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India’s Flexible Space Rises To 4.6 Million Square Feet

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India’s Flexible Space Rises To 4.6 Million Square Feet

CBRE’s latest report titled India Flexible Space Digest – H1 2019 shows tremendous growth in the country’s flexible space market

India’s commercial real estate has been rising like an unstoppable phoenix and CBRE’s latest report proves it. 

As per the report titled India Flexible Space Digest – H1 2019, the total area of flexible space take-up in India during the first half of 2019 is a whopping 4.6 million sq. ft. Flexible workspaces include co-working spaces, managed office spaces, business centres, and hybrid spaces.

The report added that the number of small- to medium-sized deals (20,000-1,00,000 sq. ft.) increased from 52 percent in the first half of 2018 to 61 percent in the first half of 2019. In the case of gigantic office space (exceeding 1,00,000 sq. ft.) deals, the percentage saw a growth from 6 percent in the first half of 2018 to 13 per cent in the first half of 2019.

Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE confirmed the news. He added that India is enjoying a lot of popularity in the flexible space markets in the Asia-Pacific region.

“We expect increasing investments in this segment going forward,”  Magazine stated. 

It is being estimated that from 600 million sq. ft. in mid-2019, office stock will rise to a staggering one billion sq. ft. by the end of the next decade. 8-10 percent of that total office stock will be flexible workspaces. 

Leading cities in the Asia-Pacific region have revealed interesting numbers in terms of the growth of flexible space stock. It currently stands at 50 million+ sq. ft. in the entire region out of which 20 million+ sq. ft. was in India alone. 

According to Ram Chandnani, Managing Director, Advisory and Transaction Services India, CBRE, this trend is here to stay. Since this particular model offers customised enterprise solutions, it is able to retain tenants for longer periods of time. 

Source: The Hindu BusinessLine

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