By the end of 2025, India’s stock of flexible office space is slated to reach 80 million sq ft
India continues to see an influx in demand for coworking spaces, according to Allwork.Space. A recent study revealed that flexible workspaces account for 20 percent of the country’s office stock, a 233 percent increase from H1 2021’s six percent.
Coworking spaces saw the largest growth in Bengaluru, Chennai, and Hyderabad.
Moreover, due to the adoption of activity-based working, hotdesking, and targeted mobility gaining traction recently, office space absorption has the potential to reach 53 to 57 million sq ft by the end of 2022, reported Business Standard.
By the end of 2025, India’s stock of flexible office space is slated to reach 80 million sq ft.
There were 29.5 million sq ft of leasing activity recorded in H1 2022, an increase of 157 percent YoY. Supply addition increased by 26 percent YoY and reached 26 million sq ft.
Tech firms accounted for 30 percent of the space take-up in H1 2022.
Mr. Anshuman Magazine, Chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE, said, “The real estate sector in India performed well in H1 2022 amid the evolving market dynamics, hybrid working remains the most favoured workplace policy but the impact of the recession in the US and some European nations could be felt in the Indian office market as well.”
Meanwhile, the global coworking space market is projected to expand to USD16.2 billion this year, up from last year’s USD13.6 billion, according to ReportLinker. It also revealed that the resurgence in demand is driven by the resumption of office activities and gradual shifts to a new normal.
Companies choose co-working spaces over expensive dedicated offices while the rest of the world treads the route with cautious optimism. According to the same report, the worldwide coworking market would expand by USD30 billion by 2026.
The Property Report editors wrote this article. For more information, email: [email protected].
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