Table Space has taken on lease 1.35 million square feet of office space across Mumbai, Chennai, Hyderabad and Bengaluru to meet the growing demand for premium managed workspace from corporates.
In a statement on Tuesday, the company said it has taken on lease 1.35 million (13.5 lakh) sq ft in response to rising demand in key micro markets.
Table Space also plans to add another 1.75 million (17.5 lakh) sq ft in Mumbai, Hyderabad, and Bengaluru to expand its portfolio.
“India is witnessing high growth in the larger flexible workspace market. This is fuelled by an influx of multi-national companies (MNCs), global capability centres (GCCs) and the larger industrial expansion driving an increase in demand for premium offices and custom-managed solutions,” Kunal Mehra, President of Table Space, said.
The expansion plans are in line with the positive and healthy outlook of the market, he added.
At present, Table Space has over 9.5 million (95 lakh) sq ft and more than 60 centres in its portfolio.
Table Space takes office space on lease model and design & build before renting it out as per the client’s requirement.
The company rents office space on per square feet, but it did not disclose the average rental charges for clients across the cities where it operates.
In a recent report ‘Flexing the Workspace-Back to Office’ by Vestian, the real estate consultant highlighted that around 8 lakh seats are available with flexible space operators spread across more than 1,000 centres in India.
There are 50 major flexible space operators, with the top 10 players holding 84 per cent of the total flexible office space portfolio, Vestian noted.
Vestian report stated that flexible office spaces broadly include dedicated desks, hot desking, co-working spaces, and serviced and managed office spaces.
While co-working centres are at the most flexible end of the spectrum, managed offices would be at the less flexible end.
Source: Business Standard
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