The NCR area has become the top destination for investing in office space for entrepreneurs.
The commercial real estate industry in India has benefited greatly from the startup boom, which has sharply increased the need for office space. According to a survey by JLL-India, the startup ecosystem has appropriated almost 30% of gross office leasing activity in 2022, suggesting remarkable growth footprints for 2023, attributed to entrepreneurship synergy and a good financial boost.
Diverse startup portfolios purchased more than 6.97 million square feet of office space in just the first half of 2022.
The government of India’s pro-startup initiatives, including the Startup Seed Fund, Startup India Initiative, and Atma Nirbhar Bharat App Innovation Challenge, heralded the beginning of the golden age for startups.
India is the third-largest startup ecosystem in the world after the US and China and is home to approximately 82,000 organisations. According to the data currently available, startups are expected to occupy the majority of office space in India.
The growing demands of startup initiatives, particularly those who are investing in mixed-use projects, IT/ITes, Shop-cum-Office spaces, and organic office space establishments, have greatly benefited the commercial real estate sector, which has had a great start following the rollback of Covid-19 restrictions
The Dwarka Expressway in Gurugram has emerged as a top-marked office location for start-ups, according to Bharat Kumar, Director, Spaze Group, when discussing the most popular areas for office space expansion.
The majority of them are spending a lot of money on shop-and-office projects. During and after COVID, it developed into a bold commercial real estate market trend. Startups like to locate their office space in well-lit, easily accessible corridors that are also easy to find from any angle.
The news of the opening of the Dwarka Expressway’s Gurugram segment in 2023 has increased the area’s real estate value. Startups have become key consumer markets for office spaces, which are in high demand with the return to work-from-office set-up.”.
Bharat Kumar, Director, Spaze Group, stated that Gurugram’s Dwarka Expressway has emerged as one of the top sites for start-up offices while discussing the most popular spots for office space expansion. The majority of them are making large investments in shop-and-office projects.
In the years leading up to and following COVID, it has developed into a bold commercial real estate market trend. Startups want to set up shop in well-lit, easy-to-access locations that are also easy to find from any angle. The news of the opening of the Gurugram segment of the Dwarka Expressway, which is scheduled to open in 2023, has increased the area’s real estate value.
Since the work-from-office setup has become more popular, startups have emerged as important consumer markets for office space.
Ajendra Singh, VP, Sales & Marketing, Spectrum Metro, expressed a similar viewpoint when he said, “Noida and particularly areas of Central Noida have become the most welcoming zones of investments in office spaces. Startups are interested in the area because of the upscale in commercial real estate infrastructure. Numerous areas of Noida,
Greater Noida, and South Delhi are close by. Startups would have a better chance of luring cross-regional talent if they invested in the area. They would benefit from higher visibility thanks to their strategic location. The majority of companies have chosen to expand in new areas and have converted to hybrid or physical working models.
Co-working offices are likewise becoming increasingly well-liked. For brand-new firms that are still in the early stages of development, they are emerging as viable channels of funding.
Additionally, there is a surge in demand for office space in Gurugram, mostly from startups. The commercial real estate market, which had been stifled by the epidemic, is now experiencing a revitalising demand from startups for office space.