Flex space providers to capture 40% of GCCs demand of office space by 2030: Report

New Delhi: Flex space will capture almost 40% of GCCs demand of office space in India by 2030, signaling a shift towards asset-light, Opex-led models, according to a joint report by Smartworks and UnearthIQ.,

GCCs will require 160–200 million sq. ft. of office space by 2030, and flex workspaces will capture 65–80 million sq. ft. of this demand.

India’s 1,850+ GCCs employ nearly 2.2 million professionals and are expanding rapidly, adding 80,000–120,000 seats annually and creating a $170–254 million yearly opportunity for workspace operators.


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 Centers (GCCs), the report finds. The flex space market currently is valued at $3-4 billion.

“GCCs are no longer looking for just offices - they are seeking scalable, intelligent, experience-first environments that help them innovate faster and operate globally,” said Harsh Binani, Co-Founder, Smartworks.

At large, India’s commercial real estate market size by economic activity, valued at $50–60 billion and the fourth-largest globally, is on course to reach $120–130 billion by 2030, fueled by demand for Grade A offices, e-commerce warehousing, institutional capital inflows, and policy catalysts like the Registration Bill 2025.

The $22–26 billion office segment, which forms 40–50% of the total market, is being reshaped by GCC and IT/ITeS growth, hybrid work models, and Tier-2 expansion. Within this shift, branded flex spaces have emerged as the fastest-growing category, rapidly outpacing traditional offices.

“The real inflection point for GCCs has been recognizing that success depends more on experience-first workplaces than traditional infrastructure models. Flex operators who can combine scale with technology, near-shore reach, and end-to-end enablement will define the next decade of GCC growth,” said Gaurav Vasu, Co-Founder and CEO, UnearthIQ.