Figures | Adaptive Spaces, Creating Resilience, Evolving Workforces, Future Cities
CBRE India Flex Operator Survey August 2021
August 18, 2021
The COVID-19 pandemic brought about a change in traditional work arrangements and accelerated the adoption of hybrid work models, of which flexible spaces are expected to be a key component. CBRE conducted interviews with leading flexible space operators in India to understand where the segment is headed. Below are some of the insights from these interviews:
- Evolving product strategies with greater focus on enterprise solutions and customisation led to the emergence of a new ‘hybrid’ category of operators.
- Operators remained nimble amid the changing business environment by offering agile deal structures / types and changing space designs and formats to cater to occupier needs.
- Operators are also elevating the workplace experience by offering a gamut of value-added services, a majority of which are app-based; in addition to health & wellness enhancements.
- Most operators are anticipating a growth of over 30% in portfolio sizes with a continued thrust on tier I cities with a lower flexible space stock and tier II cities with adequate talent and infrastructure.
- With expansion plans becoming more demand-backed, operators are expected to favour both traditional lease agreements and landlord partnerships for acquiring space.
With flexible spaces swiftly rising as an integral element of the occupiers’ medium- to long-term portfolio strategies post the pandemic, we expect augmented demand for the sector going forward.