The Times of India Real Estate Summit 2024 - Right to Excellence is a platform that decodes trends, analyses the performance of the real estate industry, and hears from experts and thought leaders in the field. This year, the panel discussion “Redefining Spaces” was particularly interesting to watch.
Mr. Nayan Raheja - Director, Raheja Developers Ltd, Shabbir Kanchwala - Principal, Global Network for Zero and Ankur Modi - Head of Adani Realty, NCR Region discussed the evolution of co-living and co-working habits in India and the following statistics came to light:
The demand for coworking spaces has increased by 30% since 2018.
30% of the 8.5 million square ft of office space development is now allocated to coworking spaces.
The coworking industry has infused the corporate real estate landscape with over 10 lakh seats across the country.
Further to that, Ankur Modi noted that India is now the third largest startup hub in the world and with that ranking, it has been able to influence coworking trends quite significantly.
Elaborating on that sentiment, he said that providing a co-working space is now more than satisfying a primary need for office space. It is turning into a service offering by providers - where aspects like client comfort and client preferences are taken into consideration making coworking a personalised offering rather than a generic one.
During the discussion, the audience also heard from Shabbir Kanchwala. He noted that coworking spaces were seeing rapid growth in Tier 1 and Tier 2 cities. This, we think, is potentially a response by companies that are catering to the needs of an ever growing millennial workforce. Do you agree?
If you’d like to know more about coworking trends and the industry, read our summary here.
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