July 3, 2024 |
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 with M3M Urbana project on the Golf Course Extension Road, people aware of the deal said. The transaction is followed by 600,000 sq ft company leased last quarter across three cities and flexible space operator continue to expand on the back of growing demand.
Flex workspace market is expected to grow from 55 million sq ft to 100-140 million sq ft by 2030. “The Golf Course Extension Road and Udyog Vihar locations are pivotal for businesses looking for connectivity and convenience,” said Sanjay Choudhary, Founder & CEO, Incuspaze.
Incuspaze operates across 44 locations in 18 cities with a total portfolio of 3 million sq ft. “Following the resilience shown by the office sector, we foresee a positive outlook for 2024. The growth is driven by multinational companies and Global Capability Centres, with an enduring presence of a skilled talent pool attracting a broader spectrum of companies,” said Sanjay Chatrath, managing partner, Incuspaze.
The rise of flex office spaces in India has been a significant trend in recent years. One of the major advantages of flex office spaces is the ability to scale up or down as per the business requirements.
“M3M has been developing its commercial portfolio keeping all our clients’requirements in mind. All our commercial properties are best in class and situated at strategic locations in NCR,” said Sudeep Bhatt, President, M3M India.
Incuspaze has also leased 350,000 sq ft in Gurgaon’s Udyog Vihar in addition to 150,000 sq ft in Pune and 60,000 sq ft in Jaipur as it is looking to add 1.5 million sq ft in 2024.
Additionally, traditional office spaces in prime locations often come with high rents and long-term lease agreements. Flex office spaces offer a more cost-effective alternative, as businesses can rent only the space they need for a specific period, avoiding hefty upfront costs and long-term commitments.
Source : ET
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