Coworking in India Expected to Grow by Over 50% in 2017
Authored by Ramesh Nair, CEO & Country Head, JLL India Coworking is a disruptive business model that is redefining how we look at the office spaces today. With marginal slowdowns in the global economy and an ever expanding class of millennials who know exactly what they want, we are seeing workplace reforms in India—where ‘Uber-Cool’ and ‘Chic’ workspaces are becoming the norm. With this paradigm shift, the coworking industry is experiencing tremendous growth as well. JLL research predicts that by 2025, 42% of India’s population will be living and working in its urban centers. With this growth in the urban population, there will be a far greater demand for shared workspaces in less than a decade. The year 2016-17 has seen a massive spike in the growth of the coworking industry and as it evolves further, we will witness an era of flexible office spaces. The first ever research on coworking in India is a joint product by WeWork, the largest coworking operator in the world, and JLL. Future of Work: The Coworking Revolution shares insights on this disruptive trend driving the commercial office segment. Here are some of the key highlights that I found interesting: With office rental costs continuing to rise across India’s business districts, the total space leased by coworking operators in the top cities could potentially stand at ~7–9 million sq. ft. by 2020. This presents a huge opportunity in the commercial office space Coworking spaces can lead to a 20-25% cost savings as opposed to working in the traditional office spaces The emergence of coworking has led to a fundamental change in attitude toward the traditional office format and we are already seeing the first signs of disruption. I encourage you to get ahead of the curve and turn disruption into opportunity. Have a question? Share them with me and I’ll be in touch.
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