Indian market has also seen a boom in coworking spaces. According to Anshuman Magazine, chairman, India and Southeast Asia, CBRE, “Over the past 2 years, India’s office market has witnessed robust activity across key cities. Apart from high annual absorption figures, the segment has made big strides in adopting global formats and in adjusting to new concepts.The advent of co-working spaces is being called the next wave of disruption in an office segment. It is gaining prominence in the country prompted by rapid urbanization, rising office rents and lack of quality ready-to-move-in supply. During 2016, demand for such spaces tripled as compared to 2014. Leasing of co-working spaces is expected to cross 1.5 million sq. ft in 2017 and is expected to touch 10 million. Sq. ft by 2020.
With domestic and international companies focusing their expansion strategies on cost efficiencies, attracting the right talent, optimization of business operations and space utilization, coworking is not only changing the dynamics of office spaces in India, it is also defining corporate culture.
While still at a nascent stage, the benefits that these spaces offer are making them a preferred choice for several companies. With more entities getting into the co-working segment, there could be some short-term impact on demand for traditional office spaces.However, in the long term, India’s office market has the capacity to absorb development of both co-working and traditional offices spaces. We expect both to address their own set of demands.
According to Bisner , the number of coworkers have increased from 43,000 people in 2011 to 2,95,000 people in 2015 to 23,70,000 people (estimated) in 2018.
Guys, to be very honest, I am not trying to convince you to switch to a coworking hub. I am just simply stating the facts. In this post, I will help you choose the one that best suits your needs.