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In India, leasing of office space by coworking operators dropped by 43% year-on-year to 21.6 lakh square feet (2.16 million square feet) in the January-March quarter, according to Rediff.
Last year, coworking operators had leased 37.6 lakh square feet (3.76 million square feet) during the same period. CBRE’s data also revealed that coworking operators’ share in total office leasing transactions decreased to 12% from 22% in the previous year’s quarter.
Coworking operators lease office space from property owners, set up centers, and sub-lease to corporate clients. Major players in the industry include WeWork India, Smartworks, Awfis, Incuspaze, Simpliwork Offices, and IndiQube. Demand for flexible office spaces increased significantly after the COVID-19 pandemic.
Overall, the total office leasing market grew by 5%, reaching 180 lakh square feet (18 million square feet) in the January-March period, compared to 171 lakh square feet (17.1 million square feet) in the previous year.
These nine cities are Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad, and Kochi.
Ram Chandnani, Managing Director at CBRE India, stated that India is emerging as a global hub for Global Capability Centers (GCCs), as multinational firms leverage the skilled workforce to drive innovation and digital transformation.
GCCs are expected to account for 35-40% of office space absorption in 2025, with expansion happening in both metro cities and emerging business hubs. Chandnani also noted that while U.S. firms are dominant, European and Asian companies are increasingly setting up GCCs in India due to cost-efficiency and a mature operational ecosystem.
