Flex spaces in demand as 35-40% of firms prefer hybrid working: Awfis study

Survey finds that 45% of companies are looking for new office spaces including conventional and flexible ones, 35% have adopted a multi-office approach by collaborating with co-working spaces

With flexibility becoming the new trend in offices, some 35-40 per cent of companies of all sizes prefer the idea of hybrid working, finds the Indian Flex occupier’s survey.

The study was conducted by Awfis, a leading network of co-working spaces in collaboration with Qdesq, a tech-enabled workplace provider.

According to the survey, 45 per cent of corporations are looking for new office spaces including conventional and flexible ones, while 35 per cent have adopted a multi-office approach by collaborating with co-working spaces.

The outbreak of the pandemic saw many Indian workers move back to their hometowns. In response, businesses pivoted to a hybrid work model to give their employees the advantages of working from home and/or from the office. Organisations are progressively collaborating with flex space operators to ensure the seamless execution of the hybrid work model despite office area development in numerous places.

Commenting on the phenomenon, Amit Ramani, Founder & CEO, Awfis said, “The long-term future of business in general will be determined by current occupier patterns, which are also creating new expansion opportunities for flex space operators in the short term.”

This is an opportune time for flex space operators to reinvent their workspaces, diversify their presence in cities, and carefully analyse tenant expectations to accommodate them effectively, as flexibility continues to hold sway over workplace strategies of enterprises of all sizes, Ramani added.

Interestingly, the survey also finds that more than 70 per cent of smaller firms favour working from the office, while only 15 per cent of the larger firms do so too. Of these, 70 per cent prefer the hybrid mode.

Banking, insurance, and technology companies will lead the demand for office spaces in 2023, with the financial services industry's quick embrace of digital platforms and the availability of tech-savvy individuals in India, the survey said.

The post-pandemic era is witness to the deployment of new workspace models to maintain profitability and instill work flexibility and employees' well-being.

Moreover, most of the workforce prefers to work 3-5 days a week from office now that things are getting back to normal and offices are opening up, believing this will foster greater productivity and better teamwork. A smaller set of the workforce prefers two days at work.

“Amid such new and emerging trends, the need for key stakeholders to understand the mindset of modern-day businesses and their workforce to make informed decisions has become imperative. Our latest survey report, aimed at offering a better perspective, gives valuable insights into the changing preferences of flexible occupiers,” said Paras Arora, Founder & CEO, Qdesq.

"The study highlights the key impetus for enterprises to finalise the workspace, prioritise amenities, and work on tech enhancements. I am elated to see the collaboration between Qdesq & Awfis bearing out in the form of an impactful and influential survey report for key stakeholders in this ever-competitive and evolving flex market," Arora added.

According to the survey, most respondents are eager to collaborate with co-working players to implement a strategy for a distributed workforce, while 30 per cent of respondents are searching for more affordable alternatives to rental offices to have more financial flexibility.

Meanwhile, the remaining respondents want to choose managed offices to absolve themselves of workspace administration duties that would otherwise be expertly handled by office space providers.

Technology will play a key role in redefining workspaces by delivering a seamless user experience. Seventy six per cent of occupiers want a seamless tech interface to book meeting rooms and manage visitors, the survey said.

The experience that office spaces provide significantly impacts the decision-making matrix that will guide workspace selection, while many other elements affect a worker’s choices.

The survey also identifies that price and budget, along with office space availability, are more critical than the design and aesthetics of the working space. While events, activities, and technological infrastructure are ranked low on the priority list, they are still important factors to consider.