Bangalore has emerged as the leading city in the Asia-Pacific (APAC) region for flexible office space, boasting a stock of 15.5 million square feet, surpassing other major cities like Shanghai, Seoul, and Tokyo. Delhi NCR follows in second place with 10.7 million square feet of flexible office space as of June 2024, according to CBRE. APAC’s flexible office market growth is largely driven by Indian cities, supported by rising demand for managed solutions from domestic operators.
Chairman & CEO – India, South-East Asia, Middle East & Africa at CBRE, Mr. Anshuman Magazine, highlighted that Indian cities are fuelling the expansion of flexible office spaces due to increasing demand for managed solutions. Delhi NCR experienced the highest growth, with a 26% increase in flexible office stock since CY23. Hyderabad and Mumbai also performed well, ranking among the top 10 cities with 6.8 and 6.1 million square feet of flexible office space, respectively. APAC’s total flexible office space stock reached 89 million square feet as of June 2024, reflecting a 3.9% increase from CY23. Despite the shift from the post-COVID boom, APAC’s flexible office space market is stabilizing with a focus on income diversification, turn-key managed solutions, and enhanced centre utilization. The study, covering 20 major APAC markets, indicates a trend towards sustainable business models and continued expansion.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
