Net absorption of co-working spaces across the top seven cities touched 8.2 million square feet (msf) in Q1 of the calendar year of 2023. Then we have to mention it), with a share of 27 percent, from a 14 percent share in the pre-pandemic year of 2019, according to real-estate consultant ANAROCK.
Overall, the top seven cities saw 90 percent growth in net co-working space absorption in this period – from 1.3 msf in Q1 of 2019 to 2.18 msf in Q1 of 2023.
Bengaluru & NCR accounted for 66 percent of net co-working absorption in Q1 of 2023, with about 1.43 msf.
“Besides startups and other businesses, many IT/ITeS companies also prefer flexible spaces to regular office spaces today, with a strong emphasis on workspace flexibility for employees,” the report added.
ANAROCK found that the western markets of Mumbai Metropolitan Region (MMR) and Pune saw net absorption of approximately 1.48 msf office space in Q1 of 2023. Of this, 24 percent or 0.35 msf was by co-working players.