Enzyme Office Spaces has leased 14,000 square feet in Andheri East, Mumbai, to Sugar Cosmetics as part of its expansion strategy. The deal reflects India’s growing demand for flexible office solutions, reinforcing Enzyme’s presence in the coworking sector. The space will accommodate 300 employees under a five-year lease.
Enzyme Office Spaces, a leading provider of managed workspaces, has finalized a lease agreement with Sugar Cosmetics for 14,000 square feet of prime office space in Andheri East, Mumbai. This development underscores the rising demand for adaptable office solutions as businesses seek scalable and efficient work environments.
Initially, Enzyme had leased the space from the House of Hiranandani with plans to develop a coworking centre. However, Sugar Cosmetics’ growing operational needs prompted the full occupation of the space, which will house approximately 300 employees. This move aligns with the beauty brand’s long-term expansion strategy.
Ashish Agarwal, founder and CEO of Enzyme Office Spaces, highlighted the significance of this partnership, stating, “This collaboration strengthens our position in India’s coworking and managed office market. Businesses today require workspaces that offer both flexibility and efficiency, and this deal reflects that evolving demand.”
For Sugar Cosmetics, the choice of Andheri East was strategic. “The excellent accessibility of this location benefits both our employees and visitors,” said Nirav Jagad, Chief People Officer at Sugar. The five-year lease provides stability while allowing room for future growth, reinforcing the brand’s commitment to expanding its operations in India.
The Indian coworking sector continues to experience rapid growth. According to real estate consultancy Vestian, India’s total managed office space currently stands at 67 million square feet, with projections indicating it could surpass 100 million square feet by 2026. While coworking spaces accounted for 15% of office leasing in major cities in 2019, this figure rose to over 25% by 2023. Despite a slight dip to 21% in 2024, the sector remains resilient as businesses prioritize cost-effective, flexible workspaces.
This leasing deal between Enzyme Office Spaces and Sugar Cosmetics highlights India’s increasing appeal of managed office spaces. As more companies seek customized, flexible office solutions, industry leaders like Enzyme continue to play a pivotal role in shaping the future of the coworking market.
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