Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, “Over the past year, we have witnessed a remarkable recovery in the Indian office sector, driven by pent-up demand and the swift implementation of return-to-office (RTO) plans by occupiers. Despite the challenges posed by macroeconomic and geopolitical factors, the sector has shown resilience. Looking ahead to 2023, we anticipate these challenges will persist, necessitating adaptability and strategic foresight. We anticipate a significant occupier interest in allocating over 10% of their office portfolios to flexible spaces over the next two years.”
Amal Mishra, Co-founder, Urban Vault, a Bengaluru based managed co-working space provider added, “Demand for flexible space has gone up significantly in the last 3-4 years. Before the COVID pandemic, the demand was secular and contributed by all kinds of clients ranging from individuals to startups to large corporates. However, the demand during the pandemic and post-second wave is dominated by mid-sized and large enterprises that seek to cut down their capex and get rid of the hassles of managing the workspace. Co-working/managed office operators also provide them the flexibility to scale up and scale down their operations across various geographies.
Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India, said, “The increased focus on Return-to-Office (RTO) plans by occupiers, driven by factors such as work-from-home (WFH) fatigue, attrition, and moonlighting, has resulted in a gradual upswing in office occupancies since the second half of 2022, majorly across sectors including BFSI, engineering & manufacturing, life sciences, e-commerce, media & marketing. Our latest survey findings point out that nearly one-third of the respondents reported a utilization rate of more than 75%."
