According to CBRE, office space leases by coworking operators fell 43% per year in the January-March quarter this year, down to 21.6 square feet from January-March this year. The coworking space operator, which offers flexible workspaces managed primarily for businesses of all sizes, had rented out 37.6 lakh square feet of office space in the same period last year.
CBRE data from real estate consultants showed that coworking space operators’ share of office lease transaction total transactions for the most recent March quarter fell from 22% in the same period last year to 12%.
Collaborative players take up rent from property owners, establish centers and sublease to clients, primarily companies.
WeWork India, SmartWorks, Wright Farm AWFIS, Incuspaze, Simpliwork Office, and Indiqbe are some of the major collaborators. Demand for flexible managed workspaces has risen significantly after the community pandemic.
Overall, total office space leases increased from 5% to 180 laks square feet in nine cities from January 2025, up from 171 laks square feet in the same period last year.
