Leveraging the growing potential of startups and SMBs, IndiQube, India’s Leading Smart Space Solutions firm has announced its plans to double the area of its co-working office space by the end of the year 2017.
”The current co-working office space segment covers an area of 4 million Sq Ft of which IndiQube accounts for 0.6 million Sq Ft of space with a PAN India market share of 15 percent. We are eyeing to double this space to 1.5 million Sq Ft by the end of this year,” said Meghna Agarwal, Co-Founder, IndiQube.
The company also recently predicted that an unprecedented growth in the number of startups and SMBs in India will propel the growth of the co-working space segment in India by almost 40% percent in the year 2017.
Co-Working spaces in India at present have proved to be a shot in the arm for startups, as SMBs and young entrepreneurs in India who do not have the budget to shift to Business Parks in the nascent stage of their business.
The company also states that scalability will play a key role in bolstering the co-working space industry in India as a large chunk of it is still being driven by old theories of commercial real-estate.
”Co-working is still driven by frayed theories of commercial real estate; key Service aspects are still missing. A right business environment will go a long way for emerging companies to thrive by providing space to grow with key growth drivers like scalability and flexibility,” added Meghna.
While startup nurturing policies of the central government are catalyzing the growth of the sector, the co-working space sector is also drawing attention of traditional enterprises now owing to the innovative office space and lot of events and community activities to help them nurture their growth.
Earlier this year a study by JLL, a US based investment Management Company specializing in real estate also estimated a $400 million investment in India’s co-working space segment by the year 2018.