What is Proptech, and how is it redefining the Flexible Workspace Industry?

Soundhariya Viswanathan / Reading Time: 6 mins

Accelerated by remote work, rising digital nomads and entrepreneurship, the coworking market is finally getting its due attention. Considering the success of remote work since 2020, a large number of companies are now going remote or hybrid. Businesses are redefining their work culture and increasing remote opportunities.

Yes, without a doubt like 'a few bad apples in every basket', certain companies are hesitating to even experiment with new ways of working. But it's going to change sooner or later, as workforces are choosing remote work over office campus positions.

Apple’s return to office policy - Good or Bad.

With remote work on the rise, migration of population, coworking is now thriving.

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Across India, large and existing flexible workspaces businesses are expanding, and newer players are emerging. Coworking players are tailoring their offerings for their customers. This flexibility has attracted companies to adapt to newer ways of working not just in the Tier 1 markets but is also spreading across tier 2 & 3 markets.

Going by our experience, the market has returned to the pre-pandemic face. And occupancy rates have gone back to 80-90%. Which is good news for the coworking market.

Going Digital, Proptech for Coworking

Since the global remote work movement, the coworking market has evolved. Proptech platforms are altering the traditional models of coworking space operations – from leases, customer experience to technology.

Proptech in coworking is redefining the future of flexible and co-working spaces.

So, what is proptech for coworking?

It means application of technology to improve coworking business, the experience and management of the property.

There are a variety of proptech for coworking segment addressing several aspects including automation, IoT, tracking, invoicing, customer management, smart facility management, onboarding, listing space online etc. like OfficeRnD, Cosmos etc.

Coworking players are embracing technology as never to distinguish themselves, be efficient to customers and stay ahead of the competition.

Just like the quantum leap of Oyo in the hospitality, Swiggy and Zomato in the food industry, Dunzo in the delivery service, the introduction of proptech has disrupted the coworking market. One of the pioneers of this space is GoFloaters.

The Proptech Disruption and Its Impact

Proptech platform for coworking booking has changed the way coworking works. Historically, a large amount of time and effort was being spent on researching, identifying, and negotiating a workspace. In addition, the budgets, cost burden and long-term lease agreements made it cumbersome.

With the use of technology, proptech platforms have steered standard practices and are accessible to teams as well as individuals. The proptech for coworking has proved valuable in our fast-paced, shared work environment. It is the technology that has changed the coworking terms and helped the coworking market recover from the decline due to the pandemic.

Integrating Remote Work in Daily Work life

Workforce is exhausted and wants to have a normal work environment. Workers are yearning for an office ecosystem to beat work-from-home and act against social isolation and loneliness. Whilst getting back to office campus is off their minds, coworking spaces are doubling up as an alternative. The digital adoptions and growing demand for collaborative work has surged the demand.

In many cases, large to small companies have given a freewheel to employees' work-from-anywhere or co-work out of coworking spaces. Several companies are choosing to move out of their HQs and create a hub and spoke model of working beyond the metro cities.

Everything is Online now

From ecommerce, shopping, medicine to doctor consulting, the internet has changed our habits.

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According to the report by Business Standard on IAMAI-Kantar Cube report by Business Standard, the number of active internet users in the country is likely to grow nearly 45 per cent to 900 million by 2025. The rural India may have a higher number of internet users compared to urban centres by 2025 indicating the growing digital ecosystem in the country.

We are now officially an 'Online Generation'. Everything around us is surrounded by the internet; whatever may be the need, wherever we go, our 'internet' need is inevitable.

As the economy evolves, the products and services must advance to foster growth. The digital transformation has fast tracked sectors including the employment landscape. And it is clearly driving the remote work. So, how can coworking be left behind?

With the emergence of proptech, coworking and flexible space operators are going online. Customers are opting to use new ways of booking pay-per-use, plug and play.

Online booking platforms are giving the customers the freedom to book space anytime, anywhere. And assist workspace operators maximise sales and remain sustainable.

What is GoFloaters and how does it work?

GoFloaters is a platform that helps you find work and meeting spaces that can be booked instantly. The on-demand platform is one of the pioneers in the proptech segment for the coworking market.

If you are looking to upgrade from a random café to professional coworking and book for an hour or a day in your neighbourhood without any contract, or commitments, then this is a great way. From the hot desk, cabin, meeting room, board rooms to dedicated spaces there are hosts of options.

Through its app or the web, the platform offers pay-per-use, plug, and play workspaces. The customers on-demand spaces for daily work, team meetings, client meetings, conducting interviews, small events, organizing workshops, training, and meet-ups, etc. Start-ups, enterprise teams, distributed teams have been using workspace platforms to discover and book spaces for meeting & work together.

5 reasons benefit of booking through GoFloaters

Largest networking of coworking spaces in India – we are spread across 21+ cities (Of course growing) including tier 2 & 3 cities.

Pay-per-use – Cost effective spaces that can be booked for an hour or a day. Transparent transaction with no hidden cost, no contracts, or long-term commitments.

Coworking is online – At the convenience of home, customers can discover a variety of spaces, compare, read the reviews, and research about the workspace at go.

Work from your neighbourhood spaces - The vast network of workspace on GoFloaters helps you find workspaces that are accessible even by a walk, by cycle.

GoFloaters passes- GoFloaters get you access to 1000's of workspaces instantly. 1 simple pricing, no more office contracts and security deposits.

Community perks – Our community benefits are a lot more. With GoFloaters one doesn't just save money on workspaces, it also saves 60% of your operational cost.

  GoFloaters Traditional coworking space Business centre Rental office
Rental cost Low, pay as you go High High High
Contracts No Yes Yes Yes
Multiple locations Yes Maybe Maybe No
Saves travel time Yes No No No
Lock-in periods? No Yes Yes Yes
Managed space (Plug and play) Yes
(Vibrant & active community)
Yes Yes No
Cool Work Environment Yes Yes No No
Community Partner Benefits Yes
(1Cr worth benefits)
Maybe No No

Category: Insider