Large corporates increasingly opting for coworking spaces on rising rentals, office space shortage

Large information technology, banking, financial services and insurance companies are increasingly opting for coworking spaces to cope with rising rentals and shortage of ready-to-move grade A offices in prime property markets across the country.

While the likes of Boeing, Visteon, BNP Paribas, Kimberley Clark, and Redcore (Accenture’s sister company) have moved some of their operations to co-working spaces, many more are planning to follow suit now. Currently, there are 61 coworking spaces in India, of which 16 were set up in 2016, according to data tracking firm Tracxn. In Mumbai, Lower Parel and Andheri are the hotspots for co-working spaces, and witnessing good demand from corporates. In Bengaluru, Sarjapur Outer Ring Road and Old Madras road are seeing such hubs.

Read more: Economic Times