Top 10 coworking operators hold 2/3rd of flexible workspace stock: Vestian
New Delhi, Dec 27 (PTI) There are around 1,400 coworking centers in India’s seven largest cities, with 10 major operators holding two-thirds of the total 82 million square feet of flexible managed workspace, according to Vestian.
The latest report from real estate consultant Vestian also highlighted that more than 475 co-working centers now host Global Talent Centers (GCCs) bases.
“As India’s GCC landscape continues to evolve, flexible space operators will continue to be indispensable partners, offering the flexibility, faster go-to-market and enterprise-grade infrastructure that global companies need to scale efficiently in a highly competitive market,” said Shrinivas Rao, CEO of Vestian.
The consultant noted that the total stock of flexible workspaces reached 82.3 million square meters, spread across approximately 1,400 centers in the top seven cities.
“However, the market remains consolidated, with the top 10 operators controlling 67 percent of the total stock.”
Bengaluru leads with a 33.2 per cent share of the country’s flexible space stock, followed by Delhi-NCR with 20.4 per cent and Pune with 14.7 per cent.
Hyderabad holds 12.4 percent of the total stock, followed by Mumbai with 9.2 percent, Chennai with 8.5 percent and Kolkata with just 1.6 percent.
India currently hosts more than 1,750 Gulf Cooperation Council companies with around 3,800 bases, according to Vestian Research. The Gulf Cooperation Council’s share in total office space demand in the last two years has been over 40 percent.
To capitalize on growing demand, co-working or flexible space operators have positioned themselves as strategic partners for businesses in various stages of growth.
More than 475 of the 1,400 flexible hubs in major Tier 1 cities currently host Gulf Cooperation Council bases, according to Vestian’s report.
Rao predicted that the total stock or portfolio of flexible workspaces will exceed 100 million square feet in Tier 1 cities by 2026.
Flexible space operators are expanding and improving their portfolios to meet growing demand.
The names of the top 10 flexible space operators were not mentioned in the report.
WeWork India, Smartworks, Awfis and IndiQube Spaces are currently listed on exchanges.
Other major players are The Executive Center, Incuspaze, Simpliwork Offices, Table Space, Urban Vault, 91Springboard, Spring House Workspaces, BHIVE Workspace, 315Work Avenue, The Office Pass and Hanto Workspaces.
Headquartered in Chicago, Vestian has offices in the USA, India, China, UK, Sri Lanka and the Middle East.
