Flex Space Evolution in India: Managed Solutions Propel Industry Growth and Expansion
BANGALORE, India, Sept. 9, 2024 /PRNewswire/ -- Table Space, in partnership with Cushman & Wakefield, has released a report, 'From Flex to Managed - Evolution of the Flex Space Industry', which highlights the transformative growth in India's flexible workspace segment over the past decade. The report attributes this growth to the increasing adoption of Managed Office Solutions (MOS), which offer optimized capital expenditure, flexible leasing terms, value-added services, quick operational readiness, and complete transparency.
As of H1 2024, the flexible workspace footprint in India's top 8 cities reached 58 million sq ft, accounting for over 7-8% of the country's total Grade A office supply. The report further highlights the flex space inventory across the top 8 cities. Bangalore leads the way with 31% of the total stock, followed by Delhi NCR (16%), Pune (14%), Hyderabad (14%), and Mumbai (11%).
According to the report, both operators and occupiers have been transitioning towards the MOS model. This model particularly appeals to global corporations, with India becoming a key GCC hotspot, offering ideal local real estate solutions.
The IT sector leads the way with 40-50% seat absorption for curated offices in the last 18 months (2023 and H1 2024), followed by Engineering & Manufacturing (14-18%), BFSI (9-12%), and Professional Services (11-12%). In the same period, active flex space operators grew to 300 - with the top 5% holding over 50% Grade A stock, mostly focusing on MOS.
With the rise of GCCs in India, Table Space has recently appointed two global strategic leaders: Robert Newman as Non-Executive Chairman and John Hogan as Chief Sales Officer, Americas. These appointments highlight the company's commitment to driving GCC enablement and enhancing support for its global clientele through comprehensive service offerings.
John Hogan, Chief Sales Officer – Americas, Table Space said, "Table Space remains a pioneer in Managed Office Solutions (MOS), with a strong commitment to innovation and client service. The Cushman & Wakefield-Table Space report highlights MOS's growing traction among global corporations in India, with the IT-BPM sector accounting for 40-50% of seat absorption in 2023 and H1 2024. As India's largest GCC enablement partner, we drive growth by delivering tailored, high-quality solutions for dynamic needs."
SOURCE Table Space
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