In response to rising demand from corporate occupiers, flexible workspace provider Incuspaze has leased 5.8 lakh square feet of office space in Gurugram, the company said in a statement on July 1. This includes 2.20 lakh sq ft space in M3M Urbana Premium on Golf Course Extension Road, and 3.5 lakh sq ft in Udyog Vihar.
“Incuspaze expansion marks a significant step in our growth strategy, allowing us to better serve our clients with managed office solutions. The Golf Course Extension Road and Udyog Vihar locations are pivotal for businesses looking for connectivity and convenience,” said Sanjay Choudhary, founder and CEO, Incuspaze.
Also read: BHIVE coworking leases commercial space from Adani Realty for ₹1.39 crore a month
Speaking on the partnership, Sudeep Bhatt, president, M3M India, said: “We are delighted to welcome Incuspaze to our esteemed office space portfolio at M3M Urbana Premium. I am confident that the location, peripheries, approach and surroundings, would all suit Incuspaze.”
The Gurugram-headquartered coworking player currently commands a presence in 44 locations across 18 cities with a total portfolio of 3 million sq ft.
Flexible office segment witnesses increased demand
According to a June 2024 report by property consultancy Colliers, the flexible office space segment across the top-6 cities in India registered its highest ever quarterly demand in the April-June period at 2.6 million square feet. Bengaluru and Delhi-NCR alone accounted for 65% of this demand.
Also read: Office leasing across top 6 markets up 16% annually at 15.8 mn sq ft in Q2 2024; Mumbai and Bengaluru drive demand
“Flex operators have already leased about 4.4 million square feet of space in H1 2024, underscoring the occupiers’ continued preference for flex spaces,” said Vimal Nadar, who is a senior director and head of research at Colliers India.
Others agreed. “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.
Also read: Flex office space contributes to more than one-third of Delhi-NCR’s office leasing activity in Q1 2024
