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Co-working space saw highest growth in net absorption in FY22: Anarock
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SME Times News Bureau | 19 May, 2022
Post the pandemic, it was widely anticipated that co-working would soon
be issued a death certificate. Like many others, this prediction fell
flat as the "new normal" has caused coworking spaces to emerge as one of
the best options for adopting a hybrid model at offices.
Realty
consultant firm Anarock Research reveals that out of the total net
absorption of 34.1 million square feet across the top seven cities in
FY22, co-working comprised a 13 per cent share.
In FY21, its share was just 5 per cent of a net absorption.
At
about 4 per cent, the manufacturing or industrial sectors registered
the second highest year on year growth in net office absorption in FY22.
The share of the IT/ITeS and e-commerce sectors declined by 8 per cent and 6 per cent, respectively, as compared to FY21.
"The
hybrid work model emerged as a formidable new force on the Indian
office real estate market during the pandemic. There was a gradual but
significant transition to flexible spaces which offer businesses and
employees the agility to continue operations seamlessly," Anarock Group
Chairman Anuj Puri said.
Co-working spaces have become the most
preferred option to adopt the hybrid work model, compared to the other
options of changing office layouts or the hub-and-spoke model, he added.
"Mid
and large deals were prominent in the current financial year as
occupiers are optimising their portfolios," Puri said. "The new
realities include bringing employees back to the workspace, increased
assessment of new leases, and an improving hiring scenario."
The
average office rentals stood at Rs 76 per sq ft per month across the top
seven cities. The Mumbai region continued to be the most expensive
office market at Rs 126, followed by Bengaluru and Delhi NCR at Rs 78
each, the firm said.
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