ICICI Bank has leased 820 desks at WeWork India’s Spectrum Tower centre in Mumbai’s Malad suburb, marking a significant return to flexible workspaces. The 42,000 sq ft deal reflects rising demand from corporates for hybrid-ready offices, as flex space continues to reshape India’s commercial real estate landscape.
ICICI Bank Ramps Up Flex Space Usage with WeWork Lease in Mumbai
BENGALURU: ICICI Bank has leased approximately 820 desks at WeWork India’s Spectrum Tower centre in Malad, Mumbai, spanning 42,000 sq ft, according to people familiar with the transaction. The lease marks the bank’s return to WeWork, following its previous vacating of a smaller flex space in 2023.
The current lease is for a 15-month term and is intended to house ICICI Bank’s IT, tech, and support teams. “Companies that worked in a partial hybrid mode after the pandemic are calling back all their employees to the office, which effectively means a bigger requirement for office space,” said one of the sources.
Return to WeWork Signals Growing Flex Office Confidence
In October 2020, ICICI Bank had leased around 450 seats at WeWork’s Oberoi Commerz centre in Goregaon but exited the space in 2023. The latest lease nearly doubles the earlier footprint, indicating renewed confidence in flex office formats.
While financial details of the new lease were not disclosed, WeWork’s standard pricing at Spectrum Tower ranges from ₹15,000 to ₹17,000 per desk. Based on this, the deal is estimated to be worth over ₹12 crore for the duration of the lease.
Enterprise Demand Fuels WeWork India’s Growth
WeWork India has emerged as a preferred workspace partner for large enterprises adapting to a hybrid work environment. In June, the company signed new leases for centres at EON Free Zone in Pune and Ramanujan Intellion Park in Chennai, adding over 200,000 sq ft to its growing portfolio.
With 7.8 million sq ft of operational space across 68 centres in eight cities, WeWork India continues to scale in response to enterprise demand. Its clientele increasingly includes banking, technology, and manufacturing firms seeking flexible, managed office solutions.
Recently, Samsung India also leased 1,000 desks at WeWork’s Olympia Cyberspace facility in Chennai, spanning 61,230 sq ft for a 42-month term, reinforcing the flex space trend among major corporates.
Flex Spaces Becoming Integral to Corporate Real Estate Strategy
India’s flex workspace footprint stood at 74 million sq ft across the top seven cities in 2024. JLL India projects this figure will exceed 100 million sq ft by 2026, driven by a shift in how companies view workplace flexibility, cost efficiency, and employee experience.
As hybrid work evolves into a long-term norm, companies like ICICI Bank are blending traditional and flexible office models to remain agile and scalable. This latest transaction further cements flex workspaces as a core part of India’s future office demand.
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