New Delhi: India’s flexible workspace market is projected to more than double to $9–10 billion by 2028, driven primarily by the rapid expansion of Global Capability Centres (GCCs), according to a joint report by Smartworks Coworking Spaces and advisory firm UnearthIQ.
The report estimates that GCCs will account for 160–200 million sq. ft. of office demand by 2030, of which 65–80 million sq. ft. is likely to be absorbed by flex and managed office operators. This reflects a structural shift among enterprises towards asset-light, opex-led workplace models, as companies prioritise scalability, speed to market and experience-led work environments.
India currently hosts over 1,850 GCCs, employing around 2.2 million professionals, with an annual addition of 80,000–120,000 seats. This expansion represents a $170–254 million annual opportunity for workspace operators, the report said.
Smartworks co-founder Harsh Binani said GCCs are increasingly seeking “scalable, intelligent, experience-first environments” rather than conventional office infrastructure, a trend accelerating demand across both Tier-1 and Tier-2 cities.
The study also places the broader commercial real estate market at $50–60 billion, expected to reach $120–130 billion by 2030, with office real estate—currently valued at $22–26 billion—undergoing rapid transformation due to GCC growth, hybrid work models and regional diversification.