HYDERABAD: Co-working spaces, which are currently the most favoured, in view of the hybrid work model in a post-pandemic world, compared to options like changing existing office layouts, are set to expand extensively.
The market size of co-working spaces have the potential to over the next five years at a CAGR of 15 per cent, reveals the latest CII-Anarock report ‘Workplaces of future’. Currently, approximately 35 million sq ft of flexible office stock is available across the country. Of this, about 71 per cent or 25 million sq ft is by the large operators. Approximately 3.7 lakh flexi seats are spread across the Tier I and Tier II cities.
Co-working player Smart Works plans to set up 20 million sq ft of co-working space comprising 2.5 lakh seats over the next three to four years.
Hybrid work model, in thing
A survey conducted by Anarock via LinkedIn further validated the emergence of the hybrid work model as the future of Indian offices. About 65 per cent of respondents were convinced of the high potential of hybrid working in India, while just 35 per cent did not favour these models.
As per its survey, at least 54 per cent of respondents favour a hybrid model wherein they work from the office for a few days and the remaining from home. In contrast, 33 per cent prefer working entirely from the office, and only 13 per cent consider working from home suitable, owing to smaller apartment sizes and larger families.