Tablespace Technologies leases 1.2 million sq ft in the last six months
Managed office space provider Tablespace Technologies has leased 1.2 million sq feet in the last six months, taking its total footprint to over 5 million sq feet as demand from corporates rises amidst the adoptation of work from home and hybrid work model.
The recently signed properties include Grade-A assets across Shobha in Bengaluru, Gigaplex in Navi Mumbai, DLF Cyber City Building 10 in Gurugram, BPTP Capital City in Noida and Panchshil Business Park in Pune.
“Table Space is the fastest growing managed workspace provider for enterprises in India and we plan to expand our footprint from the present 5 million to 8 million sq feet by December 2023. Our analysis that corporates will increasingly see offices from being a capital expenditure/non-core to revenue (CapEx) to a value-driven operating expense (OpEx), has been on target,” said Kunal Mehra, the chief acquisitions officer at Table Space.
In one of the largest flexible office lease transactions in the country, it signed Microsoft for an additional 300,000 sq ft of flexible office space in in Bengaluru.
Currently, Tablespace operates and manages over 5 million plus square feet, which can accommodate 45,000 to 50,000 people. The company operates across cities like Delhi-NCR, Bengaluru, Hyderabad, Mumbai, Pune and Chennai, and caters to top corporations like AMD, Fujitsu and Microsoft amongst others.
The sharp rise in demand and desire for flexibility has heightened during the pandemic. Additionally, Prime Minister Narendra Modi strongly backed the work-from-home ecosystem and flexible work hours, calling them the future is expected to further boost demand for flex offices across the country.
After the pandemic, the use of flexible spaces in commercial real estate portfolios is becoming more prominent in the long term. According to JLL 90,200 + flex seats were leased across the top 7 cities by occupiers in FY 2021-22, which is a 2.5X growth Y-o-Y. This shows that demand for flex space has seen a significant resurgence over the past 12 months, driven by enterprises seeking to create a more agile real estate portfolio strategy in an evolving hybrid work environment
“The flexibility to expand or contract on-demand, shorter lease tenures, fully serviced, amenity-rich offices and being able to create workspaces of the future which act as magnets for returning employees and in the war for talent are key factors fuelling the flex market growth. An increasing number of enterprises are expanding their usage of flex space in tandem with transformational changes with respect to remote work, mobility and flexibility,” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL JLL expects the flex footprint to grow to nearly 75 million sq. ft by 2025 from the current 40 million sq ft levels, riding the wave of enterprise demand for managed workspaces.