Startups likely to occupy 78 million sq ft of office space by 2024
Ramesh Nair, Colliers’ India CEO suggested, one of the most notable trends in the Indian office space has been the rise of entrepreneurship and the quick growth of startups. Startups are the fastest-growing occupier group among other occupier groups, occupying 10% of office space, which has opened up several opportunities for office space providers to rethink and reposition their workplace offerings in order to appeal to a broader range of occupiers.
Ola, Navi Tech, Byju’s, as well as delivery and pharmacy businesses, have leased more than 1.2 million square feet of office space at Prestige.
With 60,000 firms utilising more than 49.7 million sq ft of office space, India currently has the world’s third-largest startup ecosystem. Fintech and logistics companies, according to industry analysts, will drive demand, since their businesses have scaled relatively quickly during the pandemic due to rising digital penetration and an ecommerce boom.
While metro cities remain the primary startup centres, non-metro locations such as Jaipur, Indore, and Ahmedabad are expected to witness an increase in startup leasing and flex space take-up due to low living costs, lower capital expenditure, and the work-from-anywhere trend.
With a 34 percent leasing share in 2019-21, Bengaluru is currently one of the top startup hotspot, followed by the NCR and Mumbai.
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