Flexible Office Space Market in India to Reach 81 MSF by 2025: Report
The flexible office space market in India is expected to grow at a CAGR of 23% to reach 81 million square feet (MSF) by 2025, according to a report by Vestian. This growth is being driven by the rising demand from startups, SMEs, and large enterprises, as well as the increasing adoption of hybrid work models.
The report notes that the flexible office space market in India is still at a nascent stage compared to other countries such as the US and European countries. However, it has grown rapidly in recent years, with over 7.6 lakh seats now available across more than 1,000 centers in India.
Some of the prominent office areas in India that are popular with flexible space operators and occupiers include Whitefield in Bengaluru, Hitec City in Hyderabad, Baner in Pune, Andheri (E) in Mumbai, and DLF Cybercity in Gurugram.
The report also projects that the flexible office sector will constitute around 25% of the overall office space absorption in India by 2025. While coworking centers are at the most flexible end of the spectrum, managed offices would be at the less flexible end.
Overall, the report finds that the flexible office space market in India is poised for strong growth in the coming years. This is being driven by a number of factors, including the increasing demand for flexibility from businesses, the rising adoption of hybrid work models, and the growing presence of multinational companies in India.
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