New data from CBRE reveals the top cities for flexible office space supply in the Asia Pacific Region.
Bengaluru in India came out on top, featuring a supply of 10.6 million square feet of space as of September of this year. Other cities included in the top were Shanghai, Beijing, Seoul, Tokyo and Singapore.
The reason for steady growth? Hybrid work models.
“India is leading the flexible A-grade office stock in the APAC region,” said Anshuman Magazine, CEO of CBRE India, South-East Asia, Middle East & Africa. “Occupiers are largely re-engineering their portfolio and workplace strategies to accommodate hybrid working arrangements.”
In terms of premium flexible office space, Hyderabad saw the largest take up at 5.5%, followed by 5.4% in Bengaluru and 4.6% in Singapore.
Currently, flexible office stock sits at 76 million square feet across the APAC, a 6% year-on-year growth and 15% above pre-pandemic averages.
“As we approach the new year, companies that continue to adopt flex spaces would be better positioned to embrace hybrid working arrangements, support their employees, and remain agile in their real estate strategies,” said Henry Chin, Global Head of Investor Thought Leadership and Head of Research at CBRE APAC.