Mint Primer: Why Delhi-NCR is India’s new flex office capital
Subscribe to enjoy similar stories. Delhi-National Capital Region has toppled Bengaluru, India’s top office market, to become the new favourite for flexible workspaces. With a 42% share, Delhi-NCR benefited from corporate demand, good infrastructure, Grade-A supply, and larger transactions.
Mint explains: Flexible workspaces have emerged as a core component in commercial real estate, capturing a record 20% share of 77.2 million sq. ft of overall office leasing in 2024, as per JLL India estimates. Delhi-NCR stole a march over all other major cities, accounting for the largest share in flex leasing activity of 15.3 million sq.
ft. Pune, which has seen active expansion by flex operators in recent times, came in second, pushing Bengaluru, the country’s biggest flex ecosystem, to the third spot. Flex office stock in 2024 hit 74 million sq.
ft, and surpassed the million-seat milestone across the top seven cities. The turnaround of Delhi-NCR as a real estate market has not just been in the residential space, but in the commercial segment as well. As an office market, NCR has attracted demand from diverse pools—technology companies, flex space operators, and research and consulting firms.
Good connectivity and infrastructure, talent pool and Grade-A office supply have driven flex office leasing in the region in recent years. Analysts expect both Delhi-NCR and Bengaluru to vie for the top slot. To stay ahead, NCR needs to bring in more supply, beyond Gurugram, which is the currently the most favoured market.
Gurugram has seen major flex deals due to quality supply. Google leased 550,000 sq. ft from Table Space in Gurugram.
Smartworks, headed for a listing, leased 470,000 sq. ft at DLF City-V in Gurugram. Its other managed offices
. Read more on livemint.com
