Flex Space Revolution: Coworking Expands Amid Rising Demand

Coworking operators have leased a record 125 lakh square feet in 2024, increasing by 44% annually due to growing demand for flexible workspaces. This boom, driven by cost-efficiency and employee-centric needs, is expected to continue into 2025, especially in major cities like Bengaluru and Mumbai.

Coworking operators have leased a record-breaking 125 lakh square feet of premium office space in 2024, marking a 44% increase from the previous year, according to Colliers. This expansion reflects the rising demand for flexible workspaces among companies seeking agility and cost-efficiency.

Real estate consultant Colliers India reports that flex space leasing has reached an all-time high at 12.5 million square feet, accounting for 19% of overall office space uptake. Major urban centers such as Bengaluru, Gurugram, Hyderabad, and Mumbai are leading this growth.

Founders in the coworking space, including Shesh Rao Paplikar of BHIVE and Nikhil Madan of The Office Pass, attribute the industry's surge to shifting work culture and economic advantages. The trend is forecasted to strengthen as more businesses prioritize flexible solutions.

(With inputs from agencies.)