Bangalore has the highest supply for flexible office space in the Asia Pacific region, shows a repo by property brokerage firm CBRE. According to the report by the Dallas-based company, India’s IT capital currently has premium flexible office space spanning 10.6 million square foot (msf).
In the list of 12 cities with highest flexible space stock, Delhi-NCR, Hyderabad positioned at the 5th and the 7th spots, respectively. While Delhi-NCR has 6.6 msf of flexible stock in Grade-A assets Hyderabad’s stock stood at 5.7 msf.
Flexible office space stock across major APAC cities
- Bangalore: 10.6
- Shanghai: 10.0
- Beijing: 7.6
- Seoul: 6.8
- Delhi NCR: 6.6
- Tokyo: 6.2
- Hyderabad: 5.7
- Shenzhen: 5
- Singapore: 3.7
- Hong Kong: 2.7
- Sydney: 1.8
- Manila: 1.0
Data in million square foot as of September 2022. Source: CBRE
The report covered 19 major Asia-Pacific markets, including Japan, China, South Korea, Philippines, Hong Kong, Australia, Singapore and India. CBRE research is based on the number of seats transacted in 498 enterprise deals tracked by CBRE between January to September 2022.
“India is leading the flexible A- grade office stock in the APAC region. Occupiers are largely re-engineering their portfolio and workplace strategies to accommodate hybrid working arrangements. This signals a healthy office sector growth amid an accelerated return to office phenomena in India, led by flexible space operators,” said Anshuman Magazine, chairman & CEO – India, South-East Asia, Middle East & Africa – CBRE. Bangalore, Delhi-NCR and Hyderabad account for nearly 35% of the total Grade-A flex stock in the APAC region, he added.
The total flexible stock volume in the APAC region, shows the report, stood at 76 msf, recording 6% y-o-y growth—this is 15% above the pre-pandemic growth level during the January-September 2022 period. Tech firms (36%) and business services (28%) companies remain the top users of flexible office space, followed by finance, life sciences firms, and retail firms in the overall APAC flex market, it adds.
The report also highlights that India continues to witness the highest growth in flexi–office market in the APAC region in the post-pandemic world.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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