Flexible workspace provider WeWork India has renewed the long-term lease of office space spread over a total five floors totaling 1.4 lakh sq ft at Nesco IT Park in Mumbai’s western suburb Goregaon.The company will be paying over Rs 152 crore over the term of total five years as lease rental for this office space in Nesco complex’s tower 4. The deal was registered on July 16 and the renewal will kick in from August 1.
The agreement includes two escalations of 12% each, scheduled for 2025 and 2029, reflecting the company’s strategic investment in expanding its footprint in Mumbai’s thriving commercial property market.
The initial rental from hereon has been set at Rs 162 per sq ft a month taking the total annual rent to Rs 27 crore. The escalation in August 2025 will push the rentals to Rs 181 per sq ft a month and to Rs 203 in August 2028, showed the documents accessed through Propstack.
As part of the agreement, WeWork India will also get exclusive access to 104 car parking slots.
This lease renewal aligns with WeWork’s ongoing efforts to cater to the growing demand for flexible workspaces in India’s major cities.”Nesco IT Park has been a strategic partner in our growth story in the West region. We have had a longstanding and productive collaboration with them in Mumbai, and we look forward to continuing it with this renewed lease agreement…As we further expand our presence across the country, we will continue to engage in many more deals with our existing and other leading developers in India.” said Arnav S. Gusain, Chief of Supply, WeWork India.Earlier this week, 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 signed across 57 locations across key Indian cities including Bengaluru, Chennai, New Delhi, Gurugram, Noida, Mumbai, Pune, and Hyderabad. Ends
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.
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