Demand For Flexible Spaces May Hit A New High In 2022

  February 2022

Seat transactions in flexible spaces are expected to hit a new high in 2022 as demand for flexible space grows in the pandemic, according to top international property consultants and flexible space providers

Coworking operators sold over 55,000 seats in 2021, up from 36,000 seats in 2020, according to property experts, and they expect sales to double in 2022. “We are expecting the number to double in 2022 as the demand generated in the last12-18 months is expected to peak in 2022,” said Amit Ramani, founder and CEO, Awfis. Flexibility has emerged as the key factor for many occupiers over the last 12-18 months as they struggled with hybrid work models.

According to Cushman & Wakefield, flex as a business solution and space strategy has gained significant momentum in 2021. “We expect demand to remain robust in 2022, in line with the rise of productivity as a service in the enterprise flex model. Besides productivity, continued and growing preference for capex light/shortterm space solutions that are in line with core plus flex strategies suggests that demand could hit a new record in 2022,” said Badal Yagnik, managing director-tenant representation, Cushman & Wakefield.

Buoyed by the recent growth, larger operators are pumping in the money to capitalise on the window of opportunity over the next 12-18 months.

For example, Simpliwork has recently announced investments of about ?650 crore by 2023. Smartworks has also laid out plans to invest ?250 crore to expand the foot- print. And other major players, such as WeWork (India) and Awfis, have also raised funds.

“Corporates are increasingly cognizant of the many benefits of flexible workspaces for their employees and business operations. With a robust expansion plan as our roadmap for 2022, we are bullish on the need for flexible workspaces and have doubled our investment in the Indian market year on year to meet that demand,” said Nidhi Marwah, Group managing director, The Executive Centre.

The segment was quick to address the needs of companies for shorter leasing periods, flexible team structures, operational cost reassessment, and safety and wellness amenities.

Source: timesproperty.com

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