The flex market is growing fast in our country. Flex space stock is expected to reach 80 million square feet by 2026, according to a Colliers report. It is said that India will grow rapidly and become strong in the Asia-Pacific region.
Flex stock in six major cities in the country has almost doubled since 2019 to 43.5 million square feet. It is noteworthy that this is 6.3 percent of the total grade A office stock. This is much higher than the momentum of other key markets in the Asia-Pacific region. Factors such as a positive economic outlook, growing workspace trends, and increasing diversity in space occupiers are increasing the demand for flex space in the market.
Flex leasing in the country has picked up significantly in recent years, reaching an all-time high of 7 million square feet in 2022, said Arpit Mehrotra, Head of Flex, Colliers India. Flex leasing operations will continue even in 2023, he said. Bengaluru accounts for one-third of the total flex leasing. Flex space leasing is expected to account for 15 to 20 percent of total office leasing by the end of 2023. And Bengaluru is the largest market with a third share of flex stock in the country. Next is Delhi. Hyderabad and Pune are also playing their roles in this regard.
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