Ocean Lifespaces leases one lakh sq ft office space to IndiQube in Chennai
IndiQube, a tech-enabled, integrated workspace start-up has leased around one lakh sq. ft. of office space in Guindy, Chennai from Ocean Lifespaces.
The property has been leased for a period of nine years and is expected to be operational by the Q3 of CY22.
“We see an immense potential in Chennai especially in micro markets like Guindy. This will be our 4th property in Guindy and 5th in Chennai as a whole. Leveraging technology and providing key enablers like flexibility and scalability,” said Rishi Das, Cofounder IndiQube.
The demand for flexible spaces is rising across cities as companies look for cost efficient ways to expand.
“Demand for flex continues to surge as corporations look for more flexible, agile, and modern workspace. Chennai has been fast emerging as one of the preferred destinations for companies with start-up friendly policies, a burgeoning real estate industry and a flourishing enterprise culture,” said S K Peter, Director, Ocean Lifespaces.
The real estate company is also looking to expand its footprint in Bangalore and Hyderabad commercial segment apart from its core business of general contracting fit-outs for top IT/ITes firms.
“We have completed around 50mn sq. ft of fit out work for many large MNCs and corporations. Since we have established ourselves in this field, the plan is now to strengthen our commercial portfolio and venture in other income generating assets,” said Ratheesh Chinusamy, Vice President, Ocean Lifespaces India.
According to industry estimates over 90,000 flex seats were transacted in FY 2021-22 in the top seven cities. The trend is expected to further pick up across Delhi NCR, Bengaluru, Chennai, and Mumbai in the coming quarters.
Indiqube has a portfolio of over 5.5 Mn Sq.Ft. and is spread across over 75 properties in 12 Cities and is backed by WestBridge Capital. It partners with landlords and lease spaces to Start-ups, Enterprises and Offshore Development Centres with a PAN India, plug and play model.