Flexible office provider Awfis Space Solution has picked up an office space over more than 197,000 sq ft in a commercial complex in Pune’s Kharadi locality through a long-term lease of over five years.
The company will be paying rentals of Rs 18 per sq ft a month during the fit-out period of initial three months starting from the license commencement date of January 1.
The lease rentals during the rest of the term will be based on the profit share and minimum guarantee agreement between the company and the project’s developer.
Awfis Space Solution has paid a security deposit worth Rs 8.87 crore for this transaction that was registered on December 30, showed the documents accessed through realty data analytics platform CRE Matrix.
The entire leased office space is spread across a total 17 floors of the commercial tower. As per the agreement, the company will be paying Rs 4 per sq ft of carpet area per month as common area maintenance charges.
ET’s email query to Awfis Space Solutions remained unanswered until the time of going to press.
The last two years have witnessed a significant rise in flexible office leases in India, driven by evolving work patterns and economic uncertainties.
Businesses, especially startups and Small & Medium Enterprises SMEs, have prioritised agility over long-term commitments, opting for coworking spaces and managed offices.
The hybrid work model has further fueled demand for short-term, customizable leases. Major cities like Bengaluru, Mumbai, and Delhi-NCR have seen rapid growth in flexible workspace providers, offering tailored solutions for varied team sizes.
