Coworking spaces are now also operating out of malls and hotels across cities. Many large office parks also house coworking spaces. This helps companies to remain closer to their employees and offer them flexibility
The total leasable area of the retail spaces is 130000 sq. ft. spread over three floors. The entire third floor measuring 65,000 sq. ft. is dedicated to coworking/office spaces which will cater to approx. 2000 working professionals at a time. Including a 350000 sq. ft. Multi-level Car Park, the entire complex spans a massive 208000 sq. ft.
Coworking spaces have become the most preferred option to adopt the hybrid work model, compared to the other options of changing office layouts or the hub-and-spoke model
Currently, approx. 35 Mn sq. ft. of flexible office stock is available across the country. Of this, approx. 71% or 25 Mn sq. ft. is by the large operators. Approx. 3.7 lakh flexi seats are currently spread across the major Tier I and Tier II cities of India.
Rising vacancies in the main southern cities can largely be attributed to increased new office space additions in the period. Altogether, the three cities saw new office space addition of 12.95 mn sq. ft. area in H1 FY22, accounting for nearly 58% share of the total new completions in top 7 cities
With the COVID-19 pandemic making WFH a respectable decision, more companies are discovering WFH as an alternative to occupying costly office spaces.