History of coworking spaces in India
To trace back the history, we look to 1999 when designer Bernard DeKoven coined the word "coworking." In 2002, the first space emerged in Vienna, followed by the modern model in San Francisco in 2005 by Brad Neuberg.
In India, coworking spaces in India began in 2012. iSprout entered the market in 2017 when the concept was still relatively new. Today, there are more than 2,197 spaces nationwide, accounting for 3% of total office stock.
What the future holds for coworking spaces in India
The shift towards flexible working will keep coworking at the forefront of real estate. Cities like Bangalore, Mumbai, Hyderabad, Delhi-NCR, Pune, and Kolkata lead the race, with Bangalore and Hyderabad alone accounting for 50% of the demand share.
By the end of 2023, it was expected that coworking spaces would cross 50 million square feet in India, highlighting the massive scale of adoption across the subcontinent.
Shift from startups to large corporations
Large corporations, which previously avoided shared spaces, are now renting them for employees due to lower costs and flexibility. There is also a notable shift in demand from open shared floors to dedicated cabins for increased privacy.
iSprout addresses this by offering fully-furnished office spaces for teams with exclusive meeting rooms, designed according to specific corporate requirements.
Expansion to Tier-II and Tier-III cities
With work-from-home options, companies are financing spaces in smaller cities rather than relocating employees to major metros. iSprout operates in major hubs like Hyderabad and Chennai, as well as smaller cities like Vijayawada, making it easy for employees to work where they reside.
Final Thought
The trend and culture of coworking spaces in India are here to stay and will continue rising for years to come. Coworking culture will be a future driving force of corporate India. iSprout helps empower businesses with inspiring and flexible spaces, from dedicated desks to ready-to-move-in offices across prime locations in Hyderabad, Chennai, Vijayawada, Bengaluru, and Pune. Final thoughts: the future of these spaces looks great right now.
