The report, titled “India Flexible Workspace Report” highlights the increasing demand for flexible workspaces, particularly in light of the Covid-19 pandemic, which has led to a dynamic shift towards remote and hybrid working models.
It interestingly brings out the fact that co-working inventory in Bangalore (13.6 msf) is nearly equivalent to the sum of MMR (6.3 msf) and NCR (7 msf), which again is equivalent to the sum of Pune (5.3 msf), Chennai (2.8 msf) and Hyderabad (5.7 msf).
Rishi Das, Co-Founder, IndiQube, said: “In collaboration with CRE Matrix, we at IndiQube are glad to present the growth story of flexible workspaces in India, taking a deep dive into the economics and fine contours of deal-making in the co-working segment. Having witnessed the transformation of the Indian workplace over the past decade and especially during the post-pandemic period, reinforce the fact that “Flexibility” has become the need of the hour.”
The report also highlights key themes in the flex space industry that are likely to pan out in the next five years, including the emergence of flex in Tier II cities, developers incorporating flex in their office strategy and workspaces getting closer to employees’ homes. It also foresees the homogenisation of occupiers in the flex space industry from an IT / ITES dominance to occupiers from health care and BFSI.
Abhishek Kiran Gupta, CEO & Cofounder CRE Matrix, says, “ Our research is based on more than 7 lakh data points originating from registered office transactions across India and is bound to empower users with analysis and ideas that can help stakeholders stay ahead in this current growth trajectory of one of the most exciting and evolving real estate trends in India.”
Coworking penetration has been making significant strides. In 2017, the co-working penetration of total office inventory was 1.5%. This number has increased to 6.1% in 2022 and is expected to become 12.6% of the total office inventory by 2027.
