The co-working spaces are redefining the commercial real estate sector in the post-pandemic era, thanks to the rise in the hybrid office work model. Today, co-working spaces are seeing an unprecedented demand, thus giving rise to new opportunities. The occupancy rates at such co-working spaces have now shot up to 90-100 per cent, compared with 45-60 per cent a year ago.
Co-working spaces are bound to gain momentum as such spaces are already becoming relevant, not only for businesses and freelancers, but also for organisations. Besides, these spaces are also cost-effective and expandable as per the requirement.
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The companies are acknowledging hybrid-work model as it offers location versatility and act as an alternative to the offices located in big cities.
The latest entrant in list to offer its employees flexibility to share work place with other sector employees is Sage Group. The US-based global publisher of books and academic journals has signed a 9-year agreement with Avanta India to take 100 seats at latter's co-working centre in Delhi.
Avanta India, which is a part of UK-based Avanta Group, recently signed deals with IIFL and Kotak Group, offering them co-working spaces at its Connaught Place centre in the national capital.
Avanta India operates five such co-working centres in Delhi-NCR, comprising 3,000 desks. The premises include one each at Statesman Building and Ambadeep Tower in Connaught Place, Park Centra in Gurgaon, ITT in Nehru Place and at Saket Business District.
Notably, the demand for co-working spaces has nearly doubled after the pandemic and is expected to skyrocket going forward.
