Consolidation likely in co-working segment: Report

The co-working segment may witness consolidation along with the entry of new players in the market, according to a report by 360 Realtors. The report also said that the co-working ecosystem will continue to grow and evolve in the tier-I cities backed by demand from both big as well as small enterprises.

"It will witness more consolidation in the market space, alongside the entrance of new players," said the report by the real estate consultancy firm, showing the recent example of OYO''s acquisition of the co-working space provider Innov8.

It observed that Delhi-NCR, Bengaluru, and Mumbai would continue to be the most favored destinations for co-working spaces in the country and added that the segment will also witness steady growth in smaller cities such as Indore, Kochi, Ahmadabad, Surat, Nagpur.

As per the report, millennials would play a major role in the growth of the co-working spaces in India. "It is estimated that over 40 percent of the Indian workforce comprises of the millennial. These millennials often want a more engaging workplace that can foster better networking and inspiration," The report by 360 Realtors further added.