The persistent increase in the preference for flexible work space is significant, as occupancy levels in most of the Indian office markets are above average occupancy of 80 percent. There exists a healthy corporate demand in some of the high performing cities such as Mumbai (94%), NCR (92%), Bengaluru (86%), and Hyderabad (84%), which in turn rejoice the increasing trend of flexible working spaces, as can be seen in a recent report by Knight Frank India.
From 2017 till the first half of 2024, flexi workspace operators took up around 52.9 million sq ft of space, clocking 22 percent compound annual growth rate (CAGR). In under 6 months of the year 2024, the operators booked 7.17 million sq. ft of space, which was a 6 percent increase from the previous year 2023 and accounted for nearly 21 percent of the total real estate commercial activities concluded that year.
“Flexible spaces have gone from a concept to definitely the most important part of development in the buildings. They have adopted advanced technology, ecological design, and healthy space planning concepts, which enhance productivity in the working environment,” said Anurag Goel, Director, Goel Ganga Developments.
This means that the emphasis has shifted towards appreciating the importance of flexible working space in the present age and, in this case, business.
Read More: Flex space occupancy soars above 80% amid strong market demand: Report
