91springboard Expands in NCR | Flexible Leasing Hits 12.4M Sq Ft | Google Renews at BKC | Sugar Cosmetics Expands
This week, FLEXO brings you the pulse of India's evolving workspace scene. 91Springboard is strengthening its NCR presence with an impressive one lakh square feet addition to meet rising coworking demand. The flexible workspace sector marked a major milestone in 2024, leasing a robust 12.4 million square feet and highlighting the shift towards agile work environments. In Mumbai, 谷歌 ’s renewed leases at BKC underscore its long-term commitment to premium office spaces, while SUGAR Cosmetics is expanding its operational capacity with a strategic new lease. Let’s explore how these developments are setting the pace for tomorrow’s workspace solutions.
91springboard Boosts NCR Footprint with 1 Lakh Sq Ft Addition
91Springboard has expanded its operations in the National Capital Region by adding one lakh square feet of flexible workspace across three centers. This expansion is aimed at catering to the growing demand for coworking spaces in the region. The new centers provide a mix of private offices, shared workspaces, and meeting areas tailored for startups, SMEs, and corporate clients. This move reinforces the company's commitment to scaling its operations and enhancing its service offerings in a competitive market. The strategic addition further positions 91springboard to capitalize on the increasing shift toward flexible work environments in NCR.
Flexible Workspace Leasing Hits 12.4 Million Sq Ft Milestone in 2024
Flexible workspaces in India achieved a significant milestone in 2024 by registering a gross leasing volume of 12.4 million sq ft. This robust figure underscores the strong demand for agile office solutions as companies adapt to new work models. Industry reports indicate that the leasing activity marks a steady recovery in the commercial real estate market following the pandemic. The impressive leasing volume reflects businesses’ growing preference for flexible, cost-effective workspace arrangements. Experts expect that as hybrid work models continue to gain traction, the sector will see further expansion in the coming years.
Southern Cities Dominate Commercial Leasing with Up to 26% Rental Growth
According to a recent report, South Indian cities have led India’s commercial leasing surge, witnessing significant rises in office rental rates over the past six years. Bengaluru led the growth with a 26% increase, with rates climbing from Rs 74 per sq. ft. per month in 2019 to Rs 93 per sq. ft. in 2024, while Hyderabad and Chennai recorded 25% and 20% increases, respectively. In contrast, the NCR region experienced only a 10% growth during the same period. Other regions like Pune and the MMR area saw moderate increases of 19% and 13%, highlighting the superior performance of the Southern markets. This surge, driven by strong demand from the IT sector and robust infrastructure, reinforces South Indian cities as premier destinations in India’s evolving commercial real estate landscape.
Google Renews Office Leases at Mumbai’s BKC
谷歌 India and Google Cloud India have renewed their office leases at Mumbai’s Bandra-Kurla Complex for five years starting June 2025. Google India secured nearly 1.11 lakh sq ft across two floors at a monthly rent of Rs 3.55 crore, while Google Cloud India renewed a lease for 38,678 sq ft at Rs 1.24 crore per month, both at Rs 320 per sq ft with a 15% escalation clause after 36 months. These renewals, including security deposits and stamp duty payments, underscore Google’s long-term commitment to maintaining a strong presence in Mumbai’s prime commercial hub.
Sugar Cosmetics Expands with 14,000 Sq Ft Lease from Enzyme Office Spaces
Enzyme Office Spaces has leased out 14,000 square feet of office space to SUGAR Cosmetics . The lease agreement marks a significant expansion move for the popular cosmetics brand. Sugar Cosmetics will utilize the new space to enhance its operational capacity and support its growth plans. The transaction reflects a robust demand for premium commercial office spaces in the current market environment. This deal further reinforces Enzyme Office Spaces’ strong foothold in the leasing segment.
Protean eGov Technologies Expands with 68,021 Sq Ft Lease in Mumbai
Protean eGov Technologies has signed a lease for 68,021 square feet of office space in Mumbai. The deal marks a strategic move aimed at bolstering the company’s operational capacity in the region. The newly leased space is expected to accommodate the firm’s expanding workforce and support its growth initiatives. This transaction reflects the robust demand for premium commercial properties in Mumbai’s competitive market. Industry analysts view the move as a strong indicator of confidence among key tech firms in the resilience of Mumbai’s commercial real estate sector.
This week’s updates highlight a rapidly evolving commercial real estate landscape in India. With strategic moves like 91springboard’s NCR expansion, significant leasing milestones, and key corporate renewals, the market is clearly adapting to the shift toward flexible workspaces. FLEXO is here to help you navigate these changes and find the perfect office solution for your needs. Contact us at +91-95133 92400 or visit www.flexospaces.com. Stay tuned for more insights next week!