They say there’s no stopping an idea whose time has come and once that happens, there’s no stopping the interest and investment in that idea from all stakeholders.
This seems to be a watershed moment for flex spaces with the rising interest from enterprises and shift to hybrid work models. Developers have been quick to recognise the potential flex holds and diversify their portfolio.
Flex as an Amenity
The real estate market doesn’t seem to have a saturation point due to the demand-supply dynamics in most metro cities. When flex spaces first made an entrance into the market, they were viewed as an alternate form of revenue for independent developers and landlords.
The outlook quickly changed with Tier A developers repositioning existing portfolios to match the evolving needs of the modern workforce. The introduction of Flex allowed developers to offer an additional amenity, double up as an incubator space for ready to move-in clients and optimize their portfolio for higher revenue.
A win-win-win situation
The Tier A developer brings in credibility, better properties and local connects while the flex space provider offers office design and management expertise along with a wider multi-city network. The occupier benefits hugely with this association – prime locations, flexible tenures, and lower costs.
Early in 2021 we partnered with Prestige Group to open 6 flex spaces – 4 in Bengaluru and 2 in Chennai. Within a few months, goaded by the overwhelming demand, we expanded our partnership to add 12 flex spaces in 4 cities across half a million sq ft.
Other Tier A developers we’ve signed up with include Blackstone, BPTP, QPark and Solitaire.
Whether it’s a Grade A managed office in a prime CBD or a coworking space in an upcoming business district or a combination of both; the occupier is getting his pick. And about time, we say.