With people returning to office amid a hybrid work environment, about 56 percent of companies intend to have more than 10 percent of their office portfolio in flexible spaces by 2025, a survey from CBRE stated. Formulating hybrid working policies that balance business goals with workforce needs would be at the top of the companies’ agenda, the report added.
Flex office spaces are becoming a preferred short-term option for corporates, the 2023 India Office Occupier Survey pointed out.
"In terms of office portfolios, our Q1 2023 survey reveals that occupiers will continue to expand into flexible office spaces. An impressive 87 percent of respondents expect to either maintain or increase the percentage of flexible spaces in their portfolios over the next two years," Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE said.
"We expect occupiers to allocate over 10 percent of their office portfolios towards flexible spaces over the next two years,’’ he added.
The survey also highlighted a change in attitude of employees towards getting back to office.
"In Q1 2023, the majority of respondents (96 percent) preferred working in the office at least three days per week. However, now 40 percent of respondents prefer to work fully from the office, compared to just 18 percent in July 2022," the report added.
CBRE said that companies are expected to confine hybrid working to a section of the workforce, as 73 percent of the respondents indicated that less than half their staff would be granted the option. Around 30 percent stated that hybrid working would be available to 25-50 percent of their employees.
CBRE said that the occupiers’ outlook towards long-term portfolio expansion remained positive, as 75 percent of the companies indicated that the size of their portfolios would increase over the next two years.
Favourable demographics, a high-skilled and cost-effective talent pool, robust technology and startup ecosystems, availability of high-quality office spaces, attractive rentals, and beneficial government policies are a few key long-term enablers of portfolio expansion by global corporates, the report said.
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