Despite episodic dullness, the startup ecosystem is on a rise in India and the global players have shifted their interests towards the co-working commercial spaces. Owning privately or paying huge rents for office spaces, companies have switched to cost-effective planning through these shared spaces. The entire Asian market has seen the incredible growth in co-working spaces which is considered to be greater than any other regions across the globe. In the Asian region, one of the fastest and the most evolving countries is India.
The country expects “$400 million investments in co-working segment by the end of 2018”, as stated by a recent report by Confederation of Indian Industries in association with WeWork and JLL India. Also, the potential number of seats in the co-working industry stands at 12-16 million, of which the biggest chunk, 10.3 million is attributed to large companies, 1.5 million to SMEs, and another 1.5 million to freelancers. Among the regions which have registered one of the highest expansion is Gurgaon. The city has taken the industry by storm, attracting investments by various operators. Gurgaon still holds immense potential and the co-working spaces are likely to increase manifolds in coming years.
Also known as the Millennium City, Gurgaon has been ranked third in terms per capita income of India cities and has emerged as a leading investment and commercial hotspot. As per the article published by Economic Times, the number of co-working seats will range between 250-300 (in Central Business District, Gurgaon) and 500-550 (in Secondary Business District, Gurgaon). Also, the cost per seat per month will vary within the range of INR 13000- INR15000 (in Central Business District, Gurgaon) and INR 75,00- INR 12,000 (in Secondary Business District, Gurgaon).
The exclusive amenities of co-working commercial spaces in Gurgaon including spa, gym, food court, sleeping pods, crèche services and gaming zones, which help in giving a boost to workforce spirit have made the concept more popular not only among employees but also among employers. Thus for many, these shared spaces are one of the ways to hike employee productivity.
With favourable state regulations for business development, Gurgaon offers a high degree of flexibility when it comes to the hassle-free development of co-working spaces. Co-working spaces here not only provide cost savings but also an opportunity to blend with other organisations and establish a larger social network. The affirmative aura for the co-working spaces in Gurgaon ensures their stability and further growth.
CBRE Group, world’s largest commercial real estate services and investment firm, in its report, published that “co-working segment in India is expected to touch 10 million square feet by 2020, with 2017 witnessing the absorption of nearly 1.5 million square feet of space.” Further stating, even leasing activity by shared office operators, as mentioned by the report, more than tripled in over the last three years to reach figures of 0.7+ million square feet.
Gurgaon has got intensive boost owing to its fast connectivity, improved public utility infrastructure and self-sustained township. The advanced planning of residential areas in advance cater to the development of commercial spaces. The city has gradually emerged as India’s most sought-after commercial ecosystem. The factors have led to launch of development of world’s largest co-working space in the city, with 12,000 seats sprawled over 8 lakh square feet. It will have the highest space coverage across India and highest seat offering across world. Already providing state of craft infrastructure, flexibility, no fixed investment benefits and cost savings, co-working spaces in Gurgaon have a long way to go. The future of coworking in Gurgaon is promising, considering the growth over past few months and thus making it the fastest growing segment in the commercial real estate.