In terms of flexible office space, Delhi-NCR has become the third-largest city in the Asia-Pacific region (APAC), surpassing Beijing and Seoul. With 8.4 million square feet, it follows Bangalore, which maintains its position as the leading city with the highest flexible stock in the APAC region. Hyderabad and Mumbai also feature among the top cities in this list, according to CBRE, a real estate consulting firm.
As of March 2023, Bangalore had the highest flexible stock of 12.9 million square feet among major APAC cities. Both Delhi-NCR and Bangalore have experienced an increase in the supply of new flexible space since 2022, with a combined addition of 3.1 million square feet in the first quarter of 2023. The strong leasing activity by flex space operators in Q1 of 2023 suggests that new flex center openings in these markets will continue at a steady pace throughout the year.
The overall flexible office space market in the Asia-Pacific region continues to grow steadily, with a total of 87 million square feet as of March 2023. This marks a 6% increase from September 2022, indicating the ongoing expansion of the flexible space market.
