Bengaluru has more co-working space than Mumbai, Chennai, Kolkata, Ahmedabad put together
New Delhi: The IT capital of India Bengaluru has the highest stock of co-working spaces in the country, more than Mumbai, Kolkata, Ahmedabad and Chennai put together. Bengaluru has 7.85 million square feet of flexible office stock, followed by Hyderabad at 4.68 million square feet. Delhi NCR has 4.73 million square feet of such space but it comprises of several smaller markets like Gurugram, Noida, etc.
Mumbai has 3.67 million square feet space while Kolkata has 0.03 million square feet. Ahmedabad has 0.22 million square feet and 1.95 million square feet. All these figures are calculated up to 2019 end. Bengaluru had 3.93 million square feet of such space in 2017. Thus, the stock of flexible office spaces had almost doubled in the 2017-2019 period.
Hyderabad had 1.91 million square feet o such space in 2017. Thus, the stock has more than doubled in Hyderabad. In Delhi NCR, 1.89 million square feet at the end of 2017 which has now become 4.73 million square feet.
The top eight cities of the country have 25.45 million square feet of such spaces at 2019 end. This is around 3.4 percent of the total office stock.
The revenues of the flexible office operators have more than doubled to an estimated USD 470 million in 2019 from 2017 levels, according to a report by Knight Frank.
About USD 110 million PE investments came into the co-working industry in India in 2019. This represented around four percent of the total PE investments flowing into the Indian office sector as a whole. Players such as BHIVE, 91Sprngboard, GoWork and Innov8 got the highest chuck of the PE investments.