NEW DELHI: Publicly listed flexible office space operators are poised to account for nearly half of India’s flexible office market, projected to reach 100 million sq ft by year-end.
Currently, four operators have gone public, with at least three more IPOs anticipated in this sector.
According to the investors’ presentation from Smartworks, Awfis, WeWork, and Indiqube—all listed companies—these firms collectively manage over 30 million sq ft of operational space.
Smartworks, boasting 9.2 million sq ft of operational area as of December 2025, is expected to be the first flexible workspace provider to exceed 10 million sq ft by March 2026, as per its Q3 FY26 investor presentation disclosed to stock exchanges.
“We have secured 100% of our supply for FY27, with significant progress for FY28 as well. We are witnessing robust demand-driven execution, with LOIs signed for over 1.62 million sq ft during the quarter, and we aim for sustained growth of 3 million sq ft annually,” stated Neetish Sarda, managing director and founder of Smartworks, during the Q3 FY26 earnings call.
Awfis, with an operational portfolio of 8.1 million sq ft as of December 31, 2025, WeWork at 8.2 million sq ft, and Indiqube with 6.7 million sq ft as of September 2025, are not far behind in the race.
“The industry’s trends remain favorable, driven by continuing office leasing momentum, increasing corporate preference for flexible and managed workspace solutions, and the ongoing growth of Global Capability Centres (GCCs) in tier 1 and tier 2 markets,” said Amit Ramani, chairman and managing director of Awfis Space Solutions Ltd, during the investors’ presentation.
With Table Space and The Executive Centre moving toward public listings, the presence of listed companies in the flexible office sector is set to increase even more.
“As organizations reevaluate workplace strategies and India draws global capital and talent, flexible workspaces are rapidly becoming essential infrastructure,” remarked Karan Virwani, MD & CEO of WeWork India, during the investor presentation.
Cushman & Wakefield notes that flexibility and agility are at the forefront of India’s flex space narrative, with this trend expected to accelerate as companies actively pursue business-ready offices for quick scaling or headcount adjustments.
The upcoming 3-5 years are predicted to see consolidation, with leading players solidifying their market share while niche and regional operators cater to specialized needs.
In Q3 FY26 alone, Smartworks expanded by about 2.6 million sq ft and has disclosed a robust supply pipeline for FY27, ensuring future operational growth without speculative additions.
India’s flex space industry is on the verge of hyper-growth, projected to soar to $9-10 billion by 2028, fueled by the rapid expansion of GCCs. Currently, the flex space market is valued between $3-4 billion.
