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representative imageNew Delhi: Demand flexible office spaces has reached a new high after the pandemic, there is now a rapid selection for major companies and businesses including start-ups co-working space,
Of the net absorption of around 8.2 million sq ft in the top seven cities in Q1 2023, co-working space As per the recent data shared by, 27% share was Anarock, In Q1 2019, its share was just 14% of the net office absorption of around 9.3 million sq ft.
Among the top seven cities, Bengaluru and the National Capital Region (NCR) together accounted for 66% (about 1.43 million sq ft) of net co-working absorption in the first quarter of 2023.
Pune and Chennai together absorbed about 0.52 million sq ft of co-working spaces in the same period. Kolkata witnessed a mere 0.25 million sq ft of office space addition in Q1 2023, of which 12% (around 0.03 million sq ft) was taken up by co-working players.
In terms of overall growth in co-working demand, the top seven cities witnessed a 90% increase in net absorption over the period – from 1.3 million sq ft in Q1 2019 to around 2.18 million sq ft in Q1 2023.
Apart from start-ups and other businesses, many IT/ITeS companies also prefer flexible spaces over regular office spaces today, with an emphasis on workspace flexibility for employees.
Utkarsh Kawatra, Senior Director – myHQ (anarock Group), said, “What works so well for co-working now is that such spaces are not concentrated in city centers, as are regular office spaces. Rather, they are residential are growing rapidly in a variety of locations, including hubs. Co-working spaces now also operate from malls and hotels, and many large office parks also have co-working quadrangles. This helps companies to be closer to their employees And thus provides them with flexibility.
flexible office space Allow firms to deploy quickly at costs comparable to regular office spaces rather than competing with office layout and fit-out, which also includes longer lock-in periods. Co-working spaces are shooting up in major cities, expanding with vacancy levels of low grade A offices and high demand from start-ups, freelancers and corporates.
Many companies continue to follow a hybrid working culture, which involves setting up small satellite offices or remote teams using neighborhood on-demand co-working spaces. All of these use cases bode well for the co-working industry.
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