The growth in the Indian co-working market will be driven by growth in number of start-ups, MSME’s and corporate as they are major occupiers of flexible workspace in India. In 2019, there were around 55,000 start-ups, 1,156.4 million registered enterprises and 45,723 million MSME’s in the service sector in India.
Hyderabad office space absorption has gone up to 5.8 million sq ft in the first half of 2019, from 1.5 million sq ft in the same period of 2018.
It is expected in the coming years; regional players who are operating in only one city will be expanding in other cities in the country just like IndiQube which has 31 locations in Bangalore and will be expanding to other cities such as Chennai, Hyderabad, Mumbai and others.
Co-Working Centers will not be Limited to Office Building: To increase the accessibility and attractiveness of a co-working centers operators are developing spaces at unconventional locations such as malls, metro stations, cafes and other places. For instance, The Circle.Work has a co-working centre at Huda Metro Station, Gurgaon and myHQ has various co-working spaces at cafes and restaurants like Starbucks and others.
Rising Trend in Niche Co-Working: In order to attract individuals and companies from different sectors the flexible workspace operators will develop flexible workspaces for a particular target audience such as women, entrepreneurs, wellness and others. For instance, FoodCoWorks in Mumbai is a co-working space for chefs and food operators; CoWrks has some women centric co-working locations.
Technological Revolution: Flexible workspace operators will increase focus on development its technological ecosystem in order to stay ahead of the competition. Operators will invest on smart office features such as Self-adjusting lighting and window shades, personalized heat and light settings, heat and lighting systems that adjust automatically according to weather and occupancy, desk or room sensors that track usage to monitor efficiency, smart conference, cloud-based printing, cloud-based security control, smart conference rooms and meeting room devices and others.
The report titled “India Flexible Workspace Market Outlook to 2025- By Type (Hybrid Spaces, Serviced Spaces and Co-Working Spaces), By City (Bangalore, Mumbai, Delhi NCR, Pune and Hyderabad) and By End Users (Enterprises, MSME’s/Start-Ups and Entrepreneurs/Freelancers)” by Ken Research- Global Market Research Companies) suggested that the India Flexible Workspace Market has been increasing due to increase in the number of domestic operators, entry of WeWork, increase in average deal size, expansion in tier 2 and tier 3 cities, growing millennial population, increase in funding and market consolidation. The market is expected to register a positive CAGR of 15.3% and 17.4% in terms of supply and demand respectively during the forecast period 2019-2025F.
Key Segments Covered:-
By Type of Flexible Workspace
By End Users
Key Target Audience:-
Flexible Workspace Operators
Commercial Real Estate Companies
Venture Capitalist and PE Firms
Real Estate Consultant
Office Furniture Providers
Time Period Captured in the Report:-
Historical Period – 2016-2019
Forecast Period – 2019-2025F
Companies Covered in the Report:-
Flexible Workspace Operators
Awfis Space Solutions
The Executive Centre
Vatika Business Centre & Co-working Spaces
Key Topics Covered in the Report:-
Need and Pain Points Leading to Emergence of Flexible Workspace Industry in India
Target Addressable Audience in India Flexible Workspace Industry
Existing Gaps in India Flexible Workspace Market
Value Chain Analysis
Emerging Business Model
Organizational Structure of Flexible Workspaces
Supply-Demand Analysis and Supply-Demand Gap Analysis, 2016-2019
Competitive Landscape in India Flexible Workspace Market
Supply-Demand Analysis and Supply-Demand Gap Analysis, 2019-2025F
Success Case Study
For More Information, refer to below link:-
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Ankur Gupta, Head Marketing & Communications