ICICI Bank Expands in Mumbai with 820 Desks at WeWork India
ICICI Bank has leased 820 desks at WeWork India's Spectrum Tower in Mumbai, marking a significant move towards flexible workspaces. The lease covers 42,000 sq ft and is set for 15 months, catering to the bank's IT, tech, and support teams.
Icici BankWework IndiaFlexible WorkspacesOffice SpaceReal EstateReal Estate MumbaiJun 26, 2025
The lease tenure is for 15 months as of now. ICICI Bank will use the space for its IT, tech, and support teams, said one of the two sources, who declined to be named. This move comes after the bank had previously taken around 450 seats on lease in October 2020 at WeWork's center at Oberoi Commerz in suburban Goregaon. The bank gave up that space in 2023 and has now returned to take up a larger space.
Companies that operated in a partial hybrid mode post-pandemic are now calling back all their employees to the office, which effectively means a bigger requirement for office space, the second source noted. WeWork and ICICI Bank did not respond to queries sent on Tuesday.
The estimated value of the recent lease is not known, but WeWork charges around ₹15,000-17,000 per desk at its center in the Spectrum Tower building. Large, mainstream companies are steadily adopting a mix of traditional office space and flexible workspaces as a strategy to optimize real estate usage.
India's total stock of flex workspaces hit 74 million square feet across the top seven cities in 2024. Property advisory JLL India estimated in February that the operational footprint of flex space across the top seven cities will surpass 100 million sq ft by 2026, underscoring its pivotal role in shaping the country's evolving office landscape.
WeWork India, a leading operator, has been steadily increasing its footprint in multiple cities. In June, WeWork India announced leases for two new centers: WeWork EON Free Zone in Pune and WeWork Ramanujan Intellion Park in Chennai. Together, the new space leased is over 200,000 sq ft in the two cities, both set to open in the second half of 2024-25. WeWork India currently has an operational portfolio of 7.8 million sq ft, across 68 centers in eight cities.
Recently, Samsung India Electronics leased around 1000 desks, spanning 61,230 sq ft, at WeWork’s Olympia Cyberspace facility in Chennai for 42 months, to expand its managed office operations in the region. This move by Samsung and ICICI Bank highlights the growing trend of large corporations embracing flexible workspaces to meet their evolving business needs.
Frequently Asked Questions
Why is ICICI Bank leasing desks at WeWork India?
ICICI Bank is leasing desks at WeWork India to accommodate its IT, tech, and support teams. The move aligns with the bank's strategy to optimize real estate usage and adapt to the evolving office landscape.
How many desks has ICICI Bank leased and where are they located?
ICICI Bank has leased around 820 desks at WeWork India's center in the Spectrum Tower building in the Malad area of Mumbai, covering 42,000 square feet.
What is the lease tenure for the desks leased by ICICI Bank?
The lease tenure for the desks leased by ICICI Bank at WeWork India is 15 months.
Why are companies moving back to larger office spaces post-pandemic?
Companies are moving back to larger office spaces post-pandemic as they are calling back all their employees to the office. This shift is driven by the need for better collaboration and a more comprehensive work environment.
What is the estimated value of the lease per desk at WeWork India's Spectrum Tower?
The estimated value of the lease per desk at WeWork India's Spectrum Tower is around ₹15,000-17,000.
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