Flex seat enquiries grew 1.95x in Delhi NCR in FY 2021-22: Report

In terms of flex space, Delhi NCR is leading the way in terms of total seat enquiry, number of unique leads, total transaction, and total seats leased.

Flex seat enquiries grew 1.95x in Delhi NCR in FY 2021-22: Report
Among the total number of venues in the Delhi NCR, there are 1413 venues (Delhi 660, Gurugram 493, Noida 260), which contributes to 82% overall occupancy.

With substantial changes in living and working conditions since the COVID-19 outbreak, the demand for flexible space has gained traction in Tier 1 cities. In Delhi NCR, for instance, flex seat enquiries grew 1.95x in FY 2021-22, according to a joint report by Qdesq and JLL.

As hybrid workplace culture takes center stage, many companies are seeking to increase their presence in India, notably in Delhi-NCR. According to Mordor Intelligence, the flexible office space market in India is expected to grow at the CAGR of 6% during the forecast period 2022-2027. As a result of the surge in demand, Qdesq and JLL have pointed out this trend in their survey report.

The report states that firms are jumping on the physical real estate bandwagon in order to keep up with the shifting office space market. Flex fluidly accounts for the ability to ramp up or scale down on demand, which is a dynamic business climate that provides considerable adaptability to corporates.

In this context, Qdesq, India’s largest marketplace and fastest platform to discover, evaluate and book flexible workspaces with presence across 60+ cities in India, has recently published joint research with JLL, detailing a poll of aggregate queries for flex space in Delhi NCR.

Key Findings

Delhi NCR leads the seat enquiries

As a tech hub for the country’s leading startups and renowned corporations, there is a strong demand from huge tech firms and well-funded unicorns. Users seeking to connect with the built environment in novel ways in a post-pandemic world are driving the shift toward ‘real estate as a service.’ Flex is perfectly positioned to fill this void. In terms of flex space, Delhi NCR is leading the way in terms of total seat enquiry, number of unique leads, total transaction, and total seats leased.

As per the report,

* A total of 4500+ leads were generated in Delhi NCR in FY 2021-2022
(Delhi – 2150, Gurugram – 1463 and Noida – 1091) along with 47000+ flex seat enquiries (Delhi-20940, Gurugram – 15830 and Noida – 10649).

* Among the total number of venues in the Delhi NCR, there are 1413 venues (Delhi 660, Gurugram 493, Noida 260), which contributes to 82% overall occupancy.

* As a result, the cost of seats in each city varies, starting at INR 6,300 and reaching INR 22,000. Pricings are mentioned below:

Delhi – ₹ 9,000-22,000
Gurugram – ₹ 7,500-18,000
Noida – ₹ 6,300 – 11,000

Based on the findings, each city possesses some of the best micro markets.

  • Delhi- Nehru Place & Connaught Place
  • Gurgaon- Golf Course Road & Huda City Center
  • Noida- Sector 16 & Noida Expressway

In terms of size, with one flexible office seat holding an average of 70 square feet of leasable area, this equates to roughly 15 million square feet.

This implies a considerable rebound in demand for hybrid space over the last 12 months, driven by organizations wanting to develop a more nimble real estate portfolio strategy in an expanding hybrid work environment.

Commenting on the same, Paras Arora, Founder & Chief Executive Officer (CEO) of Qdesq, said, “Over the last few years, the flex industry has escalated dramatically and gained significant compliments among Delhi NCR corporates of all kinds and scales. With the surge, all types of Flex such as co-working, private managed, and hybrid offices are in high demand. Businesses have begun rethinking their workplace strategy and return-to-work equations. And in the scenario by providing the best flex spaces, we are contributing to the revolution by altering the working environment filled with positivity and engaging scenery.”

Shifting workplace culture with the New Normal

The biggest shift in workplace culture is due to the economy returning to normalcy and corporates planning to return to work from home. Thus, the market’s landscape is anticipated to improve. The IT sector, which is the most prolific in the office segment, is becoming the largest consumer of office spaces. Hence, Delhi NCR, as the tech hub, is gaining traction with the increasing demand for flex seats.

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