What’s going on:
Flexible workspace providers are experiencing growing interest from companies seeking agile and scalable office solutions in India. The demand for flexible workspace among Indian companies has increased, reaching 10-12% of total office space absorption, according to Business Standard.
The news stems from data published by Colliers, which shows that in 2019, the total ranged from 5-8%. Additionally, the report states that tech companies hold the highest occupancy rates of flexible workspaces in India, at over 50%.
Why it matters:
Companies in India are being drawn towards flexible work arrangements. Businesses in the country are citing reasons such as scalability and cost-efficiency as reasons for the switch. In 2022, flexible workspace operators leased 7 million sq. ft. of office space across 6 major cities in India.
How it’ll impact the future:
The demand for flexible coworking spaces in India aligns with a much broader global trend regarding remote and flexible work arrangements. The trend in India closely reflects similar trends occurring in other major countries like the U.K., the U.S., and Canada.
India’s growing acceptance may influence other sectors and industries across the country to explore flexible work options, contributing to the overall evolution of the country’s work landscape.
Landlords and developers may adjust their offerings and lease terms to cater to the evolving needs of companies in India. This could lead to the development of specialized office space solutions, customized amenities, and enhanced service offerings to attract and retain clients.