Of over 8.2 Mn sq. ft. net office space in Q1 2023 across the top 7 cities, coworking comprised approx. 2.18 Mn sq. ft.; in pre-Covid Q1 2019, approx. 1.3 Mn sq. ft. net absorption of 9.3 Mn sq. ft. net absorption was by coworking
With approx. 6.1 Mn sq. ft. new office completions & approx. 6.08 Mn sq. ft. absorption in H1 FY23, Bengaluru races far ahead in office activity in the period
- Vacancy in Chennai at 10.35%, Bengaluru at 11.25%, Hyderabad over 15%; Cities not primarily driven by IT/ITeS, including NCR, have maximum office vacancy at 28.5%, Kolkata with 23.5%, MMR with approx. 16%
The rapid expansion plans by the major coworking players, and the pandemic-triggered need to re-strategize workspaces, indicate a bright future for this new asset class.
The two companies have signed an MoU to provide a new and integrated project management service to Indian developers and to bring about a quantum change in how Indian real estate is designed, constructed and operated, particularly during and post COVID-19 when technology will become instrumental.
Across industries, research teams have had to change gears quickly to help industries navigate this strange new world. Data-led research is no longer just an option – it has become a core necessity.
Supply chains disrupted. Reverse migration of workers. Macro-economic uncertainty. WFH becomes the new norm. All of these factors, and more, are leading to major tectonic shitfs in the real estate industry
