At 19%, Gurugram sees second-best co-working rental growth since 2020

Sumedha Sharma

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Gurugram, March 15

Gurugram has witnessed the second highest co-working rental space growth in the country after Mumbai since 2020.

According to a report released by real estate consultants Anarock, Mumbai witnessed a growth of 27 per cent, followed by Gurugram at 19 per cent and Delhi at 18 per cent. Bengaluru witnessed a 15 per cent growth, while Noida saw a 14 per cent growth in average monthly rentals from 2020 to 2024.

The rent per seat in Mumbai has gone up to Rs 15,900 in 2024 as compared to Rs 12,500 per seat in 2020. Similarly, In Gurugram, the rent per seat reached nearly Rs 10,100 in 2024, which was Rs 8,500 per seat in 2020. Delhi’s workspace rental grew from Rs 10,000 per month per seat in FY20 to approximately Rs 11,800 in FY24.

In Bengaluru, the average monthly rent for flexi spaces was Rs 7,800 per month per seat in FY2020 and it increased to Rs 9,000 in FY2024. Similarly, Noida saw a growth of 14 per cent in average monthly rentals of flexi spaces in the past four years from Rs 6,500 per month per seat in FY2020 to Rs 7,400 in FY2024.

The co-working spaces, which were initially confined to corporates having less than five employees in pre-Covid times, became more relevant during and post-pandemic as they provided low-cost high efficiency work spaces to a majority of the corporates in tech hubs and the NCR.

The Anarock report stated co-working spaces contributed 18 per cent of the total office rental market in the top seven cities.

Utkarsh Kawatra, senior director, Anarock, said the Asia-Pacific region had emerged as an important market for co-working spaces in the past few years with Hong Kong, China, India, and Japan were among the large centres that were witnessing massive growth.

“The market size of flexible office spaces in India is expected to grow aggressively from the current 55 million square foot to anywhere between 100 million square foot and 140 million square foot by 2030. In terms of the new supply, 34 million square foot of fresh co-working stock has been added since 2017 across key co-working cities like Delhi, Mumbai, Gurugram, Bengaluru, Hyderabad and Pune,” he said.