Flexible co-working spaces boom in Hyderabad as shopping malls turn into workspaces
Hyderabad: With Hyderabad becoming a major startup hub, entrepreneurs and small teams needed affordable, flexible office spaces and the demand for co-working spaces further increased after the Covid-19 pandemic.
Not just startups, freelancers, remote workers, and small IT companies are opting for flexible workspaces to conduct their operations. These coworking spaces cater to both short-term and long-term requirements of businesses of all sizes.
One of the key reasons behind this growing demand is the widespread availability of co-working spaces beyond city centers and major business districts. These spaces are expanding into developing, suburban areas, and residential hubs, making them more accessible to professionals.
In addition to this, flexible workspaces are now being set up in shopping malls and hotels in major metropolitan cities, further enhancing their convenience and appeal. WeWork, a global company that offers flexible workspaces, has opened a co-working space at MPM Mall in Ameerpet.
Recently, IT Minister Sridhar Babu said that Hyderabad leads in offering flexible co-working spaces in India. He said compared to other cities, the cost structure for these spaces is relatively lower in the Telangana state capital.
Hyderabad’s office market recorded 50 lakh sq ft of leasing in the first half of 2024, according to reports. Hi-tech City, Gachibowli, and the Financial District have witnessed a rising trend for workspaces that offer collaborative environments and innovation.
As the occupancy levels in the shared office spaces continue to rise, another player in the flexible workspace market Awfis, which operates 25 centres in Hyderabad, plans to expand its portfolio by adding 40,000 new seats by the end of this year.
