Apart from flexible work environments and added facilities, coworking spaces provide a substantial cost advantage over traditional office spaces across India’s top cities.
Rental savings amount to anywhere between 6% to 33%. Despite this, Indian coworking fails to attract major MNCs the way it does in many European nations, reveals a recent report by ANAROCK on emerging asset classes.
Individually, flexible workspaces in Pune offer the highest rental difference - as much as 33% against comparable spaces in traditional offices. The average monthly rental for coworking spaces in Pune’s CBD areas like Laxmi Road, Camp, Bund Garden, Koregaon Park, and Shivaji Nagar hover between INR 5,000 - 10,000 per desk as against INR 10,000 -12,500 per desk in traditional office spaces (assuming 100 sq. ft. per desk for conventional commercial office space).
Anuj Puri, Chairman – ANAROCK Property Consultants says, “On an average, coworking spaces offer a substantial price difference of 15% over traditional spaces in the top cities. While Pune offers the maximum cost advantage of 33%, Gurugram in NCR has the least at 6%. While start-ups and budding entrepreneurs make a beeline to coworking spaces, large corporates remain wary of depending on them for their expansion. This trend is quite contrary to what is witnessed in developed European nations.”
Despite all the indubitable upsides of coworking spaces, they do have limitations and restrictions. Apart from most of them lacking separate canteens or pantries for occupiers, they also bar corporates from organising events in common areas. Maintenance of these properties is another challenge. While some large companies do use coworking spaces, these limitations have generally put large companies off the notion of embracing coworking spaces despite the lower rents.
Anuj Puri, Chairman of ANAROCK Group is a highly respected industry authority and thought leader with 30 years' experience in leveraging Indian and global real estate opportunities. His company ANAROCK has a staff complement of over 1800 qualified and experienced professional, with offices in all major markets in the country, dedicated services in Dubai and a global footprint with over 80,000 preferred channel partners.