FLEX WORKSPACES
M3M leases 220,000 sq ft to flexible workspace provider Incuspaze in Gurugram
Flexible workspace provider Incuspaze has leased 220,000 sq ft in Gurgaon's M3M Urbana project, following a 600,000 sq ft lease last quarter across three cities. As demand grows, Incuspaze is expanding rapidly. The flex workspace market is expected to reach 100-140 million sq ft by 2030, driven by multinational companies and GCCs.
Table Space targets high growth, leases over 2.5 million sq ft across four cities
Table Space expands its presence in Indian cities by acquiring and leasing office spaces to meet the growing demand for managed workspaces. They aim to add more space in key metros and provide world-class workspace solutions.
Rentals across India’s key office markets up 4-8% in March quarter, Colliers
India's prime office markets witness 4-8% yearly rental rise driven by demand and quality supply, surpassing pre-pandemic levels in 2024. Occupiers across Asia Pacific are willing to pay more for superior offices. High-growth markets like MG Road Delhi and SBD1 Bengaluru show up to 20% rental growth. Flex spaces expand rapidly, constituting 15-20% of top 6 cities' office leasing.
WeWork expands India presence, adds two assets in Pune & Gurugram
The HQ27 located in Gurugram’s MG Road market, offers over 96,000+ sq. ft. of sace across three with over 1,480+ desks. The property ahs a 15 years lease agreement with WeWork.The Pune property is Situated within Pune’s largest mall complex - Amanora Mall, Amanora Crest offers over 87,000 sq. ft. of workspace with around 1,700 desks under operator model
Rapid growth set to drive consolidation among India’s flexible office providers
Flexible workspaces in India have been witnessing rapid growth, leading to industry consolidation through mergers and acquisitions among major players like WeWork and Brookfield. The evolving sector is expected to reshape the market dynamics and set new industry standards. According to Ankit Gupta, president, Brookfield Properties, India is a global talent hub and the demand for an integrated live-work-play environment is driving a flight-to-quality trend. This extends to coworking spaces, paving the way for consolidation.
Flexible workspace market size likely to touch 126 million sq ft by 2028
The flex workspace market in India is dominated by product-led operators offering flexible office solutions across the spectrum. Various sectors such as information technology (IT) & IT-enabled services, banking, financial services, and insurance (BFSI), consulting, e-commerce, manufacturing, and emerging startups, alongside the steady influx of global captive centers (GCCs), are driving this demand.
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Co-working firm 315Work Avenue aims to double portfolio amid high demand
It also plan to expand its presence in the New Delhi & NCR and Hyderabad markets. The company aims to have a presence across 10-12 cities in its portfolio over the next two years. It also plans to scale up its operations in Bangalore to over 50 centers from the current presence of 30 centers.
Bhive Workspace leases office space in Adani’s tower in Mumbai’s Bandra-Kurla Complex
The company is planning to use the space leased through two separate agreements to set up managed coworking offices. Bhive’s holding company Tusker Workspace has entered into this lease agreement with Adani subsidiary Sunbourne Developers.
Workplace interior design companies see big business in smaller towns
Small-town entrepreneurs are increasingly investing in modern office interiors, leading to a surge in demand for workspace interior companies. Local businesses in cities like Jaipur, Panchkula, and Sonipat are renovating their offices with modern designs, open chambers, and collaboration areas. Startups like OfficeBanao and 91Squarefeet are catering to this demand, offering services for commercial interiors in tier-2 cities. This trend is driven by the ambition of small-town business owners, who seek quality office interiors to enhance productivity and competitiveness.
Flex office space operators leases 1.6 million sq ft in tier 2 cities
Flexible office space operators are leasing space in tier 2 cities like Ahmedabad, Indore, Lucknow, and Bhubaneswar. According to CBRE, flex office space operators took 1.6 million sq ft in 2023 in 10 tier 2 cities. The report highlights the potential of markets such as Chandigarh, Jaipur, Coimbatore, Thiruvananthapuram, and Vishakhapatnam.
Workspace solutions provider Awfis Space files DRHP for IPO
The IPO comprises a fresh issue of up to Rs 160 crore and an offer for sale of up to 1 crore equity shares. Under the OFS, Peak XV Partners will sell 50 lakh shares, Bisque Ltd will offload 49 lakh shares and Link Investment Trust will give up 75,174 shares. The company proposes to utilise the net proceeds from the offer towards funding capital expenditure towards the establishment of new centers, working capital requirements, and general corporate purposes.
SEZ denotification to bridge demand supply gap for flexi office operators
The relaxation of Special Economic Zone (SEZ) regulations, coupled with growing demand for flexible office solutions, is poised to enhance the availability of grade-A office spaces. This development has the potential to alleviate the prolonged scarcity in a high-demand market segment. Additionally, partial de-notification is anticipated to release space formerly designated for domestic business purposes.
Flexible office space market set for big growth
Flex space stock across the top six cities has almost doubled since 2019, and is currently at 43.5 mn sq ft, comprising 6.3% of the total Grade A office stock. India's flex space market has outpaced peers in the Asia Pacific region as it grew stronger and bigger post pandemic amid evolving workplace trends, increasing diversification of occupier-base and realignment of real estate portfolio by corporates.
WorkEZ surpasses 1 million sq ft of flex office space
“The ever-evolving nature of work culture today demands adaptable office solutions, and WorkEZ remains committed to providing cutting-edge workspaces that cater to diverse business needs. WorkEZ leverages in-house design and project teams to custom-suit office spaces that enhance collaboration, productivity, and employee satisfaction and retention for its clients. The strength of WorkEZ’s value proposition is apparent in its over 90% occupancy rate across its portfolio,” said Prathap Murali, WorkEZ’s Head of Business for India.
Hanto Workspaces raises Rs.15 crore in seed funding led by KredX founder Anurag Jain
Hanto Workspaces secured Rs 15 crore in seed funding led by Anurag Jain of KredX and other angel investors, planning to expand across major Indian cities. The company, experiencing substantial growth amid the pandemic, aims to double its revenue in FY 2023-24. Their innovative 'pod' model integrates various amenities and technology-driven solutions, currently serving a mix of large enterprises and retail clients across 70 offices in Bangalore. The investment will aid team expansion, new acquisitions, and an ambitious nationwide expansion over the next five years.
Bhive Launches it's largest 1.5 lakh square feet coworking facility in Bangalore’s Central Business District
“The co-working industry in India is at an inflection point with the rapid proliferation of such facilities across the industry and occupiers across sectors actively taking up spaces. The co-working space will offer nearly 3,500 seats and many offerings like food and beverages,” Shesh Paplikar, Founder and CEO of BHIVE Workspace, said.
WeWork India opens its 50th workspace, forays into the national capital
WeWork India, the leading workplace provider, has leased 54,000 sq ft office space in New Delhi, its 50th workspace in the country. The new building also marks WeWork India’s foray into New Delhi. The newly opened property offers workspaces tailored to changing business needs, with 700 desks. The launch of Eldeco Centre marks WeWork India’s entry into New Delhi, their seventh location.
Flexible workspace provider Etherea leases 2.2 lakh sq ft with Bhutani
"We are in the advanced stages of discussion to lease space in Goa and Gurgaon as well. The space we have leased with Bhutani will be operational soon, and we are looking to expand both in NCR and outside NCR," said Nitin Gupta, founder and CEO of Etherea Ventures.
Flex space stock in Pune to cross 8 mn sq ft by 2025: Colliers
Pune’s flex space stock is expected to cross 8 million sq feet by 2025, driven by demand from technology and other mainstream sectors, accounting for 10% of the total office stock of the city, according to Colliers’ latest report ‘Pune – Tech-tonic shift to flex’.
Rising demand pushes India amongst fastest-growing flex office markets globally
India is witnessing strong growth in demand for flexible office space solutions from large enterprises and startups from various industries across geographies, driven by COVID-19. The country’s operational flexible office stock across top seven cities has reached over 53 million square feet, with a nearly 75% increase from pre-pandemic levels of about 30.3 million square feet.
India’s flexible office segment to grow 10-12% in 2023: Colliers
In India, flexible spaces are becoming an integral part of occupiers’ portfolio and their share is estimated to increase to 10-12% in 2023, from 5-8% before the Covid-19 pandemic in 2019, according to industry experts.
Building future-ready workspaces
As companies try to readjust to in-office work after the pandemic, the role of workspaces is being reconsidered. Ernst & Young suggests that offices could become a network of spaces, rather than just a place to work, with employees able to choose specific days and objectives for coming in. The cost of real estate is leading to businesses exploring flex spaces, including coworking spaces, virtual offices and managed offices, and coming up with more flexible leasing arrangements, such as franchise and profit shares lease models. Offices are also investing in sustainability measures.
India's flexible workspace market likely to reach 126 million sq ft in next four years
The report, titled "India Flexible Workspace Report" highlights the increasing demand for flexible workspaces, particularly in light of the Covid-19 pandemic, which has led to a dynamic shift towards remote and hybrid working models. It interestingly brings out the fact that co-working inventory in Bangalore (13.6 msf) is nearly equivalent to the sum of MMR (6.3 msf) and NCR (7 msf), which again is equivalent to the sum of Pune (5.3 msf), Chennai (2.8 msf) and Hyderabad (5.7 msf).
Leasing by flex space operators inches closer to that of technology companies
Flex occupiers leased 2.1 mn sq feet of space during Q1 2023, accounting for 20%, a few paces behind the technology sector’s share at 22%. Both sectors accounted for nearly 42% of the total leasing across the top 6 cities, mentioned Colliers.
Office vacancy levels drop sharply YoY; Q4 sets the tone for a cautious 2023: Colliers
Albeit higher than pre-pandemic levels, vacancy levels have declined every successive quarter of 2022 as leasing momentum remained positive, mentioned colliers.
Flex Space: Companies leased over 100k seats in 2022
"Continued demand from established companies and the flourishing startup ecosystem, coupled with the new hybrid culture, has positively impacted the flex space take-up," said Ramita Arora, managing director, Bengaluru & head - flex at property consultant Cushman & Wakefield.
Flexible workspace demand rises, companies seek customisation
The entire flexible workspace universe has shifted from a cookie-cutter approach of standard workspace options to a more customised, enterprise solution with a big focus on end-to-end space and amenities management.
Awfis set to add 40k seats by year-end as demand surges
The company also aims to cross Rs 1,000 crore in annual revenue by the end of the next financial year, Awfis founder Amit Ramanitold ET. "We were generating revenue of Rs 20 crore a month in March 2020 and currently we are almost touching Rs 45 crore a month,” said Ramani, who is also the CEO of the Indian company.
Awfis leases 65,000 sq. ft. flex office to UNext in Bengaluru
“Our new Headquarters in Bengaluru will be a reflection of our values and culture. Like our aim to transform education and learning through technology, our cutting-edge corporate office will also have new-age elements to transform our employee and learner experience. We are delighted to partner with a leading player like Awfis for our evolved needs” said Ambrish Sinha, CEO, UNext Learning.
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