The flex space market in India is witnessing unprecedented growth. According to a Colliers- FICCI report, the managed office space stock is expected to touch 80 million square feet by 2026. In fact, since the pandemic, the managed workspace market of India has outgrown its competitors in the Asia Pacific region. there is an increased level of diversification and portfolio realignment. We will discuss five key reasons that have played a vital role in the flex workspace market expansion in 2023. If you seek a robust workspace, you will realise the significance of flexible office space.
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Changing workplace dynamics
Workplace requirements have evolved significantly. There is a particular focus on flexibility and collaboration. Conventional offices are unable to meet such office space needs. In contrast, the coworking spaces have been instrumental in fostering a sense of belongingness and community. Thus, catering to every evolving preference of professionals.
Flexible workspace also offers customisability. As a result, business entities can design the workspace as per their requirements. This plays an assistive role for businesses in creating their unique identity.
Outsourcing workspace management to flex space platforms can allow them to dedicate their time and resources to core business operations, allowing them to focus on their core competencies.
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Requirement for a scalable workspace
With the growth of business, there is a requirement for a workspace with more enormous resources. With the help of flex spaces, enterprises can scale up without any hassles. This is generally helpful among emerging startups and SMEs seeking flexible workspace solutions.
From an entrepreneur’s point of view, traditional office spaces struggle to adapt to office space requirements enabled by business growth. Flex spaces also offer flexible lease terms that are very appealing to businesses. Hence, business entities can expand without worrying about long-term commitments and upfront costs usually associated with rigid terms from traditional office space providers.
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Strategic Location
Having an office space in a top-notch destination is a top priority for every business entity. Flex space platforms offer Shared Office Space that are situated in well-established commercial hubs. Many businesses in the past have seen this.
This helps business entities have a workspace in a desirable area well connected to public transportation and road networks. Thus, it makes the office easily accessible to clients and the workforce.
In addition, the flex space platforms are known to host cross-functional events in their leased workspaces regularly. This is an excellent opportunity for business entities to interact with like-minded individuals or network and collaborate.
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Amenities for productivity
Technology plays a vital role in streamlining business operations. It also adds value to enterprises. It assists in enhancing the overall user experience. Flex space platforms offer numerous amenities such as fast internet, meeting rooms with smartboard facilities, conference rooms with video conferencing features, and IOT systems to regulate lighting and air conditioning, to name a few.
In addition to these other value-added services include ordering housekeeping services using applications. Facial recognition systems at access gates. RFID-enabled vehicle parking booking facilities. Enterprises are free to select amenities they deem appropriate for their managed office space.
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Supportive government policies
The local and national authorities realise the significance of India’s flex space market. the focus is to provide a comfortable corporate environment for businesses of different scales and domains to function effectively in different Indian cities. Furthermore, there have been several relaxations and tax breaks introduced for businesses that lease flexible workspaces.
In addition to this government is also working to improve the overall infrastructure of tier 2 and tier 3 cities, so that they could attract themselves as a favourable location to lease a robust workspace.
Conclusion
It can be said that the Indian flex space market is growing due to a variety of factors. From changing workplace dynamics to scalability, tech-driven amenities and supportive government policies have played a significant role in the strong position that India’s flex space market enjoyed in FY 23. Hence, leasing a managed office space will ensure long-term benefits for enterprises.
As the Indian economy continues to grow and evolve, the flex space market will play an important role. Businesses are highly recommended to contact Smartworks and visit their flex spaces to comprehensively understand the flex space advantage.
