Mumbai witnessed highest co-working rental growth of 27 percent since FY20 among top five flex workspace hubs followed by Gurugram at 19 percent, according to a report by Anarock, a real estate consultancy firm.
The report stated that the average monthly rentals per seat for flexi spaces in Mumbai stood at Rs 15,900 as of FY24 while back in FY20 it was Rs 12,500 per seat. Gurugram witnessed 19 percent growth in same period from Rs 8,500 per seat in FY20 to nearly Rs 10,100 per seat in FY24. The top five flex workspaces include Mumbai, Delhi, Gurugram, Noida and Bengaluru.
“Delhi, Bengaluru, and Noida saw growth of 18 percent, 15 percent and 14 percent respectively in average monthly per seat rentals,” the report said.
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Delhi’s flex workspace's rentals grew from Rs 10,000 per month per seat in FY20 to approximately Rs 11,800 per month per seat in FY24. In Bengaluru, the average monthly rent for flexi spaces was Rs 7,800 per month per seat in FY2020 and it increased to Rs 9,000 per month per seat in FY2024. Similarly, Noida saw growth of 14 percent in average monthly rentals of flexi spaces in last four years from Rs 6,500 per month per seat in FY2020 to Rs 7,400 per month per seat in FY2024.
Coworking contributed 18 percent of total office supply in top 7 cities’ office leasing market in the current financial year.
Utkarsh Kawatra, Senior Director - myHQ by ANAROCK, said that the Asia-Pacific region has emerged as an important market for co-working spaces in the last few years with Hong Kong, China, India, and Japan are among the large centres that are witnessing massive growth.
“The market size of flexible office spaces in the country is expected to grow aggressively from the current approximately 55 million square foot (msf) to anywhere between 100 msf and 140 msf by 2030. In terms of the new supply, 34 msf of fresh co-working stock has been added since 2017 till date across the key coworking cities like Delhi, Mumbai, Gurugram, Bengaluru, Hyderabad, Pune and Noida,” he said.
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