FlexiSpaces, on-demand marketing place and aggregator for meeting rooms and shared office spaces shares trends and insights on co-working spaces in 2020.
In 2019, FlexiSpaces shared a report on the co-working space booking behavior seen amongst Indian professionals. The findings were based on the demand, queries and bookings made on the FlexiSpaces platform.
Demand in co-working spaces is on rise in India. Co-working spaces in India have become an ‘in-thing’, especially with the new generation of professionals in India. The current build up in co-working spaces will continue for next few years.
Key trends that will continue to rise in this segment:
- Tier 2 and Tier 3 markets will be boosting the overall co-working space in India, over next 2-3 years
- South India will see the maximum growth in demand as well as increase in shared spaces facilities
- Adoption of world class technology by independent co-working spaces
- Customization / hourly bookings
Mr. Sandeep Singh, Founder of FlexiSpaces said; “More and more corporate and enterprises will be using co-working spaces to operate in remote locations. Intense competition and high demand of shared workplace has lead to rapid expansion. We assess a rise of over 50% in demand of co-working spaces in 2020. Shared spaces like – Co-working and Co-living will also have a huge Impact on the real-estate market in India.”
The southern market has shown maximum growth over the past few years. Co-working spaces are witnessing larger demands in West and South India. This trend will continue in 2020 as well. When it comes to locations, Bengaluru, Hyderabad, Kolkata, Mumbai and Pune will see rise in the number of shared spaces, this year.
In tier 2 and Tier 3 segments, Indore, Patna, Bhopal, Kochi have been significantly increasing in the number of queries and bookings of meeting rooms and co-working desks.
Breaking the barrier and coming online: Whilst there are a number of large players in the market who are organizing the way the sector operates, there are over 1000 independent co-working spaces in India that are untapped. These spaces need technology to bring their business online and book spaces. “Digitization or transformation from offline to online will bring in a huge change in the co-working segment and will be one of the key alterations in 2020”, says Sandeep Singh.
“Personalization of space, short-duration booking, and contractual hires are also dominant clientele demands for co-working spaces that will see an increase in 2020” Sandeep Singh added.
