Smartworks: Transforming India’s Managed Spaces
The traditional office setup in India is undergoing a significant transformation. smartworks are moving away from inflexible leases and embracing managed workspaces, which offer a new standard in the commercial real estate industry. This shift is driven by the growing popularity of managed office solutions, known for their adaptability, scalability, and ability to cater to specific needs. While coworking spaces were initially the trend, the concept has matured. A recent report highlights this transformation - managed space operators have seen a tenfold increase in their footprint since 2018, reaching 15 million square feet by March 2023. This surge comes at the expense of traditional coworking and hybrid models, whose share of the market has shrunk over the past two years.
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