CBRE South Asia Pvt Ltd, a real estate consulting firm, has announced a flexible space deal with Smartworks at Aurobindo Galaxy at Hi-Tech City.
The deal comprises 2.32 lakh sq ft of space on three floors. The consulting firm facilitated a similar deal readying three floors in the same building.
With the demand from the IT industry back post the pandemic, the demand for flex space is growing significantly.
“Hyderabad, which accounts for 60 lakh sq ft of the country’s 3.9 crore sq ft of flex space, is expected to see a growth of 15 per cent in flex stock in the next two years,” a CBRE statement said.
“Major growth drivers over the last year for the city have been the need for cost effective and flexible solutions, evolution of hybrid working and hub-and-spoke solutions and the increased adoption of managed office solutions by large enterprises,” it said.
Besides key operators who have acquired almost 7.6 million sq ft of fresh space across the country, major corporate occupiers have also leased almost 86,000 workstations through CBRE India in the last five years.
“The role of the workplace has changed significantly over the last one year. Companies are becoming more successful in changing their strategies to ensure business continuity, and are effectively leveraging potential changes in work styles,” Ram Chandnani, Managing Director (Advisory & Transactions Services, India) of CBRE, said.
“Our rapid growth and expansion in Hyderabad over the last three years is driven by strong market fundamentals and an uptick in demand for flexible workspaces post-Covid,” said Neetish Sarda, Founder of Smartworks.