India’s flex space market has undergone one of the most dramatic transformations in the country’s commercial real estate history. From a niche category accounting for just 2.2 mn sq ft of transactions in 2017, the segment has expanded to 18.6 mn sq ft in 2025, representing an 8.4× increase over eight years and a CAGR of 30%, significantly outpacing the broader office market, which grew at 9% during the same period. This structural outperformance reflects a fundamental realignment in how occupiers from global enterprises to early-stage startups conceive of, consume, and contract for workspace.
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