Flexible office providers refurbish old buildings to cater to high demand - ET RealEstate
Flexible office providers refurbish old buildings to cater to high demand - ET RealEstate
Abstract
Leasing grade-B spaces that were vacated during the pandemic is helping the builders get assured rentals from flexible office operators. The demand for flexible office space has witnessed 3x growth compared to last year, with the average seats requirement doubling to over 1,000 seats compared to 500 seats earlier from large corporates. Flex space operators leased over 1.9 msf of office space inQ1 2022 against 0.2 msf in Q1 2021, recording a 10X rise. Flex spaces. Flex space saw its share increasing to a 10x rise in Q2 2021. The cost advantage of coworking spaces also outstrip the potential risk factors. The growth is likely to be manifold over the next 2-3 years.