Mumbai, India – February 17, 2024. The flex space market is making waves in India’s office leasing scene. In just one year, it has claimed 19.8% of total leasing activity, marking a record 15.3 million square feet leased, according to JLL.
This growth highlights how more businesses are shifting towards flexible workspace options. Delhi NCR has taken the lead, accounting for 42% of all flex leasing in the country. Pune is close behind with 14%, while Bengaluru is in third with 13%. Excitingly, 2024 was a standout year for Delhi NCR, Pune, and Mumbai in flex leasing.
Dr. Samantak Das from JLL points out that flex space is no longer just a trend. With strong occupancy rates and funding from private equity, it’s becoming a stable part of India’s commercial real estate landscape.
Since 2019, India’s flex office space has grown 2.5 times, now covering 74 million square feet across the top seven cities. Bengaluru leads the pack, with a third of all operational flex spaces. Chennai is rising quickly as the third-largest market for enterprise seating.
In 2024, demand for flex space soared, surpassing 183,200 leased seats—an impressive 9.2% increase from the previous year. Pune has seen the fastest growth in flex stock, expanding at a rate of 33% annually since 2019.
More businesses are opting for managed workspaces, and this has boosted average deal sizes by 21.4% in one year, reaching 63,000 square feet. Large companies are embracing modern offices equipped with tech-friendly layouts and amenities to enhance employee engagement.
According to Rahul Arora from JLL, the flex space market continues to thrive, now hosting over 1.1 million operational flex seats. The record leasing of 183,200 seats signifies the rising enterprise demand for these adaptable workspaces.
Flex space providers are also focusing on sustainability. In 2024, over two-thirds of leased flex spaces are in green-certified business parks, highlighting a trend toward environmentally-friendly work environments. Companies are making office quality a priority, incorporating sustainable options into their long-term plans.
The rapid embrace of flexible solutions shows that businesses are ready for a change. As India’s office market expands, flex space will play an even bigger role, helping to position India as a hub for global business.
(This article has not been edited by the Tribune Staff.)
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