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Property developers and institutional investors are strategically entering and expanding their investments in the managed office space sector, driven by the increasing demand among corporations prioritising agility and the necessity for scalable, customised office solutions.The trend has prompted real estate developers and institutional funds-including CapitaLand, Prestige, Bagmane, RMZ, Embassy Group, and Brigade Group-to enhance their offerings in the managed office segment. Such a move aligns with the evolving workplace dynamics and the shift toward more adaptable workspace solutions.”Flex spaces are gaining traction as occupiers seek operational efficiencies through distributed work models. With demand for flexible workspaces rising, this segment is poised to become a vital component of modern real estate strategies. The second half of 2024 has seen renewed demand across regions, with companies incorporating flexible office solutions for their main offices and R&D teams in sectors like technology, finance, manufacturing, and consulting,” said Sankey Prasad, chairman & MD, Middle East & India, Colliers.Managed office spaces provide an alternate revenue stream for builders and position them as strategic partners in supporting the changing dynamics of workplace ecosystems amidst competition firm managed office providers.”BuzzWorks portfolio nearly doubled from the same time last fiscal year. In Q2 and Q3, we added 2,200 seats and leased 1,900, highlighting the growing demand for flex spaces within the Brigade portfolio. Currently, we have 18 centres, including operational and under-development centres in Bengaluru, Hyderabad, and Kochi, with plans to expand into Chennai. To achieve a 1 million sq. ft. market share in the next two years, we remain committed to providing flexible and efficient workspace solutions,” said Nirupa Shankar, joint managing director, Brigade Enterprises Ltd.In addition to established corporates, global capability centres (GCCs) are emerging as critical players driving this trend. GCCs, often representing multinational companies, are increasingly entering Indian markets through managed office models due to their flexibility, reduced setup costs, and quick market entry.Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award.
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