Indian Economy News

Co-working spaces are set to expand capacity in 12-24 months as demand rises

  • IBEF
  • March 26, 2024

The demand for co-working spaces in India is surging among startups, GCCs, and IT/ITeS companies seeking flexibility and cost efficiency. Projections from Avendus suggest that the country's flexible workspace market will nearly double to 126 million sq. ft. by 2028, with revenues expected to soar from US$ 3.5 billion to US$ 9 billion over the next five years. This trend has prompted major players like 315Work Avenue and Urban Vault to announce ambitious expansion plans to capitalize on the growing market.

Meanwhile, industry leaders like WeWork, Smartworks, Upflex India, and The Executive Centre are also poised for significant growth, leveraging technology and flexible models to meet evolving business needs. With corporates increasingly adopting flexible workspace strategies across various sectors, India's commercial real estate landscape is rapidly evolving to offer greater adaptability and cost-effectiveness to businesses.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.