By 2024, Indian startups will occupy 30 percent more office space

A total of 44 unicorns emerged alone in the year 2021 as compared to 33 unicorns from 2011 to 2020. This year, India has already seen 23 new startups joining the unicorn club during the first 3 quarters.?

This tremendous growth in startups is directly going to increase the demand for office spaces in the coming years. As per a report by data analytic firm CRE Matrix, startups are expected to lease about 29 million square feet of office space during the next two years, between 2022-2024. This rise in demand will be 30% more than the preceding two years and the demand is expected to be primarily from fintech and logistics firms. These two industries have seen huge growth post-Covid as consumers have largely shifted to digital mediums for both purchase and payment.?

Delhi NCR has emerged to be one of the most favorable cities for upcoming startups in recent years. If we look at cities in Delhi NCR, Gurgaon has been leading the race due to its good connectivity with the International airport and high standard of living as compared to other cities.

The demand for office space is certainly going to rise and the office space providers must adapt to cater to the needs of these startups who have smaller yet highly energetic teams. The startups focus not just on getting the work done but also on providing a better work culture to their young workforce who are just out of college. A collaborative culture and a good work-life balance help these startups in being highly productive which enables them to emerge as one of the unicorns. The office space providers also need to be flexible with lease terms, minimal lock-ins, and security deposits as the team size of the startups may expand or shrink quickly as compared to established corporations.?

As the real estate industry is looking on the brighter side with positive forecasts in the favor of commercial office space, it's important that office providers are prepared to meet the high demand and any upcoming challenges. We, at Golden Red Property Advisors, ensure that we help startups in finding the best workplace that caters to all the needs of these emerging unicorns.