Anarock's recent report unveils a significant surge in co-working rental rates, particularly in Mumbai, marking a staggering 27% growth since FY20. Following closely, Gurugram witnesses a commendable 19% increase in the same period, solidifying its position as one of the top flex workspace hubs.

Contributing to 18% of the total office supply in the top seven cities' leasing market, co-working emerges as a formidable force in the current fiscal year. The report underscores the addition of 34 million square feet (msf) of fresh co-working stock since 2017 across key cities known for their flexible workspace culture.

In Mumbai, the average monthly rentals per seat now stand at Rs 15,900, compared to Rs 12,500 in FY20. Similarly, Gurugram's rates have escalated from Rs 8,500 per seat to nearly Rs 10,100 during the same period. Delhi, Bengaluru, and Noida also witnessed notable growth, with rental rates increasing by 18%, 15%, and 14% respectively.

Delhi's flex workspace rentals soared from Rs 10,000 per month per seat in FY20 to approximately Rs 11,800 in FY24. Bengaluru's average monthly rent surged from Rs 7,800 to Rs 9,000 per seat over the same period, while Noida experienced a growth from Rs 6,500 to Rs 7,400 per seat.

Utkarsh Kawatra, Senior Director of myHQ by ANAROCK, highlights the burgeoning market of co-working spaces in the Asia-Pacific region, with countries like Hong Kong, China, India, and Japan witnessing exponential growth. Anticipating aggressive expansion, he forecasts the market size of flexible office spaces in India to soar from approximately 55 million square feet to anywhere between 100 msf and 140 msf by 2030.

Source: moneycontrol.com

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