Flexible workspaces expected to rise to about 10 million sq ft by 2020

India has emerged as the second largest market for co-working in the APAC region, after China. Reports indicate that co-working was the fastest growing sector in commercial real estate last year and will continue to grow exponentially this year as well.

In 2018, flexible office space crossed 6 million sq ft, according to CBRE—over 50 per cent higher than the previous year. This was also the year several players entered the country and set up operations. And in the first three months of 2019 alone, flexible working spaces have leased nearly 3 million sq ft commercial realty, a 70 per cent increase on a quarterly basis. 

Today, there are close to 200 co-working operators running an estimated 400+ facilities across the country. Notably, the five major co-working players in India—Regus, WeWork, CoWrks, Awfis, Smartworks—have 0.79 million sq m (8.5 million sq ft) operational space, as per Knight Frank. Private equity players have also been looking to invest in co-working startups. One prominent example is that of Sequoia Capital, which invested $ 20 million in mid-2017 in Awfis.

Cities on the high 

Bengaluru, Mumbai and Delhi house the biggest concentration of co-working spaces in the country, with about 70 per cent of India’s start-ups. Data suggests Bengaluru was at the top, garnering maximum activity. However, in Q12019, a visible shift occurred with Hyderabad emerging as the leading city for co-working space taken up.

“From the second half of 2018 onwards, we began seeing demand for flexible workspaces go up in Tier-II cities,” says Harsh Lambah, Country Manager-India, IWG Plc. Adds Sidharth Menda, Founder & Vice Chairman, CoWrks, “Multinational companies, SMEs and start-ups are increasingly setting up their base in cities like Hyderabad and Chennai.”

SERAPHINA D’SOUZA

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..