NEW DELHI: Flexible workspace operators registered gross leasing volume (GLV) of 12.4 million sq ft in 2024, registering a 57.5% year-on-year (yoy) growth, according to Cushman & Wakefield’s office data.
Flexible workspace sector’s gross leasing volume now accounts for 14% of India’s total office leasing (89 million sq ft).
Bengaluru led with 3.4 million sq ft of leasing volume followed by Mumbai, which recorded 1.9 million sq ft GLV. Delhi-NCR registered 2.3 million, Hyderabad was at 1.6 million sq ft and Pune saw 1.6 million sq ft GLV.
Ramita Arora, managing director Bengaluru & head (Flex), India, Cushman & Wakefield, said, “With new companies (GCCs) entering the country and existing companies prioritizing operational flexibility, cost efficiency and end-to-end customization, demand for agile, dynamic, managed office solutions continues to surge.”
Around 2.24 lakh seats were leased in 2024 by end occupiers from flexible workspace operators, a 44% increase over 2023 (156,000 seats). In terms of cities, Bengaluru again dominated with a 29% share (64,000 seats) in total seats leased in the year.
Bengaluru was followed by Pune (39,000 seats) Delhi NCR (38,000 seats) and Mumbai (28,000 seats) with shares of 18%, 17% and 12% respectively in total seats leased.
End occupiers belonging to the IT-BPM sector dominated flex seat leasing in 2024 with a share of around 48% in total seats leased followed by engineering & manufacturing occupiers with a share of 17%. BFSI and professional services occupiers contributed 10% and 6% of the seats leased in the year respectively.
