A recent survey by property consultant Cushman & Wakefield (C&W), has found that the flexible workspace supply in India is estimated to jump five times by 2025 to 130-140 million sq. ft. accounting for one-third of global coworking inventory. Cushman &Wakefield is a leading global real estate services firm, with 48,000 employees in about 400 offices and 70 countries. In 2017, the firm had revenue of USD 6.9 billion. As per the report, the numbers of operational co working centres will more than double over the next five years.
The report named ‘Redefining future workplaces” which was presented at Workplace Trend Conclave held on Friday. As per the report, India is one of the largest flexible workplace markets in the world. And the rise of millennial has led to the existence of a strong start-up and entrepreneurial culture. Anshul Jain, Country Head & Managing Director-India, C&W has said that the people need a workplace that inspires innovation and ideas, offers flexibility in terms of timings and location, while being integrated with technology for communication and collaboration.
The consultant has estimated the global flexible workspace inventory at about 125 million sq. ft., of which nearly 27 million sq. ft. is located in India. There are 1,000 operational coworking centres, with a capacity of over 4 lakh seats, across top six cities — Delhi-NCR, Bengaluru, Mumbai, Pune, Hyderabad and Chennai. The number of flexible space operators has risen from single digits to about 350 over the last 3-4 years.