India has emerged as a global economic powerhouse, attracting big industries from around the world. The country’s vibrant business ecosystem, diverse talent pool, and favourable policies have made it the preferred destination for many multinational corporations. One crucial factor that further contributes to this trend is the availability and convenience of flex and managed office spaces. These advanced workplace concepts have transformed the entire office space segment in a very short span of time. Moving further in this blog, we will understand why India is recognised as one of the most prominent destinations for large MNCs and other domestic corporations.
India’s business landscape has evolved significantly over the past few decades. The country’s economic liberalization in the early 1990s opened the doors to foreign investments, and since then, it has witnessed steady growth and development. Considering the current business landscape, India has achieved new milestones. Traditional office setups ruled the commercial real estate sector for a long time but today the trend has shifted in favour of coworking and managed workspaces.
India’s Top 4 Cities for Flexible Office Space Stock According to BQ Prime
The co-working space market in India was once dominating the CRE segment but by introducing managed and flexi workspace solutions, operators created a sense of awareness among entrepreneurs. A recent report from BQ Prime revealed the top 10 cities in the Asia Pacific region for flexible office space stock. India kept on dominating the flex workspace segment as Bengaluru, Delhi-NCR, Hyderabad, and Mumbai secured the rankings of 1, 3, 7, and 9 respectively. This report also supports the claims that many industry experts have made regarding the growth and dominance of flex spaces in India for all sizes of businesses.
Why has India become the go-to destination for Big MNCs?
Recently, Apple launched its first-ever retail store in India and is soon to begin its manufacturing unit as well. Earlier this year, Google leased more than 100,000 square feet of co-working in Pune for a tenure of three years. Similarly, Amazon has been leasing lakhs of square feet of area in multiple cities for seamless operations. These leasing activities from leading players demonstrate the bright future of the flexible and co-working space market in India.
Coming back to the focal point, let’s discuss why India is an important region for MNCs to expand their business.
- A Vast Pool of Talented Professionals:
India boasts a massive and diverse talent pool, with millions of skilled professionals across various domains. Its strong educational institutions produce engineers, IT professionals, scientists, and business experts, making it an ideal destination for industries requiring a skilled workforce.
- Thriving Consumer Market:
India’s massive population presents an enormous consumer market. This market potential has attracted companies from various sectors, including consumer goods, retail, and e-commerce.
- Favourable Regulatory Environment:
The Indian authorities have introduced numerous policy reforms to encourage foreign direct investment (FDI) and ease the business environment. These reforms have simplified the process of setting up and running a business in India, making it more attractive to big industries.
- Robust Infrastructure:
India has made significant investments in infrastructure development, including transportation networks, technology parks, and industrial corridors. This has improved connectivity and accessibility for businesses.
So, these are some of the major factors that captivate foreign players to come in and set up their business unit and utilize the opportunity most efficiently. Now, let’s talk about the role of managed and flexible workspaces in the Indian business landscape. Here You can find the JLL- Smartworks report on Flex space Industry in India
The Role of Managed and Flex Workspaces
Flexible and managed office spaces have played a pivotal role in facilitating the expansion of big industries in India. Here’s how:
Flexible and managed office spaces offer a cost-effective alternative, allowing businesses to start operations quickly without the burden of long-term commitments.
Flex workspaces offer the flexibility to scale up according to business needs, providing cost savings and adaptability.
- Prime Locations:
Many flex and managed office spaces are strategically located in prime business districts and technology hubs. This ensures that big industries can establish their presence in key areas without the hassle of property acquisition.
- Plug-and-Play Infrastructure:
These spaces come equipped with essential infrastructure, such as high-speed internet, meeting rooms, collaboration zones, and much more. This eliminates the need for lengthy setup processes and allows businesses to focus on their core operations.
- Access to a Vibrant Ecosystem:
Many flex office providers create ecosystems that foster collaboration and networking. Big industries can benefit from being in close proximity to startups, tech companies, and other businesses, leading to potential partnerships and innovation.
India’s rise as the preferred destination for big industries is no accident. A combination of factors, including a skilled workforce, a burgeoning consumer market, and a favourable regulatory environment, has attracted multinational corporations to the country. Furthermore, the availability of managed and flexible workspaces has simplified the entry and expansion process for these industries. As India continues to grow and evolve, we can expect this trend to persist, making India a hotspot for global business opportunities.
If you’re also looking for fully furnished and tech-enabled workspaces, then Smartworks is here to assist you. Smartworks is India’s largest platform for managed and flexible workspaces with a presence across 14 cities including Delhi-NCR, Bangalore, Hyderabad, Mumbai, Pune, Chennai, Ahmedabad, Jaipur, Indore, Kolkata, Coimbatore, and Kochi.
So what are you waiting for? Connect with Smartworks today and lease the best workspace at a prime commercial location to gain a competitive edge.