The overall flexible office segment has relentlessly pursued healthy growth over the last two years. The total Grade A footprint of the flex space operators across India’s top-8 cities stands at 58 MSF as of H1 2024, and this constitutes nearly 7-8% of the overall Grade-A office invento- ry. Annual growth rates in footprint of 23% and 18% witnessed during two years (2022 and 2023) was the sharpest rise seen in his- tory, as the sector managed to garner a lot of interest from real estate stakeholders in the post-pandemic era. With H1-24 already adding about 5 MSF to the total inventory, year 2024 appears to have sustained the momentum.
Flex Spaces Expansion Strategy in Mid-Long Term
Overall flex adoption is set to increase significantly in the mid-long term; 40% currently, vis-à-vis 63% in the next 3-5 years. Flex space adoption levels for Engineering & Manufacturing, BFSI & Technology sectors to reach 40-70% by 2030.
