New Delhi, 17 February (IANS). India’s Flexible Worksspace Sector has recorded the highest gross leasing volume (GLV) of 12.4 million sq ft (MSF) in 2024. This information was given in a latest report on Monday.
According to the office data of Kushman and Vackfield, arriving at the all-time high gross leasing volume of the flexible workspace sector reflects a 57.5 percent increase on its annual basis. Which reflects the increasing demand for new time and cost -effective office solution in major cities.
Flexible workspace sector consists of business centers, cooking centers and managed offices.
The gross leasing volume of the Flexible Workspace Sector now is now 14 percent of India’s total office leasing (89 MSF), which shows its growing importance in commercial real estate landscap.
In India’s Top Flexible Office Market, Bangalore is at the forefront of 3.4 MSF leasing volume, which is almost double compared to the previous year.
Meanwhile, Mumbai recorded a 3 -fold increase in GLV, reaching 1.9 MSF, which is a proof of increasing demand in India’s economic capital.
The report states that Delhi NCR 2.3 MSF GLV, Hyderabad 1.6 MSF GLV and Pune with 1.6 MSF GLV have emerged as a strong flexible workpace hub.
Managing Director of Kushman & Wackfield (Bangalore) and Head-Flex, India Ramita Arora said that the entry of new companies (GCC) in the country and priority of operating flexibility, cost efficiency and end-to-end customization by existing companies in the country , There is an increase in demand for dynamic, managed office solution.
According to the data, changing business priorities, need for flexibility, change towards hybrid work models and strong enterprise demand for managed office solution promoted high growth in flex seats on lease.
In 2024, the flexible workspace operator was leased by and Occupier at about 224,000 seats, which is an increase of 44 percent compared to 156,000 seats in 2023.
In the context of cities, Bangalore retained its dominance with 29 percent stake in the total seats given in 2024, ie 64,000 seats and maintained its position as India’s Leading Flexible Workers Market.
After Bengaluru, Pune was 18 percent, 17 percent and 12 percent stakeholders with 39,000 seats, Delhi NCR 38,000 seats and Mumbai 28,000 seats respectively.
-IANS
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