Consolidation brewing in co-working market
India’s co-working industry is growing at a break-neck pace with not just start-ups but also enterprises adopting flexible working. According to some accounts, there are over 300 co-working operators in the country. Real estate advisory company CBRE states that India’s overall stock of flexible space increased by about 50 per cent, from 10 million sq. ft. in 2017 to about 15 million sq. ft. by the third quarter of 2018. The take-up increased 277 per cent to about 2.9 million sq. ft in the first quarter of 2019, over the year-ago period.
There is consolidation brewing – the market, certainly, cannot accommodate 300 operators.