In FY2022- 2023, the Indian commercial real estate sector witnessed multiple highs and lows due to the global economic downturn. Although the early half of this period looked promising, it was followed by the tremors of a recession in key global economies. Consequently, companies stayed wary of leasing large corporate spaces, ultimately decelerating commercial office
Mumbai, 2 May 2023: Demand for flexible office spaces has hit a new high after the pandemic, with major companies and businesses including start-ups now increasingly opting for coworking spaces. Latest ANAROCK data reveals that out of a net absorption of approx. 8.2 Mn sq. ft. across the top 7 cities in Q1 2023, coworking spaces
Of net office absorption of 20.8 Mn sq. ft. in H1 2022 across top 7 cities, coworking comprised a 20% share; in H1 2021, its share was 6% of 9.33 Mn sq. ft. IT/ITeS office spaces share declined from 49% in H1 2021 to 36% in H2 2022 Bengaluru & Hyderabad account for 50% of net
Of net office space absorption of 34.1 Mn sq. ft. in FY 2022 across the top 7 cities, the coworking segment comprised a 13% share; annually coworking’s total share rose 8% The manufacturing/industrial sectors saw the 2nd highest YoY net absorption growth at about 4%, while the share of IT/ITeS and ecommerce sectors declined 8%
Coworking may be the latest rage in commercial real estate, especially now that COVID-19 has shaken up the office sector – but it is also about a lot more than that. Even before the pandemic, it was becoming clear that shared resources are the new normal in today’s economic environment which has made cab-hailing services
