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What Does the CBRE Report Has to Say?
As per the report by a leading real estate consultancy, India is witnessing a sudden rise in co-working spaces within the office market. After extensive research, it has been noted that co-working center operators have marked 7% more demand for their office spaces in the first quarter of 2024 in comparison to previous years. To put it in other words, 31 lakh square feet of office space has been leased in nine main cities in India.
People Looking for Flexible Workspace!
It’s very much evident that with the increase in the demand for co-working space, people are more inclined towards flexible modes of working.
As a result, most organizations are in search of flexible workspace solutions to board the hybrid working model and make the maximum utilization of their real estate footprint.
CBRE report has shed light on the crucial role being played by flexible workspace providers in the Indian leasing landscape. In addition to this, they have constantly secured almost 15% of the market share from the last five years.
The report has further illustrated that flexible space operators have turned out to be the second largest contributor to the total gross office space demand from the period of January to March 2024.
Tech Companies Leading Direct Leading
Where co-working space is in demand right now, traditional office leasing has still not lost its significance. As per the findings of the report, technology companies are leading the leasing of direct office space. When it comes to the contribution of tech companies in total leasing activity, it is 26%.
What’s the Market Scenario?
Although there’s a slight decline of 3 percent in the overall use of office space in 9 major cities in India. the report by CBRE illustrates a positive outlook for the Indian office market. According to the views of the chairman & CEO, India, South-East Asia, Middle East & Africa at CBRE. The market’s resilience has been affected by factors like an upsurge of return to the market trend.
As a result, companies are likely to focus more on high-quality office spaces from 2024. In addition to this, the CBRE report has also focused on the evolving dynamics of the Indian office space market.
Final Words
In a nutshell, it can be said that the rise of the demand for co-working space is going to reach another level in the coming years. Also, these co-working spaces are going to fulfill the needs of various kinds of businesses. So, with the upcoming skilled workforce and varied office spaces India’s office market has a positive career trajectory.
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