Smartworks Coworking Spaces Limited, in collaboration with UnearthIQ, has released a report titled "India's Next Commercial Real Estate Wave: The Rise of Flex Spaces Fueled by GCC Growth." The report forecasts that India's flex space industry will surge to $9-$10 billion by 2028, a significant increase from its current valuation of $3-$4 billion. This growth is primarily driven by the rapid expansion of Global Capability Centers (GCCs) in India. By 2030, GCCs are expected to require 160-200 million sq. ft. of office space, with flex workspaces projected to capture 65-80 million sq. ft. of this demand. The report highlights a strategic shift by enterprises towards asset-light, Opex-led models and an increasing demand for agile, scalable workspaces in Tier-1 and Tier-2 cities. India's 1,850+ GCCs currently employ approximately 2.2 million professionals and are expanding by 80,000-120,000 seats annually, presenting a yearly opportunity of $170-$254 million for workspace operators. Harsh Binani, Co-Founder of Smartworks, emphasized the company's commitment to enabling GCCs through its SmartVantage platform. Gaurav Vasu and Shail Maniar from UnearthIQ noted that the success of GCCs increasingly depends on experience-first workplaces rather than traditional infrastructure. The broader Indian commercial real estate market, valued at $50-$60 billion, is projected to reach $120-$130 billion by 2030. The office segment, particularly influenced by GCC and IT/ITeS growth, hybrid work models, and Tier-2 expansion, is seeing branded flex spaces emerge as the fastest-growing category. Flex space operators are evolving into end-to-end GCC-as-a-Service partners, offering a comprehensive suite of solutions.