A review of stock, gross office absorption and city-wise trends in India's flexible workspace segment, drawn from the CBRE Industry Report on Flexible Workspaces Segment in India, dated August 10, 2026.
Flex Stock, CY2025
102–106 Mn sq ft
Across Tier 1 cities, up from ~35 Mn sq ft at end CY2020
Forecast Stock, CY2028F
162–166 Mn sq ft
CAGR of approximately 16–18% over CY2025–CY2028
Gross Office Absorption, CY2025
82.6 Mn sq ft
Record high, surpassing the CY2024 peak of 79.9 Mn sq ft
Flex TAM by 2028F
330–350 Mn sq ft
INR 980–1,365 Bn rental value (approx. USD 10.4–14.4 Bn)
Source: CBRE, Industry Report on Flexible Workspaces Segment in India, dated August 10, 2026, data as at Q1 CY2026.
India's flexible workspace segment has grown from a niche offering into a mainstream part of the commercial office market. Stock across the top nine Tier 1 cities rose from about 35 million square feet at the end of CY2020 to over 109 million square feet as of the first quarter of CY2026. By the end of CY2025, total stock stood between 102 and 106 million square feet, and it is forecast to grow to 162–166 million square feet by the end of CY2028, a CAGR of roughly 16–18%. As a share of non-SEZ office stock, flexible workspace has climbed from 5–7% before CY2020 to a forecast 16–18% by CY2028.
This growth has been driven by rising Global Capability Centre (GCC) leasing, a stronger return-to-office trend, and occupier preference for cost-efficient, scalable space. Flexible workspace operators accounted for 18–23% of total leasing across the top nine cities in CY2025, up from 12–17% in CY2022, and were the largest single occupier category by leasing activity in Q1 CY2026.
Gurgaon, Mumbai and Chennai are the largest city markets by flexible stock, at roughly 12–13, 12–13 and 8–9 million square feet respectively, while Noida and Delhi show the highest penetration relative to their total city office stock, at 16–18% and 14–16%. Bengaluru, Pune and Hyderabad also rank among the leading APAC markets for flexible workspace stock.
CBRE places the sector's total addressable market at 330–350 million square feet by 2028, worth an estimated INR 980–1,365 billion in rental value terms (approximately USD 10.4–14.4 billion). Among the operators benchmarked in the report, Table Space led by leased area at 9.33 million square feet as of March 2026, with a revenue-to-rent ratio of 2.82x, ahead of the reported industry range of 1.9x–2.5x.
Risks flagged in the report include client concentration, general economic uncertainty, geopolitical tension in the Middle East, overreliance on international clients, and rising market saturation as more operators enter the segment.
Source: CBRE, Industry Report on Flexible Workspaces Segment in India, dated August 10, 2026.
Gross office absorption across India's Tier 1 cities has risen for three consecutive years, reaching a record in CY2025 following a sharp pandemic-era dip.
| Period | Gross Absorption (Mn sq ft) | Remarks |
|---|---|---|
| CY2019 | 66.6 | Pre-pandemic level |
| CY2021 | 44.9 | Pandemic-era low |
| CY2022 | 62.0 | Recovery underway |
| CY2023 | 68.9 | Continued expansion |
| CY2024 | 79.9 | Then a record high |
| CY2025 | 82.6 | New record high |
| Q1 CY2026 | 20.7 | Against supply of 8.6 Mn sq ft |
| CY2028F | 93.3 | Forecast; annual supply forecast at 73.4 Mn sq ft |
Source: CBRE, as at Q1 CY2026. Forecasts are estimates only and not a guarantee; figures are approximate.
Bengaluru is the largest Indian office market and ranks second in the APAC region by total office stock, behind only Tokyo.
| City | Total Office Stock (Mn sq ft) |
|---|---|
| Tokyo | 298.3 |
| Bengaluru | 187.7 |
| Mumbai (MMR) | 113.7 |
| Hyderabad | 113.0 |
Source: CBRE, as at Q1 CY2026. Indian city figures represent Grade A stock only; Tokyo figure represents stock across all grades. Figures are approximate.
| Period | Total Stock (Mn sq ft) | Share of Total Office Stock |
|---|---|---|
| Pre-CY2020 | 30–32 | 4–6% |
| CY2021 | 49–51 | 6–8% |
| CY2023 | 82–86 | 9–11% |
| CY2025 | 102–106 | 10–12% |
| CY2028F | 162–166 | 14–16% |
Source: CBRE, as at Q1 CY2026. Forecast years CY2026–CY2028 are CBRE estimates; figures are approximate and not a guarantee.
| City | Flex Stock (Mn sq ft) | Share of City Office Stock |
|---|---|---|
| Gurgaon | 12.1–13.1 | 12–14% |
| Mumbai | 11.8–12.8 | 7–9% |
| Chennai | 8.3–9.3 | 8–10% |
| Noida | 7.9–8.9 | 16–18% |
| Delhi | 2.4–2.9 | 14–16% |
| Kolkata | 2.0–2.5 | 7–9% |
Source: CBRE, data as of Q1 CY2026. Figures are approximate.
This note is based strictly on the industry report referenced above. Where data for a particular period or city was not available in the source, it has been omitted rather than estimated.