WeWork India Secures 1.4 Lakh Sq Ft Office Space in Mumbai with ₹2.25 Crore Monthly Rent
Flexible workspace solutions provider WeWork India has renewed a lease agreement for 1.40 lakh sq ft office space in Mumbai at a monthly rental fee of ₹2.25 crore, according to property registration documents.
Wework IndiaMumbaiReal EstateCoworkingFlexible WorkspaceReal Estate MumbaiJul 26, 2024
WeWork India has had a longstanding and productive collaboration with Nesco IT Park in Mumbai, and this renewed lease agreement marks a significant milestone in their growth story in the West region. The company's Chief of Supply, Arnav S Gusain, expressed enthusiasm about continuing their partnership with Nesco IT Park.
The rental fee for the first year will amount to a total of ₹27 crore, at a rate of ₹162 per square feet. Terms of the deal include a 12% rent escalation to ₹181 per square feet in August 2025 and ₹203 per sq ft in August 2028. The renewed five-year lease period begins on August 1, 2024.
This deal is part of WeWork India's expansion plans across the country. The company has recently taken up two new office spaces spanning 1.4 lakh square feet cumulatively, across Noida and Bengaluru. WeWork India operates in eight cities, with a footprint of over 8 million square feet across 57 locations.
The flexible office segment in India has demonstrated a consistent upward trajectory following the Covid-19 pandemic, driven by fundamental advantages such as flexibility and affordable pricing. According to a June 2024 report by property consultancy Colliers, the flexible office space segment across the top six cities in India registered its highest ever quarterly demand in the April-June period at 2.6 million square feet.
Frequently Asked Questions
What is the monthly rent for WeWork India's 1.4 lakh sq ft office space in Mumbai?
₹2.25 crore
Where is the office space located?
Tower 4 of Nesco IT Park, Goregaon East suburb, Mumbai
What is the total area of the office space?
1.4 lakh sq ft
How many locations does WeWork India operate in?
8 cities, with 57 locations
What is the predicted growth of the flexible office segment in India?
Consistent upward trajectory following the Covid-19 pandemic, driven by flexibility and affordable pricing
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