Flexible workspace giants Table Space and Smartworks are set to lease over 2 million square feet of office space across Delhi NCR and Mumbai, signalling strong confidence in India’s office space market amid global economic uncertainties.

Table Space is nearly finalizing leases totalling 500,000 sq ft with major developers, including DLF, Godrej in Gurgaon, and Bharti Realty in Aerocity. Meanwhile, Smartworks is eyeing 1.5 million sq ft in Mumbai through deals with Tata Realty and Hiranandani, adding to its existing 500,000 sq ft footprint in the city.

“The NCR continues to be a key strategic growth hub for Table Space,” a company spokesperson shared. “We are in advanced discussions to take up nearly 5 lakh sq. ft. across Gurgaon and Noida, further reinforcing our commitment to delivering premium, fully managed office solutions in India’s most dynamic business corridor.”

According to its draft red herring prospectus, Smartworks operates 45 centres across 13 cities with a total super built-up area of 9.12 million sq ft. The company recently received SEBI approval for its IPO, highlighting its growing market presence.

Industry experts point to India’s strong office market fundamentals. “Despite global uncertainties, the fundamental drivers of India’s office market remain robust,” said Peush Jain, managing director-commercial leasing at Anarock Group. “Flexible workspace providers are tapping the market with a sustained push to work from office.”

Table Space, which manages 10.5 million sq ft across 75 centres in seven Indian cities, is also seeing traction from major global players. Recently, Google leased 550,000 sq ft from Table Space in Gurgaon, with an option to expand by another 200,000 sq ft.

The surge in demand isn’t limited to metro areas. Flexible workspace absorption reached record highs in 2024, clocking 35% CAGR since 2021. Tier-2 and Tier-3 cities now see increased activity as businesses cater to a more distributed workforce and prioritize work-life balance. Flex spaces account for 11-13% of total office demand nationwide.

The sector has also seen a boom in competition, with over 300 active operators in the market today. While small and mid-sized players have gained ground, the top 5% of providers control over half of Grade A flex stock, focusing mainly on managed office solutions.

With leasing momentum picking up and investor interest growing, Table Space and Smartworks are not just expanding—they’re helping redefine the future of office space in India.