New Delhi: In 2019, the co-working operators had leased 8.1 million sq ft office space across six major cities -- Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Chennai and Pune.

In its report, Savills said it “expects 3.4 million sq ft of take-up by co-working players in 2020, recording an 11 per cent share of the total office leasing activity.” UK-based Savills began its India operations in early 2016. The overall leasing activity is expected to reduce significantly in 2020 as against 2019, owing to delayed decision making by the occupiers, the consultant said but expected the numbers to increase steadily over the next two years.

As per the data, leasing of office space by co-working players in Bengaluru is estimated to fall at 1.1 million sq ft in 2020 from 2.3 million sq ft last year. In Hyderabad, it is likely to drop to 1.1 million sq ft this year from 2.1 million sq ft. The Delhi-NCR market will see co-working players leasing at 0.2 million sq ft in 2020 as against 1.5 million sq ft last year. Leasing of office space by co-working segment in Pune and Mumbai is estimated to drop to 0.4 million sq ft during this year. In Chennai, 0.2 million sq ft is expected to be leased by co-working segment this year as against 0.6 million sq ft in 2019.

However, Savills India estimated the leasing activity by co-working operators to increase 42 per cent to reach 4.9 mn sq ft in 2021 over 2020.