IT services company Persistent Systems has leased more than 1,900 seats from flexible office space provider Smartworks, three people aware of the deal said. The company has taken these seats in Mumbai, Bengaluru and Indore.
Companies have leased more than 100,000 seats in 2022 at coworking facilities, 18% higher than the year before and nearly three times the pre-pandemic level, amid the ongoing trend of hybrid working.
Flex space providers were among the top four contributors to office leasing volume last year, taking-up more than 12% of the overall leasing volume in the country’s eight largest cities. The industry is likely to grow 25–35% in 2023 and the years to follow. The main drivers are growing demand for managed offices from corporations, the shift from centralised to distributed offices, work near home vs work from home, and affordable pricing. The coworking segment will account for 20% of all commercial real estate absorption in 2023.
