New Delhi: Listed flexible office space operators are expected to contribute almost half of India’s flexible office market, which is set to reach 100 million sq ft by year end.Four operators have already gone public and at least three more IPOs are expected in the segment.According to the investors' presentation of four listed companies—Smartworks, Awfis, WeWork and Indiqube—they together have over 30 million sq ft of operational portfolio.Smartworks, which has 9.2 million sq ft of operational area as of December 2025, is likely to be the first flexible workspace operator to reach 10 million sq ft of operational office space by March 2026, according to disclosures made in its Q3 FY26 investor presentation filed with stock exchanges.“We have secured 100% of our supply for FY27, with substantial progress already made for FY28. We continue to see strong demand-led execution, with LOIs signed for more than 1.62 million sq ft during the quarter and are committed to a sustained growth trajectory of 3 million sq ft per year,” Neetish Sarda managing director and founder of Smartworks, told investors during the Q3FY26 earnings call.Awfis with 8.1 million sq ft of operational portfolio as of December 31, 2025, WeWork with 8.2 million sq ft of operational portfolio and Indiqube with rentable area of 6.7 million sq ft as of September 2025, are not far behind.“Industry tailwinds remain favourable, supported by sustained office leasing momentum, increasing enterprise preference for flexible and managed workspace solutions, and continued expansion of GCCs across tier 1 and tier 2 markets,” Amit Ramani, chairman and managing director, Awfis Space Solutions Ltd, said in the investors' presentation.With Table Space and The Executive Centre also in the process of getting listed, the share of listed companies in the flexible office stock will go further up.“As organisations rethink workplace strategies and India continues to attract global capital and talent, flexible workspaces are fast becoming essential infrastructure,” Karan Virwani, MD & CEO, WeWork India, said in the investors' presentation.According to Cushman & Wakefield, flexibility and agility are driving India’s flex space story, and this trend is set to accelerate as firms actively seek business-ready offices to rapidly scale or adjust headcount as needed.The next 3-5 years are expected to bring consolidation, with leading players cementing their market share while niche and regional operators continue to serve specialised requirements.Smartworks added about 2.6 million sq ft in Q3 FY26 alone, and it has also disclosed that it has already identified and tied up a strong supply pipeline for delivery through FY27, providing visibility on future operational expansion without relying on speculative additions.India’s flex space industry is entering a hyper-growth phase, projected to surge to $9-10 billion by 2028, propelled by the rapid expansion of global capability centres (GCCs). The flex space market currently is valued at $3-4 billion.
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