New Delhi [India], December 19 (ANI): India’s flexible workspace market is projected to grow nearly threefold to USD 9-10 billion by 2028, driven largely by the rapid expansion of Global Capability Centers (GCCs), according to a new joint report by Smartworks Coworking Spaces Limited and UnearthIQ.
Titled “India’s Next Commercial Real Estate Wave: The Rise of Flex Spaces Fueled by GCC Growth,” the report highlights a structural shift in India’s commercial real estate sector, as enterprises increasingly move toward asset-light, operational expenditure-led office models.
The report examines the structural shifts underway in India’s commercial real estate market and highlights how the rapid expansion of Global Capability Centers (GCCs) is accelerating demand for flexible and managed workspaces across Tier-1 and Tier-2 cities.
Currently valued at USD 3-4 billion, the flex space market is expected to gain momentum as GCCs, which already number more than 1,850 across India, scale up operations.
The report estimates that GCCs will require 160-200 million sq. ft. of office space by 2030, with flexible and managed workspaces accounting for 65-80 million sq. ft., or nearly half of this demand.
India’s GCC ecosystem employs about 2.2 million professionals and is adding 80,000-120,000 seats annually, translating into an annual revenue opportunity of USD 170-254 million for workspace operators, the report said.
At large, India’s commercial real estate market size by economic activity, valued at USD 50-60 billion and the fourth-largest globally, is on course to reach USD 120-130 billion by 2030, fueled by demand for Grade A offices, e-commerce warehousing, institutional capital inflows, and policy catalysts like the Registration Bill 2025.
The USD 22-26 billion office segment, which forms 40-50% of the total market, is being reshaped by GCC and IT/ITeS growth, hybrid work models, and Tier-2 expansion. Within this shift, branded flex spaces have emerged as the fastest-growing category, rapidly outpacing traditional offices, the report said. (ANI)
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