Left Menu
Development News Edition

Office space leasing by co-working players rises 42 pc to 4 mn sq ft in Jan-Jun: Knight Frank

PTI | New Delhi | Updated: 14-07-2019 14:49 IST | Created: 14-07-2019 14:40 IST
Office space leasing by co-working players rises 42 pc to 4 mn sq ft in Jan-Jun: Knight Frank

Co-working operators have leased 4 million sq ft of office space across eight major cities during the first half of 2019 to meet rising demand of such flexible area from corporates and startups, according to property consultant Knight Frank. Co-working players had leased 2.8 million sq ft in the January-March period of last year.

"The co-working story - that is a global phenomenon - has taken root in India," the consultant said in its report 'India Real Estate' released recently. The report tracks residential and office markets of eight top cities -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and Ahmedabad.

"Across the top eight cities, co-working space providers have taken up around 4 million sq ft of office space during H1 2019 which represents a 42 per cent growth over H1 2018 and accounts for approximately 15 per cent of the total space transacted during this period," the report said. Total office space leasing rose by 26 per cent to 27.4 million sq ft in these eight cities during the first six months of 2019, with IT/ITeS sector accounting for 35 percent of absorption.

"The co-working sector is growing aggressively on the back of growing demand from regular enterprise occupiers. They have begun to appreciate the design elements, community development, office environment and the vibrancy created in the co-working spaces. "Many co-working operators have on an average 70+ per cent of their space occupied by larger enterprise clients," Knight Frank India Executive Director (North) Mudassir Zaidi told PTI.

Newer players backed by PE investments are entering the space, which is also leading to newer supply being created in most cities, Zaidi added. According to the data, Bengaluru was the most preferred location for co-working players where they leased 1.7 million sq ft office space, up 33 per cent from the year-ago period.

Leasing of office space in Hyderabad by co-working operators more than doubled to 0.7 million sq ft from 0.3 million sq ft area during the period under review. In Chennai, co-working players leased 0.4 million sq ft as against 0.1 million sq ft.

Pune saw 0.4 million sq ft leasing of office space by coworking firms from nil in the year-ago period. However, co-working players leased less space in the national capital region and Mumbai during the first half of this year.

In National Capital Region (NCR), leasing dropped to 0.5 million sq ft from 0.7 million sq ft, while in Mumbai absorption fell to 0.3 million sq ft from 0.5 million sq ft.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION / BLOG / INTERVIEW

Education post-coronavirus: Schools to rush for more digitalization

Digital education would undoubtedly boom in the post-coronavirus world, supported by educational institutions that have discovered its efficiency during the crisis, but it is still not expected to outshine traditional classroom learning....

Public health care post-COVID 19 to go for revamping, not rebooting

Until now, the economies used to classify healthcare sector under social expenditure. However, the devastation caused by COVID 19 pandemic has upgraded public healthcare on topmost priority and core economic activity for controlling future ...

Coronavirus lockdowns to speed up long-pending revamping of supply chains

With millions of production lines impacted, business disruptions to some extent are unavoidable and the lessons learned from this turbulence will leave an everlasting impact on both global and local levels of supply chains....

COVID 19 to catalyze the redefinition of urban planning and sustainability

Until now the urban planning was focused on mitigation to natural disastrous, climate change, pollution, chronic illness and lifestyle diseases. However, the global pandemic of novel coronavirus is going to change the whole narrative of urb...

Videos

Latest News

US STOCKS-Wall St set to open higher as investors weigh stimulus against shutdown

Wall Street was set to open slightly higher on Monday as President Donald Trump followed last weeks massive fiscal stimulus by extending his stay-at-home guidelines, leaving investors guessing at their economic impact.The SP 500 posted its ...

Good samaritans pull up socks, begin creating database of volunteers to fight coronavirus

From delivering food to the elderly to taking medicines to the sick, from fighting fake news on the Internet to helping people with their groceries, groups across the country have joined hands to identify willing people to create an army of...

Coronavirus: SJVN to contribute Rs 5 cr to PM-CARES Fund

New Delhi, Mar 30 PTI State-owned SJVN on Monday said it will donate Rs 5 crore to PM-CARES Fund to combat the coronavirus outbreak. The company has also earmarked a separate fund of Rs 3 crore to contain the spread of the virus.Unders...

Tiffany Haddish says she and 'Girls Trip' co-stars are working on sequel

Actor Tiffany Haddish has revealed that she is in touch with her Girls Trip co-stars regarding the sequel to the comedy and the scripting on the new film might begin soon. Directed by Malcolm D Lee, the 2017 film follows a group of four fri...

Give Feedback