DBT Bureau,
Pune, 9 Sep 2024
Table Space, in collaboration with Cushman & Wakefield, has published a report titled ‘From Flex to Managed – Evolution of the Flex Space Industry,’ which details the significant expansion of India’s flexible workspace sector over the last ten years. The report credits this growth to the rising popularity of Managed Office Solutions (MOS). These solutions provide benefits such as optimized capital expenditure, flexible lease terms, added value services, rapid operational setup, and full transparency.
As of H1 2024, the flexible workspace footprint in India’s top 8 cities reached 58 million sq ft, accounting for over 7-8% of the country’s total Grade A office supply. The report further highlights the flex space inventory across the top 8 cities. Bangalore leads the way with 31% of the total stock, followed by Delhi NCR (16%), Pune (14%), Hyderabad (14%), and Mumbai (11%).
According to the report, both operators and occupiers have been transitioning towards the MOS model. This model particularly appeals to global corporations, with India becoming a key GCC hotspot, offering ideal local real estate solutions.
The IT sector leads the way with 40-50% seat absorption for curated offices in the last 18 months (2023 and H1 2024), followed by Engineering & Manufacturing (14-18%), BFSI (9-12%), and Professional Services (11-12%). In the same period, active flex space operators grew to 300 – with the top 5% holding over 50% Grade A stock, mostly focusing on MOS.
With the rise of GCCs in India, Table Space has recently appointed two global strategic leaders: Robert Newman as Non-Executive Chairman and John Hogan as Chief Sales Officer, Americas. These appointments highlight the company’s commitment to driving GCC enablement and enhancing support for its global clientele through comprehensive service offerings.
John Hogan, Chief Sales Officer – Americas, Table Space said, “Table Space remains a pioneer in Managed Office Solutions (MOS), with a strong commitment to innovation and client service. The Cushman & Wakefield-Table Space report highlights MOS’s growing traction among global corporations in India, with the IT-BPM sector accounting for 40-50% of seat absorption in 2023 and H1 2024. As India’s largest GCC enablement partner, we drive growth by delivering tailored, high-quality solutions for dynamic needs.”
