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Workspace Next Insights H1 CY 2023

 

We’re witnessing the way work and workspaces are transforming especially in the last few years. The post-pandemic mindset shift, advancement of technology, the rise of flexible working, and the changing expectations of employees; all these factors are driving businesses to rethink their workspace strategies. As a result, flex has become a significant part of the real estate portfolio for most companies and the demand for flexible office spaces is growing rapidly, with companies looking for options that can meet their changing needs.

This report is based on extensive research and in-depth interviews with real estate heads of large to medium occupiers across various industries. It explores the impact of the hybrid work model on workspace requirements, highlights the changing demand for personal and collaborative spaces while shedding light on the various ways companies are adopting flex and their tier 2 expansion plans.

Key Takeaways:

  • Personal working space remains at the forefront with 47% advocating for more Me than We space i.e. spaces for collaboration 
  • More than 45% of respondents incorporated flex spaces even for their primary office locations, despite head offices predominantly operating on traditional leases
  • Among smaller organizations with fewer than 500 employees, 53% reported having flex-dominant portfolios. In contrast, larger organizations with over 1,000 employees primarily had flex accounting for less than 25% of their portfolio share. 
  • Among the respondents surveyed, 47% expressed their intention to establish a presence in Tier-2 cities. Within this group, the IT/ITeS, New Tech, and BPM sector accounted for a significant 20% share. Furthermore, of the respondents intending to expand in Tier-2 cities, 56% represented small organizations with fewer than 500 employees

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Disclaimer

This report is published by Awfis Space Solutions Limited (“Awfis”) for general informational purposes only. The contents include internal analysis, survey findings, and inputs from third-party sources, which Awfis believes to be reliable at the time of publication. However, Awfis makes no representations or warranties, express or implied, as to the accuracy or completeness of the information contained herein.

This report does not constitute legal, financial, investment, or professional advice, nor should it be construed as an offer or solicitation of any kind. Any reliance placed on this report is strictly at the reader’s own risk.

Awfis disclaims all liability for any loss or damage arising from the use of or reliance on this report.

All rights in this report are reserved. No part of this publication may be reproduced or distributed without prior written consent of Awfis.

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