In the commercial real estate space, flex spaces have become synonymous with adaptability. As preferences evolved, a spectrum of flexible space options have taken shape to suit changing business needs. Operators have already started adapting to ‘the next normal’ world with the inclusion of remote working solutions to the spectrum.
While there are several short-term disruptions and challenges, the future of office real estate is a spectrum of flexible spaces. This report (re)Imagine Flex Spaces: A 360⁰ View states that driven by increased demand from large enterprises, it is expected that the size of the flex space market would cross 50-mn sq ft by 2023.
The highlights of the report:
- From customised spaces to work-from-home solutions, operators are prepared to serve the needs of all types of occupiers.
- An employee-friendly work environment has become the most important corporate real estate (CRE) objective for most occupiers and cost management follows closely.
- The entry of more than 300 flex space operators into the country helped commoditize the market.
- Prominent flex space operators focusing on innovation and better space utilization.
- Large enterprises will continue to drive demand to accommodate portfolio expansion and contraction along with crisis support to flex their space needs.