Flexible office space to grow by 52 percent

According to real estate consultant Vestian, the flexible office space market in the country is 53.4 million square feet (SFT) and will grow by 52 percent to 81 million square feet by 2025. It is expected to grow at a compound annual rate (CAGR) of 23 percent. According to the report, there are currently 7.6 lakh seats available under the management of operators in more than 1,000 centres across the country. While there are 50 large companies in this sector, the top 10 companies manage 84 percent of the flexible office space. They explained that flexible office space in India is in its infancy compared to America and Europe. It is said that the use of flexible office space has expanded since 2015–16. It is explained that not only startups, small and medium enterprises, but large enterprises are also using it. The report predicts that demand for flexible office space will increase as some companies move their employees back to offices in a hybrid model. Flexible space will account for 25 percent of the total office space by 2025.