We performed a Coworking Demand Analysis for a Indore, Main neighborhood to understand what is and is going to be the most in demand types of coworking for the Dec-Feb 23. We have some exciting findings for you.
Our Data-Driven Process
Propques unique formulas and tool sets use the dynamic datasets that McDonald’s, Target, and Starbucks use to plot out their next locations. We’ve used our experience of operating coworking spaces for 7 years and as market researchers to develop a process and algorithm specifically for the coworking and commercial real estate industry. The datasets uses over 67 detailed buyer and lifestyle profiles and we’ve correlated each profile with successful coworking markets and forward looking trends. Each profile is graded on their likelihood of joining a coworking space and the type of coworking space they would be most interested in.
All of that data is combined with other local factors (density, mode of transportation, education, etc.) that determine the likely success and size of coworking spaces that can be sustained in the area. The result projects how much coworking space can be sustained in the area the type of coworking (High-end Flex, Mid-range Flex, Executive Suite, etc) that will be most in demand.
Demographics
Each pin code’s population is broken down into demographic tapestries that represent the residents’ income and lifestyle. These are the top 5 for your pin code:
Vijay Nagar is a major residential cum commercial area nestled in the eastern part of Bhopal. Vijay Nagar is situated between MR-9, MR-10, and Eastern Ring Road. Vijay Nagar is surrounded by well-known suburbs such as Sukhliya, Palasia and Khajrana Temple Area. Vijay Nagar comprises IDA flats and several private societies. Vijay Nagar is home to several commercial activities like malls, restaurants, hotels and high-end shopping plazas. These includes C-21, Malhar Mega Mall, KFC, McDonald’s, Dominos, Marriott and Sayaji Hotel. The Pakiza Business Park lies within the vicinity. Famous tech parks like IT Park Pardesipura (4Km) and Crystal IT Park (12Km) are easily accessible. Vijay Nagar is well-connected to the Pithampur industrial area (36Km) via Indore – Dhar Road which is home to a number of large scale industries and public sector undertakings.
Airport: 13 Km | Railway Station: 6.7 Km
45.87% of your area’s population falls in this category. This segment is graded A for coworking compatibility.
Race Course Road is a prime road has high commercial and residential value. It is very near to bus stand and railway station. The road houses many banking and financial institutions and retail garment chains. It is a clear wide bond road developed by IMC recently.It’s surrounded by basketball complex, international cricket stadium, Yashwant club, tennis club etc.There is excellent connectivity to various parts of the city, with the availability of various other public modes of transport such as buses, taxis, and autos.
Airport: 7.5 Km | Railway Station: 1.2 Km
25.6% of your area’s population falls in this category. This segment is graded B for coworking compatibility.
Scheme No. 78 is a developing suburb located in the Indore city of Madhya Pradesh that has many residential projects and commercial spaces taking base here. the locality becomes amongst the top choices for working professionals to settle here as work-to-back-home travel becomes extremely convenient. There are also a number of entertainment zones, shopping centers and recreational areas located in close proximity, which is thus making Scheme No. 78 a hot spot for Real Estate developers and investors.
Airport: 14.3 Km | Railway Station: 7.9 Km
22.67 % of your area’s population falls in this category. This segment is graded C for coworking compatibility.
New Palasia is a developed residential locality in Indore, situated along the AB Road. Residential developments in the locality majorly comprise of multi-storey apartments. The residential demand in this area is driven by excellent civic amenities; along with proximity to retail infrastructure, railway station, and employment hubs. New Palasia adjoins the prominent and up market areas of South Tukoganj, Shanti Nagar, and Shanti Nagar. New Palasia has good connectivity to the major areas of Indore through the AB Road, Mahatma Gandhi Road, Race Course Road, and RS Bhandari Marg. Further, it has an easy access to the Dewas Road, Bhopal Road, and the Eastern Ring Road that connect to other residential and commercial areas in and around Indore.New Palasia is in proximity of the Electronic Complex, Sanwer Road Industrial Area, and the IT hub of Bhanwar Kuan that houses the Crystal IT Park, Atulya IT Park, and New IT Park.
Airport: 8.2 Km | Railway Station: 2 Km
20.76 % of your area’s population falls in this category. This segment is graded D for coworking compatibility.
This square has a statue of Mahatma Gandhi in it’s centre signifying its presence on M.G. Road. It has got its name from Regal Cinema Hall which is situated in North West direction of the square. It apparently divides old part of Indore to its new part.If you are planning to set up a flourishing business and looking for an appropriate location to initiate the same, then you are at the right place. Situated in the heart of the city is a newly constructed massive commercial office space available. Grab the unique opportunity to set up your business in the prime location. The area enjoys a favorable location with many important commercial establishments in the vicinityone of the famous commercial road of Indore. Having huge business opportunities full of big multistorey, commercial building, shopping malls, showrooms, and many more. Many hotels are also over there. Near to railway & bus station. Near to M G Road, Palasia, Race Course Road, Siyaganj and Chhavni.
Airport: 9.6 Km | Railway Station: Walking Distance
15 % of your area’s population falls in this category. This segment is graded E for coworking compatibility.
How Much Flex Office Can Be Sustained in Indore?
Based on our coworking demographic data for the region, Indore location, and the city upward trend, Propques predicts the city support 38,760 square feet for next quarter Dec-Feb23.
Recommended Coworking Business Model: Mid-Flex & Modern Executive Suite
A Mid-Flex or Modern Executive Suite will be the most successful types of flexible office space in Indore. We have a list of types of properties that these models work well in inside the report.
What can you do with this data?
The Coworking Demand Analysis report is a great first step to evaluate coworking’s potential for a building you may own or area you are interested in expanded to. It’s an unbiased market research approach to evaluating the potential for a space in a quick and affordable way.
If you are interested to move forward in learning more about coworking’s potential at a location then you’ll likely want to work with a professional and ask about a Focus and Feasibility Study. The Propques consultant will create a targeted area, evaluate the competition, and build out a business model and P & L based on realistic expectations, data, and experience.