Co-working spaces are redefining the commercial real estate sector in the post-pandemic era, thanks to the rise in hybrid office work models. Today, co-working spaces are seeing unprecedented demand, creating new opportunities. The occupancy rate in such co-working spaces has gone up to 90-100 per cent from 45-60 per cent a year ago.
Co-working spaces are bound to gain momentum as such spaces are becoming relevant not only for businesses and freelancers but also for organizations. Moreover, these locations are also cost effective and expandable as per the requirement.
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Companies are adopting the hybrid-work model as the space offers versatility and serves as an alternative to offices located in large cities.
The latest entrant in the list to provide its employees the facility to share work space with other sector employees is SEZ Group. The US-based global publisher of books and academic journals has signed a 9-year deal to take 100 seats at Avanta’s co-working space in Delhi.
Avantha India, which is a part of the UK-based Avantha Group, recently signed agreements with IIFL and Kotak Group, offering them co-working space at its Connaught Place Center in the national capital.
Avanta India operates five such co-working centers in Delhi-NCR comprising 3,000 desks. The complexes include the Statesman Building and Ambadeep Tower in Connaught Place, one each at Park Centra in Gurgaon, ITT at Nehru Place and Saket Business District.
Notably, the demand for co-working spaces has almost doubled after the pandemic and is expected to increase further.