Your Weekly Dose of News from the Commercial Real Estate Industry
Ofis Square's Next Big Coworking Move on MG Road, Gurgaon!
Exciting news for the coworking community in Gurgaon as Ofis Square prepares to unveil their latest coworking space at MG Road - the Vatika Annexe.
With the rising demand for flexible workspaces, this expansion is a testament to Ofis Square's determination to meet the changing needs of professionals and businesses.
Currently, Ofis Square has a strong presence in the market with two thriving Coworking Spaces in Gurgaon at prime locations - MG Road (Vatika Triangle) and Sohna Road (Vatika Business Park). These contemporary workspace options have significantly fostered a collaborative environment for various startups, freelancers, and corporates.
On the upcoming Vatika Annexe launch, Ofis Square's founder Saroj Mittal remarked that their company creates spaces and crafting experiences. Every centre Ofis Square established is designed keeping in mind the dynamic needs of its members. The Vatika Annexe at MG Road is another leap towards redefining the future of work and providing unparalleled facilities to the coworking community.
With this promising addition to its portfolio, Ofis Square is undoubtedly strengthening its position in Gurgaon's coworking landscape. Those seeking a modern, innovative workspace in the city should watch for the launch of Vatika Annexe - it's sure to be groundbreaking!
CapitaLand Investment Initiates Business Park Fund in India
凯德 Investment Limited (CLI) has recently launched The CapitaLand India Growth Fund 2 (CIGF2), a business park development fund with a target size of S$525 million. The fund aims to invest in Grade A business parks in prime locations across India's leading cities.
In the first phase, CLI has secured S$263 million from an international institution, representing a 50% stake in the fund's inaugural closing. CLI will also contribute its equity for a 20% stake, bringing the total equity commitment to S$368 million. This move is expected to increase CLI's Funds Under Management (FUM) by an estimated S$700 million.
CLI has been active in the Indian real estate market for three decades, which lends credence to its expertise. CLI recognises India's potential as a rapidly growing economy and sees opportunities to invest in contemporary assets like data centres, logistics hubs, and industrial properties through dedicated funds.
CIGF2 has a dominant 70% equity in International Tech Park Chennai , Radial Road (ITPC-Radial Road) and purchased it from CLI for S$95 million. Despite the change in equity, CLI will continue to manage the ITPC-Radial Road asset post-divestment. ITPC-Radial Road, with 2.6 million square feet of Grade A office spaces and cutting-edge infrastructure, is located at the heart of Chennai's business district. It primarily caters to the IT and IT-Enabled Services sector and enjoys excellent transport connectivity, including an upcoming metro line. The project's Phase 1 is expected to be completed by the third quarter of 2023 and has attracted significant interest from prospective tenants.
CLI's divestment of ITPC-Radial Road to CIGF2 demonstrates the company's strategic capital recycling approach, which aims to increase its FUM progressively. CLI remains committed to the evolving landscape of office spaces in India , with high occupancy rates in its business parks and strong demand from global and local IT firms.
Pune Dominates Flex Spaces Penetration in India, Over 8 MSF is Expected by 2025 - Colliers India
Pune, a tech hub in India, has overtaken Bengaluru in flex space penetration, according to a report by Colliers India . The report suggests that Pune will have over 8 million square feet of flexible spaces by 2025, contributing to 10% of the city's total office inventory.
Pune's flexible space growth results from favourable conditions, such as a vibrant investment landscape, high-tech demand, and budding startups. The pandemic has only accelerated this momentum, with the city's dynamic young population and thriving startup ecosystem driving demand for flex spaces. Colliers ’s report further highlights that 75 per cent of Pune's total flex inventory is concentrated in Baner -Balewadi and CBD, with areas like Viman Nagar and Kharadi yet to harness their potential fully.
From 2018 to June 2023, Pune's flex space inventory has increased four-fold, currently standing at 5.4 million sq ft, making Pune the leader in flex space penetration among India's top cities. While Bengaluru remains the dominant flex space market in volume, Pune leads with a penetration rate of 8.3%.?
Enterprise outsourcing drives this surge, boosting occupancy rates within Pune's flexible spaces. As organisations prioritise flexibility, scalability, and fiscal efficiency, Flex spaces in Pune are set to gain even more significance. Other cities like Hyderabad , Delhi NCR, Mumbai , and Chennai also see a rise in demand for flexible spaces.
Most In-Demand Locations This Week-
Metro City: Delhi
Micromarket: Connaught Place
Non-Metro City: Kochi
Micromarket: Edappally & Palarivattom