A recent report by Anarock reveals that co-working spaces accounted for 18 percent of total office supply in the top 7 cities’ office leasing market in the current financial year. Additionally, 34 million square feet (msf) of new co-working space has been added across key cities since 2017.
According to the report, Mumbai experienced the highest growth in co-working rental rates, with a 27 percent increase since FY20, followed by Gurugram at 19 percent. In Mumbai, the average monthly rental per seat for flexible workspaces rose to Rs 15,900 in FY24 from Rs 12,500 in FY20. Similarly, Gurugram saw a rise from Rs 8,500 per seat in FY20 to nearly Rs 10,100 per seat in FY24.
Other cities like Delhi, Bengaluru, and Noida also saw notable growth in average monthly rental rates for co-working spaces. Delhi experienced an 18 percent increase, Bengaluru saw a 15 percent rise, and Noida witnessed a 14 percent growth over the past four years.
Utkarsh Kawatra, Senior Director at myHQ by ANAROCK, highlighted the growing significance of the Asia-Pacific region in the co-working market. He stated that India’s flexible office space market is projected to expand significantly from around 55 msf to between 100 msf and 140 msf by 2030. Additionally, he mentioned that 34 msf of new co-working space has been added across key cities since 2017, including Delhi, Mumbai, Gurugram, Bengaluru, Hyderabad, Pune, and Noida.
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