FLEX WORKSPACES NEW MODELS AND PROSPECTS

Given its emergence just seven years ago Janak Malkani, Executive Director, Advisory & Transaction Service Mumbai, CBRE, expressed that the rapid growth of flex-space segment presents significant opportunities for institutional investors, developers, and landlords. Furthermore, the pandemic has highlighted the critical value of flexibility that flex operators offer to businesses.

Anuj Munot, CEO and Founder, UrbanWrk, said “Offices are evolving into hubs for social interaction and collaboration, essential for innovation, with companies also recognizing the need for regional workspaces to support workforce distribution, thereby driving forward a flexible and sustainable work environment.” Sanjay Chatrath, Managing Partner, Incuspaze, articulated, “By transforming spaces into collaborative environments and facilitating company-wide celebrations and communication, flex-space operators foster a strong community sense among employees from various organizations.”

Radhika Shenoy, Head-Corporate Real Estate & Services, IDFC First Bank, said,work model poses certain challenges, which is why banks seek customized workspaces to meet specific needs for security and compliance. Partnering with adaptive space providers can yield a workspace that is both efficient and cost-effective, without superfluous features.”

KamalJeet Singh, National Director - Transactions, Qdesq agreed, “When discussing agility in infrastructure, the key is to modify quickly and cost-effectively, while adhering to customer needs. Technology integration, local customs, accessibility, inclusivity and sustainable growth are vital considerations, along with comprehensive security that spans technology adop- tion and access management.”

Jibran Khalid Masood, Director-Expansions, OYO Workspaces (Innov8) shared, “Technology plays a pivotal role in modern workspaces such as seamless visitor and meeting room management systems and services like feedback platforms that facilitate the relationship between landlords and co-working operators through revenue sharing and account reconciliation mechanisms."

Giving an example Shyam Sundar, Founder & CEO, GoFloaters said, “We act as an aggregator for co-working spaces and provide workspaces on demand near an employee's home. The technology further analyses usage patterns and team interactions, aiding businesses to optimize their workspace needs and enhancing collaboration.”

THE DEMAND SHIFTS

Sanjay Chatrath said, “Reflecting on the last few years, demand for office space has surged in tier two cities post-COVID, with companies expanding from 100 seats and beyond despite facing a shortage of high-quality premises. Significant investment suggests a strong out- look for these markets.”

Radhika Shenoy added, “We're positioning ourselves to capitalize on the vast opportunities in these underbanked regions by securing properties early in their construction phase, acknowledging that the push towards digital banking will inevita- bly escalate the demand for office spaces over traditional branches.”

Jibran Khalid Masood expressed another angle, “Occupiers of flexible workspace often demand private office suites, insisting on exclusive use of their designated area. Transparent communication and clear agree- ments are essential to define which customer uses the space and when.”

Janak Malkani pointed out, “Only a small fraction of flex-spaces offers night operations for North American clientele alongside regular daytime operations. Finding such dual-service setups is challenging and could be the new model of working going forward.”

Anuj Munot said, “The GCC market are leasing majority of office spaces in India and flex-space operators are creating tailored solutions to enhance a company's performance, talent attraction & retention.”

Kamal Jeet Singh added, “Firms are strategically downsizing their corporate real estate to small, essential offices while embracing flexible spaces for the rest.”

Shyam Sundar expressed, “We should consider usage-based pricing for tenant needs, much like air- lines' code-sharing that will allow seamless space availability between partners and a standardized offering across venues.”

Flex space operators should consider partnering with hospitality chains to have a dedicated large space for the event needs of the clients - Radhika Shenoy

Technology plays a pivotal role in modern flex-workspaces by addressing essential occupier needs - Jibran Khalid Masood

Flex operators will play a pivotal role in providing spaces for the companies exploring new geographical territories - Anuj Munot

It’s time for flex-offices to evolve from basic to smart, user-friendly spaces, where members can collaborate on skill development and problem-solving - KamalJeet Singh

A UK prop tech, efficiently utilizes unused spaces by matching clients to offices for two or three days a week, a practice that is likely to spread in India- Shyam Sundar