Summary of this article
India’s top cities host 1,400 coworking centres, 82 million sq ft.
Top 10 operators control 67% of flexible workspace stock.
Over 475 centres host GCCs; demand to exceed 100 million sq ft.
India's top seven cities have nearly 1,400 coworking centres, with 10 big operators holding two-thirds of the total 82 million square feet of flexible managed workspaces, according to Vestian.
Real estate consultant Vestian's latest report also highlighted that more than 475 coworking centres currently host Global Capability Centres (GCCs) bases.
"As India's GCC landscape continues to evolve, flexible space operators will remain indispensable partners, offering flexibility, faster speed to market, and enterprise-grade infrastructure that global companies require, to scale efficiently in a highly competitive market," said Shrinivas Rao, CEO of Vestian.
The consultant noted that the total stock of flexible workspaces has expanded to 82.3 million sq ft spread across nearly 1,400 centres in the top seven cities.
"However, the market continues to remain consolidated, with the top 10 operators controlling 67 per cent of the total stock," it added.
Bengaluru leads with 33.2 per cent share of the country's flexible space stock, followed by Delhi-NCR at 20.4 per cent and Pune at 14.7 per cent.
Hyderabad holds 12.4 per cent of the total stock, followed by Mumbai 9.2 per cent, Chennai 8.5 per cent and Kolkata just 1.6 per cent.
According to Vestian Research, India currently hosts over 1,750 GCC companies, with nearly 3,800 bases. The GCCs' share stands at more than 40 per cent in the total office space demand over the past two years.
To capitalise on the rising demand, coworking or flexible space operators have positioned themselves as strategic partners for businesses across various stages of growth.
As per Vestian's report, more than 475 out of the 1,400 flex centres across major Tier-1 cities currently host GCC bases.
Rao projected that the total stock or portfolio of flexible workspaces would exceed 100 million sq ft across Tier-1 cities by 2026.
Flexible space operators are expanding and upgrading their portfolios to meet the growing demand.
The report did not mention the names of the top 10 flexible space operators.
WeWork India, Smartworks, Awfis and IndiQube Spaces are already listed on stock exchanges.
Other major players are The Executive Centre, 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 across the US, India, China, the UK, Sri Lanka and the Middle East.
