India's Leap Towards Sustainable & Innovative Workspace Design
- Industry News
- March 13, 2024

Delhi-NCR’s office leasing dropped sharply in Q1 due to lower supply, with net absorption down 60%. However, strong demand from global firms, upcoming mega projects, and falling vacancy rates across India signal resilience. Experts believe the market is shifting toward high-quality, flexible workspaces despite a short-term slowdown and evolving occupier needs.
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BHIVE Workspaces has leased 1.4 lakh sq ft at Concorde Econex in Bengaluru for 15 years in a deal worth ₹240 crore. The expansion adds 3,000 seats and boosts its growth toward 1 million sq ft. Bengaluru continues to dominate India’s flex office market, which has crossed 100 million sq ft.
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The Executive Centre is expanding in India with 90,000 sq. ft across Mumbai and Pune while planning a ₹2,600 crore IPO. The move targets rising demand for premium flexible workspaces driven by GCCs and hybrid work, with flex spaces expected to exceed 20% of Grade A office demand.
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Smartworks reported a Q4 FY26 profit of ₹16.62 crore, reversing last year’s loss, as revenue surged 47% to ₹533 crore. Strong enterprise demand for managed workspaces drove growth. With a 16.1 million sq ft portfolio and ₹5,200 crore contracted revenue, the company enters FY27 with strong visibility and momentum.
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