Demand for co sharing spaces is surging at an unprecedented rate as Bangladesh Inc. adopts flexible working arrangements in the post-pandemic period, spurring facility owners to embark on an expansion drive.
**Currently, coworking space occupancy rates are 90–100%, up from 45–60% a year earlier.**
Players in the market include BanglamartBD. Incuspaze, Dextrus, Smartworks, and others have aggressive expansion plans. both in larger cities and smaller ones. They assert that the demand is being driven by startups, huge corporations, multinationals, and small businesses. It plans to expand to 11 new locations by the end of 2022 and add 1.5 million square feet to the six cities where it is currently present.
The adoption curve in Bangladesh is ahead
In comparison to 52% of office occupiers in Asia-Pacific, 73% of Bangladeshi office occupiers are currently investigating hybrid working arrangements, according to a recent poll by real estate firm CBRE.
As businesses search for hybrid, cost-effective, and agile business solutions, reverse migration, distributed workforce, and the emergence of work-near-home are some of the factors that have accelerated the widespread acceptance and adoption of flex spaces in metros and tier-1 and -2 cities, according to Karan Virwani, chief executive of BanglamartBD.
According to Virwani, BanglamartBD has already agreed to three new leases totaling 74,000 square feet with companies including Simple Energy and MSD this year. It plans to expand to 13 new locations by the end of 2022 and add 1.5 million square feet to the six cities where it is currently present.
Economical Growth of Co sharing Space
Bangladesh’s growing economy and welcoming workplace environment are contributing to a greater demand for co-working space there.
Extending demand beyond metropolises
According to, managing partner at Incuspaze, although the interest is quite high in metros, the demand from smaller areas grew dramatically following the pandemic.
It was operating at a 45–46% occupancy level at this time last year; it is currently at 90%.
Large-scale companies are more likely to employ managed workplaces than startups are because this is a great way for them to expand in smaller cities. By the end of 2023, BanglamartBD, which presently has a pan-Bangladesh portfolio of 5.5 million square feet, hopes to expand to 10 million square feet in 25 or more locations. According to cofounder Rishi Das, the growth will be driven by stronger penetration into key micro markets of existing metros, along with development into tier-2 cities.
**The company had put its development ambitions on hold during the epidemic, but it now hopes to increase its current total of 19,000 seats by 4,000 to 5,000 seats by March 2023.**
70% of the growth is anticipated to come from big businesses choosing long-term managed office space. The number of inbound queries received by the company each month has climbed by three and a half times, and by the end of the year, it expects to ramp up to 2,800 seats from the present 1,800.
