M3M has signed a mega deal with Incuspaze where 2,20,000 sq ft space has been provided on lease to them.
Real estate developer M3M has leased 220,000 sq ft to flexible workspace provider Incuspaze in their boutique office project M3M Urbana Premium on the Golf Course Extension Road, people aware of the deal said.
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“M3M is looking at office leasing as a major drive this year and aims to lease 20 lakh sq ft of Grade-A office space in the most sought-after locations in Gurugram. As part of this focus, we have signed a mega deal with Incuspaze – a leading flexible workspace provider — where 2,20,000 sq ft space has been provided on lease to them,” said Sudeep Bhatt, President, M3M.
In an strategic move, M3M is looking at keeping the premium office space as owned asset class to focus better on providing the finest workspaces to the rising demand in the office space segment this year. M3M today has an impressive portfolio of 56 projects spread across Gurugram, Noida and Panipat, with a staggering area of 6 mln sq ft.
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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.
The transaction is followed by 600,000 sq ft the company leased last quarter across three cities, and the flexible space operator continues to expand on the back of growing demand.
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.
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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 Bhatt of 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.
