M3M has leased 220,000 sq. ft. to Incuspaze at M3M Urbana Premium in Gurugram. This deal reflects rising demand for flexible workspaces, with Incuspaze expanding across India. The flexible workspace market is projected to grow significantly by 2030, offering scalable solutions for businesses. M3M plans to lease 2 million sq. ft. in 2024.
In a significant real estate deal, M3M India has leased 220,000 square feet of prime office space to flexible workspace provider Incuspaze at M3M Urbana Premium on Gurugram’s Golf Course Extension Road. The deal marks a strategic move by M3M to focus on premium office spaces as an owned asset class, aligning with the rising demand for Grade-A workspaces in key business locations.
“M3M is aiming to lease 2 million square feet of Grade-A office space in Gurugram’s top locations this year,” said Sudeep Bhatt, President of M3M. He added, “This deal with Incuspaze reflects our commitment to meeting the growing demand for flexible workspaces.”
Flexible Workspace Market on the Rise
The partnership between M3M and Incuspaze is set against India’s growing demand for flexible office spaces. Industry projections estimate the flex workspace market will grow from 55 million square feet to 100-140 million square feet by 2030. Incuspaze operates across 44 locations in 18 cities with a total portfolio of 3 million square feet and is aggressively expanding to capitalize on this demand.
Sanjay Choudhary, Founder & CEO of Incuspaze, emphasised the strategic importance of locations like Golf Course Extension Road. “These areas are crucial for businesses seeking connectivity and convenience,” he said. In addition to the 220,000 square feet leased at M3M Urbana Premium, Incuspaze recently leased 600,000 square feet across three cities, further highlighting the growing demand for flexible office spaces.
A Positive Outlook for 2024
With multinational companies and Global Capability Centers driving demand, the office sector’s resilience will continue into 2024. Sanjay Chatrath, Managing Partner at Incuspaze, pointed out that the skilled talent pool in India is a major draw for global companies. “The growth of the flexible office market is driven by businesses needing adaptable spaces that can grow or shrink based on their requirements,” he said.
Incuspaze has also expanded its presence in other key cities, leasing 350,000 square feet in Udyog Vihar, 150,000 square feet in Pune, and 60,000 square feet in Jaipur. The company plans to add 1.5 million square feet of office space in 2024, further establishing its position in India’s flexible workspace market.
Advantages of Flexible Office Spaces
Flexible office spaces have become a significant trend in India’s commercial real estate sector. They allow businesses to scale their space based on immediate needs. Unlike traditional office spaces with long-term lease commitments and high rents, flex spaces provide a cost-effective alternative, allowing companies to rent only what they need for a specified time.
“M3M has developed its commercial portfolio keeping client requirements in mind,” said Sudeep Bhatt. “Our properties are strategically located in NCR, ensuring that they meet the demands of businesses looking for world-class office spaces.”
Conclusion
The partnership between M3M and Incuspaze underscores India’s growing demand for flexible workspaces. As companies prioritise adaptability and scalability, the flex office space market will see significant growth in the coming years, driven by major deals like this one. With increasing demand from multinational corporations and local businesses, the future of flexible workspaces looks bright in India’s rapidly evolving real estate landscape.
