India, Dec. 19 -- India's flexible workspace segment is projected to grow to $9-10 billion by 2028, nearly tripling from the current $3-4 billion, driven largely by the rapid expansion of Global Capability Centres (GCCs), according to a joint report by Smartworks Coworking Spaces and UnearthIQ.

Titled India's Next Commercial Real Estate Wave: The Rise of Flex Spaces Fueled by GCC Growth, the report said GCCs are expected to generate demand for 160-200 million sq ft of office space by 2030, of which flex and managed workspaces could capture 65-80 million sq ft, or nearly half of incremental demand.

GCCs, also known as global in-house centres or captives, are offshore units of large multinationals that handle technology, analytics, operat...