CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: Leading real estate developer M3M has leased 220,000 sq. ft. in Gurgaon’s to Flexible workspace provider Incuspaze in their boutique office project – M3M Urbana Premium on the Golf Course Extension Road, people aware of the deal said.
“M3M is looking at Office leasing as a major drive this year and aims to lease 20 lakh sq. ft. of Grade-A office space in the most sought-after locations in Gurugram. As part of this focus, we have signed a mega deal with Incuspaze – a leading flexible workspace provider where 2,20,000 sq. ft. space has been provided on lease to them,” said Sudeep Bhatt, President M3M.
In a major strategic move M3M is looking at keeping the premium office space as owned asset class to focus better on providing the finest workspaces to the rising demand in office space segment this year. M3M today has an impressive portfolio of 56 projects spread across Gurugram, Noida and Panipat with a staggering area of 6 mln sq. ft.
Flex workspace market is expected to grow from 55 million sq. ft. to 100-140 million sq. ft. by 2030. “The Golf Course Extension Road and Udyog Vihar locations are pivotal for businesses looking for connectivity and convenience,” said Sanjay Choudhary, Founder & CEO, Incuspaze. The transaction is followed by 600,000 sq. ft. company leased last quarter across three cities and flexible space operator continue to expand on the back of growing demand.
Incuspaze operates across 44 locations in 18 cities with a total portfolio of 3 million sq. ft. “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,” said Sanjay Chatrath, managing partner, Incuspaze.
