It is noted that the demand for co-working spaces & serviced offices is found the most in the Asia Pacific than anywhere else in the world. As per a report from JLL, India’s growth of flexible office space is expected to grow at 40%-50% this year! The shared offices or co-working spaces demand is gaining a lot of popularity across the country.
Mr. Sandeep Sethi — MD, Integrated Facilities Management West Asia, JLL in an interview with RealtyNxt said, “In India, the co-working segment is expected to grow by 40–50% in 2018 alone. By the end of the year, we anticipate flexible workplaces would attract investment up to US$ 400 million. With over 200 premium business centers across the country, set to double by 2020, co-working spaces will reflect the global trend of being closer to 20% of the total work-space.”
This trend is due to rise of the millennial and a large, vibrant start-up ecosystem which is observed across the country. The change in youngsters thoughts & the way they work has change dynamics of business.
From the market size of about 13.5 million users by 2020, half of it will be from enterprises which should take up 10.3 million seats. 1.5 million users worth of demand will come from freelances and small and medium enterprises (SMEs). The startups will demand up to 100,000 seats by 2020.
Top 6 cities in India will need approximately 5 million seats in co-working spaces while the tier II and III cities will have projected demand of 8.5 million indicates JLL India.