FLEX SPACES OFFER FLEXIBILITY & SCALABILITY
WHAT ARE THE DRIVING FACTORS BEHIND THE COMEBACK OF THE SEGMENT POST COVID? Post-Covid, the acceleration has been swifter, and in general, the industry has seen hockey stick growth in adoption and acceptability. The future trends make flex space an integral part of workplace strategy, with several projections pegging flex space to be over 30% of the overall CRE market by 2030 from today’s single digits. As a result of the hybrid work model and workforce decentralization, businesses are reimagining their workspaces and leveraging flex spaces in their real estate portfolios. Flex spaces allow companies of all sizes to expand and squeeze footprint per their business goals better, with the benefit of lower CAPEX and a fully managed end-to-end technology-enabled ecosystem. WHAT HAVE BEEN THE KEY OCCUPIER’S TRENDS? With employee needs evolving over the past few years, there is an increased demand for a tech-enabled work environment enabling employee experience in flex spaces. While occupiers continue to take up flex spaces in Tier-1 cities, many are routing to developing cities such as Jaipur, Indore and Ahmedabad. As the leading operator of scale, focused on enhancing the member's office experience, we have established industry-leading relationships to bring home to the office and ensure that the staff can shop at 24x7 stores and get their laundry delivered. The usage of dedicated gaming areas, gyms, creches, locker rooms, rage rooms, courier services, cafes, and pantries are also reasonably priced and contribute to overall cost reductions WHAT IS THE FUTURE OUTLOOK OF THE CO-WORKING SECTOR? We expect an augmented demand for the segment in the future. With the rise of the gig economy and hybrid working model, flex spaces continue to become mainstream for the occupiers. Enterprises are moving to flexible workspaces as it provides them with hybrid, cost-effective, and agile business solutions. The flex footprint has been projected to grow to nearly 75 million sq. ft by 2025 from the current 40 million sq. ft. levels, riding the wave of enterprise demand for flexible workspaces. “WE HAVE DONE MORE BUSINESS IN THE LAST 12 MONTHS, INCLUDING MULTI-CITY DEALS WITH LARGE ENTERPRISES AND HIGH SPACE OCCUPANCY BY THE UNICORNS.”
Tags : flex spaces flexibility scalability NEETISH SARDA FOUNDER-SMARTWORKS