Bengaluru Headquartered Tablespace Leases 1 Lakh Sqft Area in Amar Tech Park in Balewadi, Pune

Managed office space provider Tablespace has leased 100,000 square feet of office space in Pune in order to extend its operations.

A rent-free period and a five-year commitment period are included in the agreement. In Amar tech park, Balewadi, Pune, the office will be constructed. This is the second significant transaction that Tablespace has recently consummated. Earlier in 2023, the co-working business leased 4,588,000 square feet in Whitefield.

Co-working is becoming the preferred office space for businesses across industries, particularly post-pandemic, as a result of its flexibility and cost-effectiveness, as per industry experts.

Colliers India, a real estate advisory firm, announced in a press release that it has facilitated Tablespace's licencing of 100,000 square feet of office space in Pune.

Co-working is becoming the preferred office space for businesses across industries, particularly post-pandemic, as a result of its flexibility and cost-effectiveness, according to the consultant.

Companies present in the co-working segment, which includes managed and customised office space, typically lease office space from property owners and sublease it to both corporate and individual clients.

"The development needed to adhere to health and safety standards, have sophisticated security, and contemporary amenities. Due to its cost-effectiveness and near proximity to residential catchment areas and recreational centres, the team faced a supply shortage at the micro market with high demand. Despite the obstacles, the Colliers team was able to transact the space by leveraging their combined expertise and strong industry connections, according to Animesh Tripathi, Colliers' Pune-based managing director.

Table Space currently manages roughly 1.2 million square feet of integrated office space in Pune, with properties in prominent locations such as Balewadi, Kharadi, Viman Nagar, and Yerwada.

The company has leased more than 2 million square feet of Grade-A commercial space in recent months in projects such as 1 Shobha in Bengaluru, Gigaplex in Navi Mumbai, DLF Cyber City Building 10 in Gurugram, BPTP Capital City in Noida, Panchshil Business Park in Pune, and Bangalore UB City.

The flexible office operator has raised approximately USD 300 million from Hill House Capital, a global private equity firm, and is seeking to aggressively expand its operations.

With the most recent additions to its portfolio, Table Space operates and manages over 6 million square feet of space that can accommodate over 60,000 individuals.

The company operates in cities such as Bengaluru, Hyderabad, Mumbai, Pune, Delhi-NCR, and Chennai, among others, and provides services to major corporations such as Google, Apple, AMD, Fujitsu, and Microsoft, among others.

In the next three to four years, the average annual growth rate for flexible office spaces is anticipated to be between 15 and 20%. In India, office leasing will surpass 50 million square feet by the end of 2022, with 14% of that space leased by flexible office operators.

WeWork India, Smartworks, Awfis, CoWrks, The Executive Centre, Simpliwork Offices, IndiQube, 91Springboard, 315Work Avenue, and Akasa Coworking are a few of the other major participants in the co-working market.

Table Space is a horizontal Managed Workspace operator whose Intelligent Grade A Workspace-as-a-Service offering is transforming the Commercial Real Estate (CRE) market in India. Table Space aspires to be the largest workspace provider in India, catering to Large and Mid-market tenants seeking to occupy Grade A space for extended periods.