After pandemic, the demand for co-working office spaces in India is at a high.
With life coming back to normalcy, many reputed companies root for Work from office. That’s not all, many businesses, startups, IT/ITeS, and small scale companies are also keen to work from a dedicated space called office.
According to the latest report by Anarock, in Q1, 2023, 27% space is acquired by co-working office spaces out of the total 8.2 million sq.ft. space. Delhi-NCR and Bengaluru accounted total of 66% office space absorption. This amounts to approximately 1.43 million sq.ft.
However, the office space absorption stood at merely 15$ in the Q1, 2019. Interestingly, Pune and Chennai also was nearly 0.52% office space absorption in that year.
In Q1,2023, the city of joy Kolkata witnessed space absorption of 0.25 million sq.ft. Out of this, 12% share was recorded by multiple co-working office entities.
If look at an overall growth, then co-working office spaces in India occupied 90% spaces in Q1,2023. Where it was way lower in 2019. Before this, a report shows an increase in office space leasing in the first quarter of this year.
The report titled, ‘CBRE India Office Figures Q1, 2023’ by CBRE South Asia Pvt. Ltd. majorly emphasizes the rise in leasing office spaces from January to March 2023. The leasing figure stood at 12.6 mn.sq.ft. which accounts for a 9% YoY increase.
Out of all the top Indian cities, Bengaluru, Delhi-NCR, and Chennai register 62% of business in this quarter. Also, many Tier-I cities including Bengaluru, Delhi-NCR, Pune, and Hyderabad completed the development of 11.6 mn.sq.ft.
The reason for the jump from last year’s 82% to the current 88% is the demand for office space by various non-IT companies. It is also said, that the development of green-certified buildings (LEED or IGBC Certified) directed focus on sustainability.
