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Sign in Sign up for a FREE subscriptionCBRE: Asia Pacific flex-space market continues to display stable growth
The Asia Pacific flex-space market continues to display stable growth, with the total volume of flexible office space in the region reaching 87 million square feet as of March 2023, an increase of 6 percent from September 2022, reported CBRE.
New flex-space supply in New Delhi and Bangalore, India, accelerated from 2022, with the two cities witnessing the addition of a combined 3.1 million square feet of stock in first quarter 2023. With leasing by flex-space operators remaining robust in first quarter 2023, the pace of new flex-center openings over the remainder of the year in these two markets is expected to be brisk. Weaker markets included Melbourne, where the potential insolvency of a local flex-space operator resulted in a drop in flex office stock.
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