Co-Working Spaces Gain Popularity; Developers Follow

In the recent times, start-ups have come up like a house-on-fire. With the help of government to make this country an entrepreneur-friendly, the demand for co-working spaces is bound to increase. And that is exactly what has happening in the current times. The prime forces for increasing this demand are the consultants and the freelancers of the modern globalized workforce. Across the metro cities, Delhi NCR being very prominent of them, co-working spaces are becoming favourites and very popular.

This global trend is catching up at a very high pace in the Delhi NCR region. The number of co-working spaces till last year was 30 which is expected to increase to 40 this year. Various micro-markets in the whole of NCR comprise of more than 2500 seats. The average occupancy till now has been about 70-75% which is likely to increase when the seat additions in the micro-markets will be leased out.

The range of number of co-working spaces in various regions is expected as below:
• 200-250 in Delhi’s Central Business District while 450-500 in Delhi’s Secondary Business District.
• 250-300 in Gurgaon’s Central Business District while 500-550 in its Secondary Business District.
• 400-450 in Noida’s Central and Secondary Business District combined.

Along with the metro cities, these co-working spaces are well-liked and preferred in tier 2 cities also. This is because co-working spaces provide extreme affordability in rents and flexibility in working options. They offer a complete office-like environment and ambience with desks and other essentials at cheaper rentals.

As seen, developers are also becoming keen to open up their very own co-working spaces by developing spaces or giving out of large floor spaces to different smaller occupants.
Going with the current scenario, the supply of co-working spaces is limited in NCR. Once the supply and situations is improved, the demand of co-working spaces will witness a boom.

The commercial real estate market is going to be substantially fragmented if facilities like this keep coming up in the country which makes things easier affordable for people.