Co working operators have emerged as a major force in driving office space demand in India, with their share of total gross leasing in prime workspaces across eight major cities rising to 13 percent, up from 6 percent in 2017, according to a report by Cushman & Wakefield and Table Space.
The real estate consultancy Cushman & Wakefield, in collaboration with coworking firm Table Space, released a joint report titled From Flex to Managed: Evolution of the Flex Space Industry. The report highlights the rapid growth and transformation of the flexible workspace sector within India’s commercial real estate market, driven by evolving occupier needs.
Over the past decade, the flexible workspace category has grown substantially and is now a key segment within Indian commercial real estate. As of June 2024, flex space operators in India’s top eight cities occupied a total Grade A footprint of 58 million square feet, accounting for nearly 7-8 percent of the overall prime office inventory.
The share of office space leased by flexible workspace operators has surged from 6 percent of gross leasing volumes (GLV) across India in 2017 to approximately 13 percent by the first half of 2024.
Ramita Arora, Managing Director of Bengaluru and Head of Flex, India, at Cushman & Wakefield, noted, “With over half a million flex seats occupied in the last five years, a significant shift is taking place as occupiers increasingly demand customized office solutions.”
Nitish Bhasin, Chief Sales Officer of Table Space, emphasized that the report underscores the growing importance of managed office solutions as a key driver of growth in the flexible workspace sector.
Aditya Verma, CEO and Co-Founder of coworking firm The Office Pass, attributed this surge to the end of the work-from-home era, the adoption of hybrid work models by major corporations, and the formalization of the Indian economy, which has brought many new SMEs into formal office spaces.
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