Let’s look at the highlights of India’s shared office industry growth rate. The following statistics are based on the latest research report ‘Spotting the Opportunities: Flexible Space In Asia Pacific’ (2018) conducted by JLL, a leading American real estate services firm.
- 40 – 50% market growth in 2018
- 35.7% rise in flexible floor space growth rate
- Potential Market Size: 13.5 million users by 2020
- Top cities: Mumbai, Tune, Hyderabad, Delhi, Bangalore, Chennai
- Investment for shared office industry to go up to US$ 400 mn, this year
This clearly portrays the phenomenal growth of the shared office industry in India against the backdrop of traditional large office spaces and their extensive lease plans. It is time to explore the reasons that are making flexible office premises an enormous market in the country:
Macro Shift In Work Culture
Among the unconventional choices made by today’s Indian millennial, launching a startup or simply freelancing for multiple reputed organizations (at the same time) is ranked a top one. With this macro shift in the country’s work culture, the millennial prefer shared offices that are devoid of long-term commitments and cossets their experimental professional approach.
Remember, your parents coming back from their offices overburdened with work stress comprising one particular co-worker? Today’s workforce hates being part of such orthodox professional standards. Instead, shared offices let them be in communication and collaboration with like-minded co-workers and thus step towards a healthy work environment.
Flocking Corporates and Companies
Even the Indian corporates and companies are finding it a necessity to take part in this blooming shared office space market. This lets them connect with prosperous projects and clients. It a cost-efficient way of establishing their satellite offices and be omnipresent. The shared office industry of India has flung its wings to both millennials and the Gen-X of the nation.