Flexible office space market set for big growth
Colliers-FICCI report.
Flex space stock across the top six cities has almost doubled since 2019, and is currently at 43.5 mn sq ft, comprising 6.3% of the total Grade A office stock.
India's flex space market has outpaced peers in the Asia Pacific region as it grew stronger and bigger post pandemic amid evolving workplace trends, increasing diversification of occupier-base and realignment of real estate portfolio by corporates.
«The spurt in flex activity continued in 2023 as well, reinforcing the gradual shift in the way businesses are realigning their real estate portfolio decisions. By the end of 2023, flex space leasing is estimated to constitute an impressive 15-20% of overall office leasing and this is noteworthy.
This only reiterates the evolving needs of businesses that place greater emphasis on agility and flexibility in today's dynamic work environment,» said Arpit Mehrotra, Managing Director, South India, Office Services & Head of Flex at Colliers India.
This market optimism is also reflecting on overall leasing with flexible office space expected to contribute 15-20% of overall office leasing in 2023. Some of the large deals closed this year include Google, Mastercard and E&Y signing 4,000, 1,000 and 2,400 seats with TableSpace in Bangalore, Mumbai and Pune.
