Hanto Workspaces, a managed office real estate solutions firm, has expanded its presence in Bangalore by leasing an additional 1 lakh square feet of premium workspace.
The new addition will see the total managed workspace in Bangalore to 2 lakh square feet. In addition to this expansion, Hanto Workspaces is planning to lease 2 lakh square feet of workspace in Hyderabad and Pune, marking its entry into these new markets.
“The organic demand for the managed workspace market is driven by customers seeking high-quality workspaces at value pricing. We provide customisation and flexibility in interior and services unmatched in the industry. This makes it easy for clients to easily shift from their traditional workspace solution to one that is managed by Hanto,” said Aashit Verma, Founder of Hanto Workspaces.
Despite the rapid expansion, Hanto Workspaces has achieved an impressive 90% occupancy rate, including newly launched properties. The company has also received advance bookings for upcoming properties, reflecting strong market trust and demand for their offerings.
In November 2023, Hanto Workspaces secured Rs 15 crore in seed funding led by Anurag Jain, Founder of KredX, and other angel investors in a mix of equity and debt. This funding will support the company’s growth and expansion across major cities in India, with a target revenue of over Rs 700 crore by 2028.
The demand for flexible workspaces among corporates has been on the rise, with a projected increase in the proportion of companies allocating over 10% of their office portfolio to flexible workspace from 42% in Q1 2024 to 58% by 2026.
Over the last five years, flexible space operators have become a significant force in the Indian office leasing ecosystem, consistently capturing over 15% of quarterly leasing. With occupiers showing a strong preference for flexible spaces, CBRE anticipates that the flexible space stock will reach 80 million sqft. by the end of 2024.
