- Awfis Space Solutions, a leading provider of flexible office spaces, has recently leased 197,000 sq ft of office space in Pune’s Kharadi area. This move marks another step in the growing trend of coworking spaces and flexible work arrangements in India.
- The office space is located in a commercial complex in Pune’s Kharadi area and covers 17 floors of a commercial tower. The lease agreement is for a term of over five years, showing a long-term commitment from Awfis.
- Initial rent for the three-month fit-out period starting January 1 is ₹18 per sq ft. Post fit-out, rent will be based on a profit-sharing and minimum guarantee agreement with the developer. Common area maintenance charges are ₹4 per sq ft of carpet area per month.
- Awfis has paid a security deposit of ₹8.87 crore for the lease, further solidifying their commitment to the space in Pune’s Kharadi area.
- This lease strengthens Awfis’ market presence and aligns with their strategy to expand in key commercial hubs in India. The deal reflects the increasing preference among businesses for flexible workspace solutions, particularly in urban centers.
- The agreement also highlights broader trends in the commercial real estate market, such as the growth in flexible workspaces, especially among startups and SMEs. The shift to hybrid work models has further increased the demand for customizable office solutions.
- Key cities like Bengaluru, Mumbai, Delhi-NCR, and now Pune are witnessing a rise in coworking spaces, catering to the needs of businesses of all sizes. Awfis’ latest lease in Kharadi signifies the rising demand for flexible office spaces in India.
- The importance of flexible office spaces lies in their adaptability, cost efficiency, support for hybrid work models, strategic locations, and diverse offerings. Awfis’ expansion in Pune reflects the changing dynamics of India’s work culture and commercial real estate landscape.
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