Incuspaze leases 5.8 lakh sq ft of office space in Gurugram to meet rising demand for flexible workspaces. With 44 locations across 18 cities, Incuspaze is expanding amid a market surge, reflecting an increased preference for flexible office solutions driven by multinational companies and Global Capability Centres.
Flexible workspace provider Incuspaze has leased a substantial 5.8 lakh square feet of office space in Gurugram to cater to the growing demand from corporate occupiers. This significant expansion includes 2.20 lakh square feet at M3M Urbana Premium on Golf Course Extension Road and 3.5 lakh square feet in Udyog Vihar. Announcing the new leases on July 1, the company highlighted the strategic importance of these locations for its growth plans.
“We are delighted to welcome Incuspaze to our esteemed office space portfolio at M3M Urbana Premium. I am confident that the location, peripheries, approach, and surroundings would all suit Incuspaze,” said Sudeep Bhatt, President of M3M India. This move reflects Incuspaze’s commitment to expanding its footprint in key business districts to meet the increasing demand for flexible office spaces.
Headquartered in Gurugram, Incuspaze now boasts a presence in 44 locations across 18 cities, with a total portfolio of 3 million square feet. This expansion is a testament to the company’s growth and the rising popularity of flexible workspaces among businesses seeking adaptable office solutions.
Surge in Demand for Flexible Office Spaces
The flexible office space segment has witnessed unprecedented demand in recent months. According to a June 2024 report by property consultancy Colliers, the segment registered its highest-ever quarterly demand in the April-June period, with 2.6 million square feet leased across the top six cities in India. Bengaluru and Delhi-NCR alone accounted for 65% of this demand.
“Flex operators have already leased about 4.4 million square feet of space in H1 2024, underscoring the occupiers’ continued preference for flex spaces,” noted Vimal Nadar, Senior Director and Head of Research at Colliers India. This surge is attributed to flexible workspaces’ flexibility and cost-efficiency, making them an attractive option for businesses navigating post-pandemic recovery and hybrid work models.
Sanjay Chatrath, Managing Partner at Incuspaze, echoed this sentiment: “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.”
The Future of Flexible Workspaces
The robust demand for flexible office spaces is expected to continue as more companies embrace hybrid work models and seek cost-effective, scalable solutions. Incuspaze’s recent leases in Gurugram position the company well to capitalise on this trend and provide high-quality, flexible office environments that cater to the evolving needs of modern businesses.
As the flexible office space market expands, industry leaders like Incuspaze will likely play a crucial role in shaping the future of workspaces in India. Their strategic expansions and innovative offerings will continue attracting diverse occupiers, from startups to large multinational corporations.
In summary, Incuspaze’s significant lease agreements in Gurugram reflect the growing demand for flexible workspaces in India’s major cities. With a strong presence across the country and a commitment to meeting the needs of modern businesses, Incuspaze is poised for continued growth and success in the dynamic office space market.
