What’s Driving India’s Rapidly-Growing Coworking Industry?

What’s Driving India’s Rapidly-Growing Coworking Industry?

SUMMARY

India had over 720 coworking centres as of last year, according to DataLabs By Inc42

The cumulative coworking space leased from 2017 till Q1 2019 has reached 6.9 Mn sq ft

Coworking spaces in India are slowly attracting the attention of big-name startups as well

Coworking spaces have changed the traditional way of working. With beanbags, cafes and libraries, the shared spaces are jazzed up to attract millennials and match up with the startup culture.“The share of coworking spaces in the total office leasing sector increased from 5% to 12% in 2019 and I believe this trend will have an upward trajectory,” Sanjay Choudhary, CEO and founder, Incuspaze said.“Statistically, Delhi NCR, Mumbai and Bengaluru have the most coworking spaces; owing to the growing number of startups and advancements,” Mishu Ahluwalia, founder and CEO, GoHive, said.“The still recovering real-estate market and changing nature of work has created a virtuous circle for coworking and I think shared spaces can become at least 15%-20% of the total office market, Ashish Goenka, director, Redbrick Offices, said.“We try to keep a positive impact on employee productivity as we foster a workplace setting defined by trust and empowerment,” Karan Virwani, CWeO, WeWork India told Inc42.

Along with offering flexibility of location and timing and a fun atmosphere to employees, these spaces allow enterprises to lock in costs for future projects and enjoy the flexibility of occupancy in tenure and scale. In India, the industry is gaining strong foothold at a fast pace.

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