Workspace Next Insights H1 CY 2023

 

We’re witnessing the way work and workspaces are transforming especially in the last few years. The post-pandemic mindset shift, advancement of technology, the rise of flexible working, and the changing expectations of employees; all these factors are driving businesses to rethink their workspace strategies. As a result, flex has become a significant part of the real estate portfolio for most companies and the demand for flexible office spaces is growing rapidly, with companies looking for options that can meet their changing needs.

This report is based on extensive research and in-depth interviews with real estate heads of large to medium occupiers across various industries. It explores the impact of the hybrid work model on workspace requirements, highlights the changing demand for personal and collaborative spaces while shedding light on the various ways companies are adopting flex and their tier 2 expansion plans.

Key Takeaways:

  • Personal working space remains at the forefront with 47% advocating for more Me than We space i.e. spaces for collaboration 
  • More than 45% of respondents incorporated flex spaces even for their primary office locations, despite head offices predominantly operating on traditional leases
  • Among smaller organizations with fewer than 500 employees, 53% reported having flex-dominant portfolios. In contrast, larger organizations with over 1,000 employees primarily had flex accounting for less than 25% of their portfolio share. 
  • Among the respondents surveyed, 47% expressed their intention to establish a presence in Tier-2 cities. Within this group, the IT/ITeS, New Tech, and BPM sector accounted for a significant 20% share. Furthermore, of the respondents intending to expand in Tier-2 cities, 56% represented small organizations with fewer than 500 employees

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