Coworking sees highest growth in net Office absorption in FY22: ANAROCK Research
- May 19, 2022, 04.30 PM
- DealMoney News Service
Latest ANAROCK Research reveals that out of the total net absorption of 34.1 mn sq. ft. across the top 7 cities in FY 2021-22, coworking comprised a 13% share (approx. 4.43 mn sq. ft.) In FY 2020-21, its share was just 5% of a net absorption (of 21.32 mn sq. ft.) - an 8% growth in its total share. This is the highest growth rate among all office segments.
At about 4%, the manufacturing / industrial sectors registered the second highest YoY growth in net office absorption in FY22. The share of the IT/ITeS and ecommerce sectors declined by 8% and 6% respectively as compared to FY21.
Large deals accounted for nearly 50% of the overall office transaction activity across the top 7 cities in FY22 compared to 47% in FY21, according to ANAROCK Research.
Mid-sized occupiers also witnessed a marginal rise of 1% of total office leases in FY22, and smaller deals saw an annual dip of 4%.
The top 7 cities witnessed robust new office supply in FY22, aggregating to 51.2 Mn sq. ft. - thus rising by 27% against FY21. The southern cities of Bengaluru, Hyderabad and Chennai dominated new completions with a total of 58% share (approximately. 29.85 Mn sq. ft.).
