India’s GCC Boom Driving Managed Workspaces Growth: Insights from Enzyme CEO
When global companies enter new markets, they often prefer flexibility than committing to large office leases.
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India’s commercial real estate landscape is undergoing a structural shift as Global Capability Centres (GCCs), startups, and digital-first companies increasingly seek flexible office infrastructure. This growing demand is accelerating the expansion of managed workspaces across major business hubs.
In an interaction with Ashish Agarwal, Founder & CEO of Enzyme Office Spaces, shares insights into the evolution of India’s flexible workspace industry and the journey of building Enzyme into a growing workspace platform.
Founded in 2014 and headquartered in Bengaluru, Enzyme Office Spaces operates across Bengaluru, Mumbai, Hyderabad and Delhi-NCR, with around 2 million sq. ft. of workspace and nearly 60,000 seats across India, serving more than 70 enterprise clients, including startups, SMEs and global companies.
An accidental beginning that sparked an entrepreneurial journey
For Ashish Agarwal, starting a workspace company was never part of a detailed entrepreneurial plan. After completing his MBA, Ashish Agarwal had secured a corporate job offer but decided to spend some time in Bengaluru helping expand his family’s spice trading business in South India.
“We took a small 21-seater office space. The idea was that a few seats would be used by our own team while the rest would be subleased,” Ashish Agarwal recalls.
Unexpectedly, the entire space was leased out quickly.
“That’s when I realised there was a genuine demand for flexible office spaces.”
What started as a small experiment soon evolved into a full-time venture. Over the next decade, Ashish Agarwal gradually expanded Enzyme’s footprint across India’s major business cities.
Why India is emerging as a GCC hub
According to Ashish Agarwal, the rapid expansion of Global Capability Centres is one of the biggest drivers of demand for managed office spaces in India.
“The most important factor is the strong manpower base available in India,” Ashish Agarwal explains.
Companies gain access to a large pool of skilled professionals across technology, finance, operations and customer service. At the same time, operating costs remain significantly lower compared to many global markets.
“Companies benefit from both sides—they get access to strong talent and a cost advantage,” Ashish Agarwal says.
This combination has encouraged multinational firms to establish innovation and technology hubs across Indian cities.
Why managed workspaces are gaining momentum
When global companies enter new markets, they often prefer flexibility rather than committing to large office leases immediately.
Ashish Agarwal says many GCCs begin with smaller teams and expand once they understand the local ecosystem.
“Most companies don’t start with a 300-seat office from day one. They typically begin with around 50 or 60 seats and scale once they see traction.”
Managed workspaces make this transition easier by allowing businesses to expand quickly without the complexities of setting up infrastructure themselves.
“We’ve seen companies grow from 50 seats to 300 seats within a year once their India operations begin to expand.”
This flexibility has made managed offices attractive for both multinational corporations and fast-growing startups.
How office design has evolved
Workplace design has also undergone significant changes over the past decade.
Ashish Agarwal notes that earlier offices were dominated by cubicles and hierarchical layouts.
“Previously, leadership teams had separate cabins and employees had larger individual workstations,” Ashish Agarwal says.
Today, companies are increasingly adopting collaborative and open layouts.
“Even founders and directors are comfortable sitting with their teams in open workspaces. This creates better communication and a more connected culture.”
The shift reflects a broader organisational change where collaboration and agility are becoming more important.
The rise of customised managed offices
While coworking spaces initially became popular among freelancers and early-stage startups, enterprises today prefer more customised workspace solutions.
Ashish Agarwal explains that Enzyme focuses on fully customised managed offices rather than standard coworking setups.
“When companies move into our spaces, we design the office according to their brand guidelines—from colour schemes to workstation layouts.”
The goal is to create consistency across global locations.
“If a company has offices in Singapore or London, the Bengaluru office should reflect the same culture and experience.”
A service-first approach
Unlike many workspace operators that prioritise aggressive expansion, Enzyme has focused on long-term client relationships.
“We have several companies that started with small teams and have grown multiple times while continuing to operate within Enzyme,” Ashish Agarwal says.
Some clients have expanded from fewer than 100 employees to thousands of seats while staying within Enzyme’s managed workspace ecosystem.
“If the service quality is consistent, companies don’t feel the need to shift their office,” Ashish Agarwal adds.
Hybrid work is reshaping office demand
The pandemic significantly changed how companies approach office infrastructure.
While offices remain essential for collaboration, hybrid work models have reduced the need for large office footprints.
“Earlier, if a company had 100 employees, they would take around 120 seats as a buffer,” Ashish Agarwal explains.
“Today many companies opt for smaller spaces because part of their workforce works remotely.”
As a result, offices are increasingly designed as collaborative environments rather than purely desk-based workspaces.
Technology and the future of workspaces
Technology is also influencing how offices are designed and managed.
Ashish Agarwal highlights innovations such as digital meeting room systems that allow employees to easily check room availability and improve workspace efficiency.
Another major shift is the move toward cloud infrastructure.
“Earlier offices required large server rooms. Today most companies operate on cloud platforms, which reduces the need for physical IT infrastructure.”
Ashish Agarwal believes India’s flexible workspace sector is still in its growth phase, with significant potential ahead.
“Earlier we had to explain what managed offices or flexible workspaces meant. Today companies already understand the concept and actively look for these solutions.”
Demand from GCCs, startups and digital-first companies is expected to drive the next phase of growth.
Looking ahead, Ashish Agarwal describes Enzyme’s long-term vision using a hospitality analogy.
“In the hotel industry, you have luxury five-star hotels and budget hotels. At Enzyme Offices, we aim to operate like a four-star hotel—offering the best services and infrastructure without unnecessary luxury costs.”