29 million sq ft is expected to be leased out by Indian startups in the next two years

According to a joint report by Colliers and CRE Matrix, 29 million sq ft is expected to be leased out by Startups between 2022 and 2024. Some of the leading startups which have majorly contributed to the land leased out are Byju’s, which leased out 300,000 sq ft in Bangalore, 275,000 sq. ft leased out by Zomato, and 150,000 sq. ft by Spinny. Colliers’ CEO for India, Ramesh Nair said: “Increased entrepreneurship and the rapid growth of startups have been one of the most remarkable trends in the Indian office space. Startups are the fastest growing occupier group among other occupier groups and currently occupy 10% of the office space. This has created numerous opportunities for office space providers to rethink and reposition their workplace offerings to attract a diverse set of occupiers.” According to the experts. Most of this space will be leased out by fintech and logistics startups. Juggy Marwaha, CEO of Prestige Office Ventures said: “The time taken for an Indian startup to turn into a unicorn has halved in the last decade. Their business is growing at a rapid pace, and so is their need for office space, as business and real estate must be aligned.”