We Will Remain At Forefront Of India's Dynamic Workspace Landscape: TEC’s Nidhi Marwah
In recent years, the demand for flexible workspaces has been on the rise in India. What are the factors driving this trend, and how does TEC plan to leverage these dynamics to further expand its presence in the Indian market?
The surge in demand for flexible workspaces in India is fueled by several factors, as highlighted in Avendus Capital's recent report. With the industry projected to triple its market value to $9 billion and double its stock size by 2028, factors such as evolving work culture, increased focus on collaboration, and the rise of the gig economy are driving this trend.
To leverage these dynamics, The Executive Centre is strategically positioned, currently operating in seven key cities—Bangalore, Hyderabad, Chennai, Mumbai, Pune, Gurgaon, and New Delhi—we plan to intensify our presence in these regions. With upcoming openings in Chennai and Mumbai, we aim to cater to the escalating demand effectively. By offering premium flexible workspaces equipped with state-of-the-art amenities, personalised services, at grade-A locations, we endeavour to remain at the forefront of India's dynamic workspace landscape.
As the group managing director for South Asia & Middle East, how do you assess the growth potential for flexible workspace solutions specifically in India, considering factors such as evolving work cultures, technology advancements, and changing preferences among businesses and professionals?
In the dynamic realm of modern workspace strategies, the ascent of flexible workspaces is undeniable. According to the recent Colliers-FICCI industry report, by 2024, flex spaces are projected to account for 15-20 per cent of grade-A office demand. The surge in Global Capability Centres (GCC) further amplifies this trend. GCC’s are expected to contribute over 40 per cent of total office demand. Notably, the flex stock has doubled to over 45 million square feet (MSF) since 2019, reflecting an evolving preference for adaptable work environments. In 2024, India's pivotal role in boosting the global economy and catering to GCCs across industries adds further weight to the demand for quality office space. The dearth of good quality grade-A office buildings and the rise of workspace needs across industries is driving demand for flexible workspaces.
India is a diverse market with varying regional dynamics. How does The Executive Centre approach tailoring its offerings to cater to the diverse needs and preferences of clients across different Indian cities and regions? Are there any specific strategies or adaptations you've found particularly effective?
With over 30 years of global experience across 15 countries, The Executive Centre tailors its offerings according to different markets. Present in seven cities—Bangalore, Hyderabad, Chennai, Mumbai, Pune, Gurgaon, and New Delhi—we customise workspace design, products, and services to meet regional needs. Whether adapting to Bangalore's tech culture, Mumbai's corporate landscape, or Hyderabad's startup ecosystem, we maintain international standards while embracing local nuances. This approach ensures that clients receive tailored solutions, fostering productivity and success across India's varied markets.
From regulatory hurdles to market saturation in certain areas, what do you perceive to be the most significant obstacles to the continued growth of flexible workspace providers in the Indian context, and how do you plan to navigate these hurdles?
One of the foremost obstacles hampering the growth of flexible workspace providers in India is the scarcity of grade-A quality commercial buildings in metro cities, which consequently drives up pricing. This challenge is further exacerbated by the escalating demand from large-scale MNCs for premium flexible workspaces. To overcome this hurdle, we prioritise long-term client deals and long-term leases with grade-A builders across regions. Fostering strong and reliable partnerships with landlords over decades allows us to tide over this challenge.
What is your outlook for the future of flexible workspaces in India? How do you envision the industry evolving over the next few years, and what role does The Executive Centre aim to play in shaping this evolution, both in terms of innovation and market leadership?
The future of flexible workspaces in India looks promising, with the industry poised to triple its market size to USD 9 billion, as per Avendus Capital's recent report. Expectations include more data-driven decisions for design and expansion, emphasising quality. The Executive Centre intends to reinforce its strategy of sustainable expansion, premium spaces, prime locations, and unparalleled hospitality. By doubling down on these principles, we envision ourselves playing a pivotal role in shaping the industry's evolution and maintaining market leadership in India's dynamic workspace landscape.
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