- Flex workspaces were already witnessing gradual growth in the NCR before the acceleration given by the pandemic as a consequence. This is because businesses in the NCR were quick enough to realize the long-term benefits of flex workspaces and continuously chose flex workspaces over their conventional office spaces. Flexibility in tenure, reduced CAPEX, and agility to work out of multiple locations in the same city were the major drivers of such shifts in occupier sentiments. The additional advantage of reduced timelines, right from property selection to occupancy also led to the early evolution in occupier sentiments.
- The leading flex space occupiers in Delhi NCR are start-ups including the gamut of EdTech, FinTech, Professional Services, Engineering Services, and BFSI. The latest trends suggest a rising occupancy by gaming firms in flex workspaces, especially in Noida. Businesses that do not have a fixed workforce or plans for future growth are adopting flex workspaces. The region sees increased reliance of conventional industry players like Telecom, Banking, BFSI, and Consulting on enterprise solutions.
- Meeting rooms and conference rooms are registering a growing demand as professionals choose to collaborate and catch up with their teams, partners, and associates over digital platforms amid the adoption of hybrid and work-from-home models post-pandemic.
- The recent data suggests that NCR’s CRE market witnessed an office take-up of 8000 workstations, registering a 65% growth YoY compared to the year 2021. Delhi, a hotspot for CRE players for a long time, continues to experience immense demand despite the shifting priorities of businesses that want to welcome back their employees to grade-A offices and take care of their holistic well-being.
- Technology and sustainability are the new pillars of growth for NCR’s CRE market in the coming years. Workspaces that are tech-enabled and comply with occupiers’ ESG goals will experience a surging demand.
- Adoption of work from home and hybrid model as a result of the pandemic has led to the popularity of the hub and spoke model whereby a business’ headquarter is located in a city while the migrated workforce can work from the satellite office nearby. This setup has led to the expansion of flex workspaces even in developing cities of the country.