Flexible office space stock to rise 52% by 2025

15 Sep 2023 CW Team

Flexible office space stock is estimated to rise 52 per cent by 2025 to 81 million square feet with operators expanding their business to tap rising demand, according to Vestian. Flexible office space operators currently have 53.4 million square feet area under operations and the number is estimated to reach 81 million square feet by 2025.

Vestian released its report 'Flexing the Workspace-Back to Office', highlighting that over 7.6 lakh seats are available with flexible space operators spread across more than 1000 centres in India.

Vestian CEO Shrinivas Rao said the flexible spaces sector is at a nascent stage in India compared to other countries such as the USA and European countries. "It has grown gradually in India and flexible office stock has reached 53.4 million sq ft. Furthermore, the stock is anticipated to reach 81 million sq ft by 2025, growing at a CAGR of 23 per cent, as COVID-19 catalysed the market growth," he said.

The report noted that wider adoption of flexible spaces in India started in 2015-16 when the market was fragmented and unorganised. However, it has since grown rapidly and become more organized. The report said that flexible spaces are garnering significant attention from startups and SMEs and large enterprises.

“Flexible space operators provide what occupiers are looking for – low cost, flexibility and technologically advanced spaces. While 2023 is likely to be a challenging year for businesses amid macroeconomic uncertainty and fear of recession, flexible spaces are a way to navigate global headwinds," Rao observed.

As several companies return their employees to the office under a hybrid model, the demand for flexible spaces is expected to rise. Furthermore, Vestian has projected that the flexible office sector would constitute around 25% of the overall office space absorption by 2025.

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