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Press Release

Flexible workspace operators to expand their portfolios by more than 30% in next 2-3 years: FICCI-CBRE repot 'Future of Flexible Workspace'

Aug 12, 2021

MUMBAI, 12 August 2021: The flexible workspace operators are looking to expand their portfolios by more than 30% in next 2-3 years as per FICCI-CBRE 'Future of Flexible Workspace' report released today. The report is based on a comprehensive survey of the leading flex space operators in the country. It highlights fluidity of the workforce, portfolio re-optimization, Hub- and Space Models, enhanced financial gains, rising numbers of strategic partners/ acquisition, demand-backed expansions, focus on tech, health, and safety as some of the key factors which will drive the growth of this emerging industry.

Addressing the virtual 'Flexible Workspace Summit', organized by FICCI, Ms Sulajja Firodia Motwani, Chair, FICCI-Maharashtra State Council said that the flexible workspaces are going to witness a lot more traction in this post COVID era. She also mentioned that its is exciting to understand various sustainable business models that can be built on flexible workspaces, advantage to various stakeholders and trends of flexible working with respect to acceptance in smaller towns.

Mr Abhinav Joshi, Head of Research - India, Middle East & North Africa, CBRE presented the key findings of the study and the changing landscape of the flex spaces in India especially in the context of COVID 19 pandemic.

Mr Raj Menda, Joint Chairman, FICCI Real Estate Committee & Corporate Chairman, RMZ Corp stated that flexible office space is the need of hour especially for those companies which are new and not looking for long term commitments. Although during pandemic times the small buildings of 20-25,000 sq. ft. have witnessed huge vacancy, as start-ups have moved back to homes or shut down their operations.

Mr Sparsh Khandelwal, Founder, CEO, & Managing Director, Stylework highlighted issues with the traditional offices model and work from home concept in the corporate world. As a suggestion, he spoke about the Hub and Spoke/ Hybrid- flexible Working Models and its advantages.

Mr Anil Gupta, Managing Partner & CEO, AN Corporate Transformation stated that he is very happy to see the shift in focus on flexi space. India and Germany would be leading countries and aggregators would be expanding the whole marketplace to expedite the supply side, he added.

Mr Anant Singhania, Co-Chair, FICCI Maharashtra State Council presented the vote of thanks at this occasion.

Post the Inaugural session, two plenary sessions were conducted - one on the Flexible Working in India � Opportunities and Sustainable Workspaces moderated by Ms Malini Bhupta, Resident Editor, The Financial Express and other one on Future of Flex � Growth Drivers for Operators' Ecosystem which was moderated by Mr Pulkit Bakshi, Head - Flexible Workspace Solutions, CBRE.

Both data Security and Cyber Security is a concern from occupiers' point of view, however we are able to provide multifaceted solutions to the occupiers because of our infrastructure and capex already build in to take care of security concerns said Mr Karan Virwani, CEO, WeWork India at the session.

Due to pandemic, companies have learned that employees can work from anywhere. However, productivity levels of work from home environment haven't been good as they were in the beginning of the pandemic. Therefore, flexible spaces can play a big role in ensuring that safe environment is provided for enhancing the Productivity level. Flexible Workspace operators bring in a quality work environment, which is fully functional, collaborative where employees are able to perform and deliver, said Mr Ram Chandnani, MD, Advisory and Transaction Services, CBRE.

In general expansion of office space remains unpredictable for another year due to the pandemic related uncertainties, however wherever we are expanding flexible space will remain integral part of our workplace strategy, said Mr Raghav Chandra, Founder, Urban Company.

The other panellists included Mr Arvind Kumar, Vice President, Global Head of Indirects, NTT Global Sourcing Inc., Mr Neetish Sarda, Founder, Smartworks, Mr Amit Ramani, Founder & CEO, Awfis Space Solutions Private Limited, Mr Rishi Das, Co-founder and Chairman, IndiQube, Mr Sparsh Khandelwal, Founder, CEO & Managing Director, Stylework and Mr Kunal Walia, Founder & CEO, Simpliwork Offices.

The program was supported by CBRE as a knowledge partner, Stylework as a Principal Partner, Wework as a Workspace Partner and HSBC as an Associate Sponsor.

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