36 mn sq ft flexi office space stock to grow 10-15 pc annually: CBRE
India’s flexible office space segment has a total stock of 36 million sq ft currently and is likely to grow 10-15 per cent annually over the next three years on rising demand from corporates, according to CBRE.
Property consultant CBRE South Asia Pvt Ltd has released its report – ‘The Future is Flex’ that highlights emerging trends and future expectations in India’s flexible space segment.
CBRE expects India’s flexible stock to grow by 10-15 per cent (year-on-year) from the current 36 million sq ft in the next three years driven by hybrid space demand, expansion across cities and sustained funding.
As of Q1, 2021 calendar year, Bengaluru holds a stock of 11.6 million sq ft, the maximum in the country, followed by Delhi-NCR at 6.6 million sq ft and Hyderabad at 5.7 million sq ft. Besides Delhi-NCR, Mumbai and Bengaluru, the demand for flexible workspace in cities like Pune and Chennai are also expected to see growth in the coming years. In 2020 alone, over 75,000 seats were leased in flexible spaces across India.
