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In a major deal with real estate developer Runwal, managed workspace provider Table Space was able to secure a long-term lease of over 1.31 lakh sq ft in the developer's commercial tower in the vibrant suburb of Andheri, Mumbai. The term is more than ten years, and the total rental payment is more than Rs 333 crore. What makes this deal even more substantial is the provision enabling Table Space to potentially expand its lease by an additional 1.97 lakh sq ft, bringing the total deal size to an impressive 3.30 lakh sq ft.
The Runwal R Square, a Grade A commercial development spanning 1.1 million sq ft, sits strategically on Andheri-Kurla Road, near the international and domestic airports. Its 14-storey office tower, nearing completion, boasts a generous carpet area of 50,367 sq ft on each floor.
Table Space Technologies' innovative approach to office space will see its new premises span two floors initially, with an option to extend to five floors. The company's current portfolio surpasses 9.5 million sq ft, inclusive of this new lease. Across seven key cities in India, Table Space's portfolio accommodates over 75,000 seats, with the newly leased centre expected to be operational by September, offering a capacity of around 1,500 seats.
In a parallel strategic move, A major flexible office lease transaction was recently completed by Table Space Technologies in Bengaluru, wherein it leased 3.5 lakh sq ft to Schneider Electric IT Business India and signed Microsoft for an additional 300,000 sq ft in the same property.
This agreement is similar to WeWork's historic lease of a whole 16-story commercial tower in Mumbai's business district, Bandra Kurla Complex (BKC), for a monthly rental of Rs 4.3 crore, when considering the country's active office space market.
India has become a global hub for flexible office space, particularly driven by heightened demand after the Covid-19 pandemic. The surge is fuelled by factors such as the rapid growth of startups, evolving work culture, and the increasing need for cost-effective and flexible office solutions. Enterprises of diverse origins, scales, and industries are increasingly integrating flexible offices into their portfolios, accommodating flagship offices, high-end research and development teams, and various business functions. The dynamic landscape of the flexible office space market in India continues to be a testament to the evolving needs of businesses across the country.
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