Even big enterprises & MNCs are going for flex spaces now: Ashish Agarwal, Enzyme Office Spaces

financialexpress.com:

Flex is emerging now as a prominent asset class in the CRE (commercial real estate) segment. Today, even big enterprises and MNCs are going for flex spaces and for some global companies, the flex segment is a platform to expand their footprints in new markets. This is evident from the segment’s growth story over the last 2-3 years, says Ashish Agarwal, Co-founder & CEO, Enzyme Office Spaces, a leading chain of co-working spaces located across Bangalore.

In an exclusive interview with Sanjeev Sinha, Mr Agarwal talks about the recent surge in demand for managed and flexible office spaces in India, and shares his business outlook. Excerpts:

What factors do you believe have been the primary catalysts behind the recent surge in demand for managed and flexible office spaces in India?

The surging demand for flex spaces can be attributed mainly to the changing preferences of occupiers post-pandemic. The office segment took the road to recovery and began to rebound with agility, the market witnessed a sharp uptick in rental and leasing prices with demand for flexible office at an all time high. Many enterprises prefer managed models due to flexibility and lower cost. Moreover, flex space arrangements seemed viable for near to medium-term space requirements of occupiers. Apart from these, there are other factors like customization, tech enablement and locational advantages which acted as demand drivers.

How do you perceive the current state of integration between the Indian co-working/flexible office segment and the broader commercial real estate market?

I think it is picking up pace and in the next few years this integration will gain more traction. Earlier the flex segment was just a concept of lending seats and shared spaces