the same again, even if the pandemic ends sooner or later. But in addition to creating productive brainstorming environments in offices around the world, the new era will also provide several advantages. Bangladesh’s labor force has grown significantly in recent years. In addition, many co-working spaces have emerged in response to the new inventive and creative office spaces.
Co-working was initially a freelancers’ movement, but it has since grown into a lucrative industry for landlords and operators in the real estate sector as well as a key element of occupier strategy. Co-working spaces are quickly gaining popularity in Bangladesh, and it is expected that this trend will continue.
Right now, a lot of small and large businesses are emerging, and they are eager for co-working office spaces. Given the low cost of internet connectivity and the rapid advancement of technology, office space is not something that can be guaranteed. Instead of occupying a sizable leased space for ten or more years, the majority of enterprises are seeking to keep things more compact. Businesses think about acquiring coworking spaces with appealing aesthetics that are perfect for upscale client meetings. Managed Work Spaces are becoming more and more necessary in Bangladesh. The number of flexible spaces in Bangladesh is anticipated to quadruple by 2025 for another significant reason.
A historical image of coworking
It is obvious that co-working spaces were unable to prevent this catastrophe as well. It was also abandoned. However, one benefit of co-working places was the evolution of working techniques in lockdown. After unlocking, people started looking for alternative working arrangements that provided freedom, affordability, a comfortable as well as superior working environment. All of this merely brought them to co-working spaces’ entrances.
Businesses of all sizes now demand working practices that may boost productivity, enhance employee wellbeing, and, on top of that, help them save money. The ability for working professionals to conduct their business within the corporate walls of co-working spaces caused the demand for them to soar almost instantly.
Current Coworking Situation
There is little doubt that the transition to COVID-19 had a long-term effect on the industries. The majority of spaces are seeing a significant revival, and most businesspeople are optimistic about the sector’s recovery. The spaces are operating effectively and enjoying substantial activity in the current situation. For hybrid participants, the post-lockdown scenario is bringing with it a wealth of new opportunities.
Despite the fact that work from home policies shouldn’t be forced onto all businesses, it can be a lifeline for many of them following a lockdown.
Businesses from all around the country have grown because to the facilities given by flexible spaces, especially during the outbreak. It follows that the culture and trend of co-working spaces are here to stay and will determine the direction of the corporate sector in the future. These virtual spaces have a promising future, especially in Bangladesh, and the growing trend is expected to continue in the next years.
The industry for co-working spaces has the potential to grow by USD 13.35 billion between 2021 and 2025, with a CAGR of 11.31 percent, according to a joint analysis by CII and a well-known real estate brokerage. Additionally, this research explores market segmentation by end-user in great detail (companies, SMEs, freelancers and startups)
Known predictions state that all commercial spaces in Bangladesh will have been transformed into hybrid offices by the year 2025. The managed workspace industry is growing as a result. Furthermore, Bangladesh’s economic situation is improving and becoming more balanced as a result of these controlled workplaces.
In Bangladesh, the idea of co-working culture has fast gained popularity. Bangladesh had never even heard of the idea of flexible space ten years prior. Bangladesh has quickly emerged as one of the most cutting-edge nations when it comes to coworking, quickly competing with others. The desire of many Bangladeshis to start their own businesses may be a factor in future business expansion.