Mumbai Flexi rents see biggest surge over 4 years, report shows
As per a study by Anarock’s MyHQ, flexi space average monthly rents in Mumbai witnessed the highest growth of 27% in the last four years, rising from Rs. 12,500 to Rs. 15,900 per seat. Gurugram and Delhi flexi rents followed, with 19% and 18% increases, respectively, during 2020-24. Bengaluru and Noida flexi rents grew 15% and 14% to Rs. 9,000 and Rs. 7,400 per seat, respectively.
The rental analysis covered the top cities of Mumbai, Delhi, Gurugram, Bengaluru, and Noida. Coworking accounts for 18% of office leasing across these major business hubs.
MyHQ senior director Utkarsh Kawatra stated that flexi spaces are hugely popular with startups as economical workspaces. He noted that Asia-Pacific has emerged as a major market with growing demand from India, China, Japan, and Hong Kong.
An estimated 55 million sq ft of flexible space exists across India, projected to reach 100-140 million sq ft by 2030. Funding for coworking operators has also increased post-COVID compared to pre-pandemic.
The report underlined a 20,000 sq ft coworking centre’s 40-70% potential returns. Around 70% of companies have adopted hybrid work, while two-thirds of professionals foresee flexi spaces outpacing traditional offices by 2030.
