In a recent report by CBRE, Bangalore has emerged as the leading city in the Asia-Pacific (APAC) region for flexible office space, boasting an impressive stock of 15.5 million square feet. This positions Bangalore ahead of other major cities like Shanghai, Seoul, and Tokyo. Following closely is Delhi NCR, which ranks second with 10.7 million square feet of flexible office space as of June 2024.

The growth in APAC’s flexible office market is significantly driven by Indian cities, with Delhi NCR showing remarkable progress. The region has experienced a 26% increase in flexible office stock since the beginning of the calendar year 2023 (CY23). Other notable performers include Hyderabad and Mumbai, which have also made substantial contributions to the market, ranking among the top 10 cities with 6.8 million and 6.1 million square feet of flexible office space, respectively.

The report highlights that APAC's total flexible office space stock reached 89 million square feet by June 2024, marking a 3.9% increase from CY23. Despite a shift from the post-COVID boom, the flexible office space market in APAC is stabilizing with a renewed focus on income diversification, turn-key managed solutions, and enhanced center utilization.

Mr. Anshuman Magazine, Chairman & CEO for India, South-East Asia, Middle East & Africa at CBRE, pointed out that the expansion of flexible office spaces in Indian cities is driven by the rising demand for managed solutions. This trend reflects a broader move towards sustainable business models and continued market expansion.

The study, covering 20 major APAC markets, underscores the growing role of Indian cities in the flexible office space sector, driven by increasing domestic demand and evolving business needs. The shift towards managed solutions and efficient office utilization is indicative of a maturing market adapting to new economic and operational realities.

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