What’s going on:
New data released from the real estate services company ANAROCK reveals that demand for coworking spaces in India has nearly doubled within the past four years, according to Business Today.
The net office space absorption for the January-March quarter – the amount of space leased minus the amount vacant – was a reported 8.2 million square feet. Flexible coworking spaces now make up about 27% of that number – hovering around 2.18 million square feet.
In the January-March quarter of 2019, flexible office space absorption was at 1.3 million square feet, according to Mint.
The top seven cities in the new report recorded a 90% growth in net coworking space absorption from Q1 of 2019 to Q1 of 2023. This growth represents a shift of around 1.3 million sq ft. in 2019 to 2.18 million sq ft in 2023.
Why it matters:
The adoption of coworking spaces across the world is a reflection of businesses adapting to new economic and societal impacts. The post-pandemic world has accelerated the demand for many businesses to choose coworking spaces over the traditional office lease.
This data suggests that many business leaders in India are contributing to the rise of businesses moving to coworking spaces.
How it’ll impact the future:
The rise of coworking spaces in India highlights an ample opportunity for businesses to adapt to the evolving landscape of work in 2023.
As the Covid-19 pandemic wanes, more businesses are recognizing the benefits of flexible workspaces and are increasingly opting for coworking spaces over traditional offices. This trend is especially prevalent within the technology industry, where the disrupted employment scenario has made coworking spaces an attractive option for businesses.
