- विज्ञापन -
New Delhi: India’s flexible workspace sector reached a historic gross leasing volume (GLV) of 12.4 million square feet (MSF) in 2024, according to a report released on Monday. This represents a remarkable 57.5% increase compared to the previous year, highlighting the growing demand for innovative, cost-effective office solutions in major cities, as reported by Cushman & Wakefield.
The flexible workspace sector encompasses business centres, coworking spaces, and managed offices. Its GLV now constitutes 14% of India’s overall office leasing, which totals 89 MSF, emphasizing its increasing importance in the commercial real estate market.
Bengaluru emerged as the leading city in flexible workspace leasing, with a total of 3.4 MSF, nearly doubling its figures from the previous year. Mumbai also saw significant growth, achieving a GLV of 1.9 MSF, a threefold increase, reflecting the rising demand in the country’s financial hub. Other notable markets include Delhi NCR with 2.3 MSF, and both Hyderabad and Pune, each at 1.6 MSF.
Ramita Arora, Managing Director of Bengaluru and Head of Flex in India at Cushman & Wakefield, noted that the influx of new global capability centers (GCCs) and the focus on operational flexibility, cost efficiency, and comprehensive customization are driving the demand for dynamic managed office solutions.
The report indicated that around 224,000 seats were leased in 2024 from flexible workspace operators, marking a 44% rise from 156,000 seats in 2023. Bengaluru continued to lead with a 29% share (64,000 seats) of the total leased seats, followed by Pune (39,000 seats), Delhi NCR (38,000 seats), and Mumbai (28,000 seats), representing shares of 18%, 17%, and 12%, respectively.
