Chennai: A report titled ‘Reimagine Flexspaces A 360⁰ view’ has been released by JLL which highlights that the current market penetration of flex spaces into India’s total office stock stands at 3.0 per cent.
The country is expected to witness deeper penetration, throughout 2021 and beyond, the flex space market is forecast to grow at a slower pace and more organically.
Irrespective of several short-term disruptions and challenges, increased demand from large enterprises, will support the growth of the flex space market to more than 50 million square feet by 2023.
It is anticipated that flexible space will grow by an average of around 15-20 per cent per annum over the next three-to-four years, although this trajectory will not be linear.