High Demand For Co-Working Office Space Post-Pandemic: Report

Co-working workplace house in excessive demand post-pandemic: Report

New Delhi:

Demand for versatile workplace areas has hit a brand new excessive publish the pandemic, with main firms and companies, together with startups, now choosing co-working.

Data put out by actual property advisor Anarock reveals that out of internet absorption of roughly 20.8 million sq. toes.

Across the highest 7 cities in January-June 2022, the share of co-working areas stood at 20 per cent. During the identical interval in 2021, its share was simply 6 per cent of internet workplace absorption of 9.33 million sq. toes.

Bengaluru, Hyderabad and Chennai collectively witnessed internet workplace absorption of approx. 12.2 million sq. toes. Of this, 18 per cent was co-working.

Mumbai and Pune noticed internet absorption of almost 5.45 m sq ft, of which 27 per cent was co-working.
Delhi NCR stood at approx. 2.75 mn sq ft and 15 per cent have been co-working.

In distinction, the true property advisor stated the share of the IT/ITeS sector – India’s main workplace demand driver – declined from 49 per cent within the first half of 2021 to 36 per cent in 2022.

This decline was largely as a result of many IT firms now desire versatile areas to common workplace areas, the advisor stated in an announcement.

“Co-working has received a major boost after Covid-19 disrupted the previous status quo. A major factor driving demand is that these spaces are not concentrated in just the city centres or major employment hubs; they’re spread across different areas, including the housing-intense suburbs,” stated Anuj Puri, Chairman at ANAROCK Group.

“Co-working spaces are now also operating out of malls and hotels across cities. Many large office parks also house co-working spaces. This helps companies to remain closer to their employees and offer them flexibility.”

Further, it argued that the lock-in interval for taking over an everyday workplace house is between 3-4 years, which additionally helps enhance the demand for co-working areas.

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