Flex Spaces in 2023: Harsh Binani

2022 has been a landmark year for commercial real estate with a record office absorption, standing at 50.8 million sq. ft. as per industry reports, surpassing the five-year (2015-2019) pre-pandemic average by 3.1 per cent as well, and it is second only to the 2019 net absorption figures for the past 10 years. Return to work has gained momentum across industries pushing office occupancies higher and supporting the net absorption numbers, projects market stability, and a promising future.

The evolving business requirements and portfolio strategies fostered the need for flexible, agile, and modern workspaces. Optimistic about the segment's growth, Harsh Binani, Co-Founder, Smartworks, said, "The commercial real estate sector is extremely bullish and promising. It has performed remarkably well over the past ten years. Flex space, which makes up a small portion of all commercial space, is expanding as a sector at a substantially quicker rate. Large operators will continue to consolidate and expand their footprints as the supply side of the flex industry enters a promising growth phase. In the next five years, the sector should experience significant and escalating growth.

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