Delhi- NCR has overtaken Beijing and Seoul in flexible office stock in the APAC region: CBRE
- IBEF
- July 14, 2023
With 8.4 million square feet of flexible office space, Delhi-NCR has surpassed Beijing and Seoul as the third-largest city among the 20 cities in the Asia-Pacific region (APAC).
Ahead of 19 major cities, Bangalore continues to be at the top of the list of APAC cities with the highest flexible stock. The other two cities on the list, according to real estate consulting firm CBRE, are Hyderabad and Mumbai.
Bangalore had the highest flexible stock of 12.9 million square feet as of March 2023 among the main APAC cities. Delhi-NCR and Bangalore saw an increase in the supply of new flexible space starting in 2022, adding a combined 3.1 million square feet of stock in the first quarter of 2023. The pace of new flex centre openings throughout the course of the year in these two markets is anticipated to be brisk given that leasing by flex space operators remained healthy in Q1 of 2023.
As of March 2023, there was 87 million square feet of flexible office space in the Asia Pacific area, a rise of 6% from September 2022, indicating that the market for flexible space is still expanding steadily.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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