Flexible workspace provider WeWork India has picked up office space spread over a total 1.26 lakh sq ft spanning across three floors in a commercial tower in Mumbai’s Andheri east locality through a long-term lease of over five years.
The company will be paying a monthly rental of over Rs 1.38 crore for the office space on the 6th, 7th, and 8th floor of commercial tower Lightbridge in Andheri’s Saki Vihar area, taking the total payout through the entire term to over Rs 87 crore.
The registration of this transaction took place in November and the lease term will start from August 2025. The company has already paid a security deposit equivalent to rentals of three months, showed the documents accessed through Propstack, a realty data analytics platform.
Wework India had recently exited space in one of the commercial towers in Powai and this new deal is for an alternate space for the coworking hub in the vicinity.
The under-construction office tower is a joint venture between Gamma Constructions and Srishti Group and is expected to be delivered in the next few months. Gamma Constructions itself is a joint company of Niranjan and Surendra Hiranandani.
“Indian commercial realty segment’s performance has been robust so far, and this momentum will be sustained well into FY25-26. This is driven by evolving market dynamics, strong investors’ confidence, a work-from-office scenario, and balanced economic growth.
Notably, the share of flexible operators and managed office services has grown to represent 20% of the new commercial space being taken up in India, underscoring a significant shift in workplace dynamics,” Niranjan Hiranandani, Chairman, Hiranandani Group said while confirming the deal.
ET’s email query to WeWork India remained unanswered until the time of going to press.
In July, WeWork India renewed the long-term lease of office space spread over a total five floors totalling 1.4 lakh sq ft at Nesco IT Park in Mumbai’s western suburb Goregaon.
A week prior to that, the company added 1.40 lakh sq ft office space through two new leases in Bengaluru and Noida. WeWork 37 Cunningham is a four-story office with over 1,000 desks across over 60,000 sq ft in Bengaluru, while WeWork Galaxy Business Park in Noida’s Sector 62 has over 1,400 desks across 79,000 sq ft.
Since entering the Indian market in 2017, WeWork India has been continuously expanding its portfolio with over 8 million sq ft of assets and 1 lakh desks signed across 62 locations across key Indian cities including Bengaluru, Chennai, New Delhi, Gurugram, Noida, Mumbai, Pune, and Hyderabad.
India has emerged as one of the fastest-growing flexible office space markets globally driven by rising demand for managed space solutions from both large enterprises as well as agile startups across geographies and industries especially after the Covid19 pandemic.
