December 16, 2024 |
Incuspaze Leases 100,000 Sq Ft of Office Space at HQ27 in Gurugram
Incuspaze, a flexible workspace provider, secured 100,000 sq. ft. at HQ27 in Gurugram, aiming to raise $25 million pre-IPO. This expansion reflects the booming Indian office market, particularly in Delhi NCR. Incuspaze plans further growth, targeting 2 million sq. ft. by 2025, amidst a projected surge in flexible workspace demand driven by hybrid work models.
Incuspaze, a flexible workspace that is looking to raise $25 million in a pre-IPO funding round ahead of its public listing next year, has taken up 100,000 sq. ft. of office space at HQ27 in Gurugram.
Previously, Nvidia had leased 73,000 sq. ft. at The Headquarters 27, a commercial project by Bharti Realty in Gurgaon.
The facility at HQ27 has the capability to accommodate over 1500 seats.
“By expanding at HQ27, we are not only tapping into Gurugram’s growing commercial potential but also offering global businesses a workspace that combines convenience, accessibility, and a modern, sustainable environment that supports both employees and enterprises,” said Sanjay Chatrath, Co-founder and managing director, Incuspaze.
Gurugram is a thriving hub for businesses, due to its excellent connectivity, modern infrastructure, and business-friendly policies. These factors have made it a top choice for flexible workspace providers and companies looking to establish a strong presence.
“India’s office market recorded a historic high of 53.43 million sq. ft. in gross leasing from January to September 2024. Delhi NCR claimed a 23.1% share, ranking second to Bengaluru’s 24.6%. In Q3 2024, Delhi NCR saw 4.59 million sq. ft. of gross leasing, a 23.5% increase from the previous quarter, reflecting strong occupier and investor interest,” said Manish Aggarwal, Senior Managing North & East India, JLL.
The transaction was facilitated by JLL India.
In 2024, Incuspaze expanded its footprint by adding 2.01 million sq. ft. of office space across key cities, including Noida, Mumbai, Jaipur, Pune, Chennai, Ahmedabad, Bengaluru, and Gurugram. The company aims to acquire an additional 2 million sq. ft. by investing ₹100 crore by December 2025.
Currently, Incuspaze boasts a portfolio of 4 million sq. ft., with a presence in 18 cities across India.
India’s flexible workspace market, which had a total stock of 62-64 million sq. ft. as of 2023, is projected to grow to 116-118 million sq. ft. in Tier 1 cities by 2027, reflecting a CAGR of approximately 17%.
The growing demand for flexible workspaces is largely fuelled by companies striving to optimise capital utilisation while embracing hybrid and distributed work models to improve productivity and adaptability.There are over 440 flexible workspace operators, and the top 10 operators (by portfolio size) account for almost 60% of the overall PAN-India flexible workspace stock.
Source : ET
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