Flexible space providers including coworking and serviced office operators have undertaken dramatic growth across Asia Pacific in recent years, fueled by growing demand from a broadening base of end-users including startups, small and-medium sized enterprises, and large corporates.
CBRE data show that since 2016, flexible space operators have increased their Asia Pacific footprint by more than 300% following aggressive expansion in existing cities and new markets.
As of March 2019, their total office footprint in the region stood at 54 million sq. ft., accounting for more than 3% of overall office supply.
China and India host the largest volume of flexible space, with Shanghai (9 million sq. ft.) and Bangalore (6 million sq. ft.) the largest city markets within each country.
