Bengaluru, 20th December 2022: In a report by real estate consultant CBRE, Bengaluru topped the list of Asia-Pacific region (APAC) cities having the highest flexible stock ahead of 11 major cities.
The study by CBRE covered 19 major Asia-Pacific markets, including Japan, China, South Korea, Philippines, Hong Kong, Australia, Singapore, and India.
In September 2022, Bengaluru recorded 10.6 million square feet (Grade-A assets) flexible stock which was the highest among all major APAC cities including Shanghai, Beijing, Seoul, Tokyo, and Singapore.
Delhi-NCR ranked fifth in the list of 12 cities with 6.6 million square feet of flexible stock in Grade-A assets. Hyderabad was seventh in line with stocks of 5.7 million square feet.
Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa – CBRE, said, “India is leading the flexible A-grade office stock in the APAC region. Occupiers are largely re-engineering their portfolio and workplace strategies to accommodate hybrid working
“As we approach the new year, companies that continue to adopt flex spaces would be better positioned to embrace hybrid working arrangements, support their employees, and remain agile in their real estate strategies. Additionally, with companies being able to compare and opt for a variety of flex options, operators have identified and are expanding into secondary markets,” said Henry Chin, Global Head of Investor Thought Leadership and Head of Research, CBRE APAC.
CBRE said flexible space operators would offer on-demand memberships to cater to more dispersed workforces resulting from the widespread adoption of hybrid work.