The flex space sector is now India’s second-largest office leasing contributor, securing 19.8% of gross leasing with a record 15.3 million sq. ft in 2024. Delhi NCR leads, followed by Pune and Bengaluru. Experts emphasize its long-term viability, driven by enterprise demand, sustainability trends, and evolving workspace needs.
The flexible workspace sector in India is witnessing unprecedented growth, securing 19.8% of the annual gross leasing market and reaching an all-time high of 15.3 million sq. ft in 2024, as per JLL’s latest report. This surge underscores businesses’ reliance on flex space solutions to meet evolving workspace needs.
Delhi NCR emerged as the top flex space market, claiming 42% of total flex leasing activity, followed by Pune at 14% and Bengaluru at 13%. The three cities and Mumbai recorded their best-ever leasing year, emphasizing a substantial shift toward flexible office spaces.
“With a robust pipeline of IPOs, strong occupancy rates, and significant PE backing, flex space has solidified its position as a long-term player in India’s commercial real estate,” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
India’s flex office stock has expanded 2.5 times since 2019, reaching 74 million sq. ft across major metropolitan cities. Bengaluru continues to hold the most significant operational flex footprint, while Chennai has emerged as the third-largest market for enterprise seat take-up.
Enterprise demand remains a key driver, with 183,200 flex seats leased in 2024, marking a 9.2% year-on-year increase. Pune led flex stock growth with a CAGR of 33% since 2019, surpassing other cities.
As companies prioritize modern, fully serviced, and tech-enabled office spaces, the average flex space deal size grew 21.4% year-on-year, reaching 63,000 sq. ft. “The sector’s exponential growth is further evidenced by surpassing the million-seat milestone, now boasting over 1.1 million operational flex seats,” noted Rahul Arora, Head – Office Leasing & Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL.
Sustainability is also shaping the industry, with over two-thirds of leased flex spaces 2024 located in green-certified business parks. Occupiers increasingly favour environmentally responsible workspaces, reinforcing flex spaces as integral to long-term corporate real estate strategies.
As the Indian office market continues its upward trajectory, the flex space sector is set to play a pivotal role in shaping India as a global business hub.
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