EMEA Flex Space Market Review for Q1 2024
- Reports
- May 1, 2024
India’s commercial real estate is undergoing a decisive shift from traditional CBDs to high-growth micro-markets. Driven by talent access, infrastructure upgrades, and the flexibility of coworking spaces, these hubs are now powering over 80% of new office demand. Flex operators are enabling agile expansion, making distributed workspaces the new industry norm.
READ MOREWestermo has launched its first office in India, located in Bengaluru, designed by Space Matrix to foster innovation, collaboration, and a strong team culture. The 10,000 sq. ft. workspace blends Swedish minimalism with Indian craftsmanship, aligning with Westermo’s growth in India’s transport, water, and energy sectors. The design reflects strategic intent and employee well-being.
READ MOREIndia’s top 7 cities experienced a 40% increase in net office leasing in H1 2025, totalling 26.8 million sq ft. Bengaluru led the pack with the highest leasing and new office supply. While most cities showed strong growth, Hyderabad’s vacancy rate rose, and Kolkata was the only city to witness a decline.
READ MOREIndia’s Global Capability Centre (GCC) leasing grew 24% in FY25, reaching 31.8 million sq ft across top cities. While total lease deals declined, large transactions surged by 44%, indicating a shift toward larger office spaces. Government support and Fortune 500 expansion continue to reinforce India’s dominance in the global GCC landscape.
READ MOREIndia’s office market is poised to hit a record-breaking 90+ million sq ft in gross leasing this year, says Cushman & Wakefield. The surge is fueled by GCC expansions, robust demand from the tech and BFSI sectors, and strong domestic momentum, despite dips in some key cities, such as Bengaluru and Mumbai.
READ MORELeasing of office space for Global Capability Centres (GCCs) jumped 24% in FY2024–25 to 31.8 million sq ft across India’s top seven cities, according to Vestian. Fortune 500 firms accounted for 13.5 million sq ft. Bengaluru led with 12.43 million sq ft, followed by substantial gains in Mumbai and other metros.
READ MORE