Co-working firm 91Springboard and CBRE South CBRE South Asia Pvt. Ltd, real estate consulting firm announced an 800-seat deal in Andheri (East), Mumbai for one of the biggest private-sector banks in the country.
Implementing flexible workplace solutions is particularly challenging when servicing the BSFI sector owing to varied compliance and regulatory requirements. Catering to the bank’s requirements, and a stringent focus on data security, storage, and legal obligations, 91Springboard and CBRE were able to deliver a robust workplace solution.
Co-working spaces offer a flexible and variable cost model for businesses of all sizes. Since the onset of the pandemic, there has been a surge in flexible space options and increased focus on hybrid working models by enterprise clients. CBRE expects India’s flexible stock to grow by 10-15% (y-o-y) from the current 36 Mn sq.ft in the next three years.
Businesses are also likely to drive Flex demand in Tier 2 and 3 markets; with Tier 2 activity being primarily dominated by domestic operators in the next couple of years.
Commenting on the announcement, Anand Vemuri – CEO, 91Springboard, said: “With this collaboration, we have once again demonstrated our solutions-based approach to services".
Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India: “While remote work may continue for many, the demand for physical workspaces is expected to remain, especially when we look at the financial sector.”
According to a recent CRBE report, as of Q1,2021, Bangalore holds a Flex stock of 11.6 Mn sq. ft. which is the maximum in the country, followed by Delhi-NCR at 6.6 Mn sq. ft and Hyderabad at 5.7 Mn sq. ft. While these cities, along with Mumbai will continue to see further demand, Flex demand in cities like Pune and Chennai are also expected to see growth in the coming years.
