Maxworth Realty Reviews – India’s flexible space stock is expected to grow by 10-15% year-on-year from the current 36 million sq ft in the next three years, according to a report by CBRE.
The report highlights that as of Q1 2021, Bengaluru holds a flex stock of 11.6 million sq ft which is the maximum in the country, followed by Delhi-NCR at 6.6 million sq ft and Hyderabad at 5.7 million sq ft.
While these cities, along with Mumbai will continue to see further demand, cities such as Pune and Chennai are also expected to see an increase in the demand for flex in the coming years. In 2020 alone, more than 75,000 seats were leased in Flex Space across India.
Anshuman Magazine, President, India and South-East Asia, Middle East and Africa, CBRE, said, “The pandemic impacted the way businesses operate and their overall strategies. Businesses are evaluating new working models that keep workplace flexibility at the centre, balancing employee benefits and business profitability. These models will not only ensure working flexibly, but also ensure the safety of the employees when the normal operations of the offices resume. Demand for physical office locations will continue to increase as employees look forward to normal working days; Promoting further regional development with mass vaccination.”
To improve their product offerings, landlords may consider entering into ‘strategic’ partnerships with operators or building their own brands to meet the demand for flex space in their portfolio.
Tier 2 and 3 markets are also expected to see an increase in flex demand. Tier 2 activity is expected to be dominated mostly by domestic operators during the next few years. On the other hand, operators may emphasize on high flexibility and innovative solution/deal structures like reverse officiating, fit-out as a service, pay-per-use model, all access products etc.
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