M3M leases 220,000 sq ft to flexible workspace provider Incuspaze in Gurugram

Flexible workspace Incuspaze has leased 220,000 sq ft of space in Gurgaon’s M3M Urbana project on Golf Course Extension Road, said two people aware of the deal. 

The transaction follows 600,000 sq ft of space leased by the company in the June quarter in three cities as the flexible space operator continued to expand amid growing demand. 

M3M is also looking at office leasing as a major drive this year and aims to lease 20 lakhs sq ft of Grade-A office space in the most sought-after location of Gurugram, said Sudeep Bhatt, president of M3M. The company is looking for a premium office space as an owned asset class to focus better on providing workspaces to the rising demand in the office space segment this year. M3M has a portfolio of 56 projects spread across Gurugram, Noida, and Panipat with a 6 million sq ft area. 

The Flex workspace market is expected to grow to 100-140 million sq ft by 2030 from 55 million sq ft in 2024. 

In fact, Sanjay Choudhary, CEO of Incuspaze said that the golf course extension road and Udyog Vihar location are pivotal for businesses looking for connectivity and convenience. 

The company operates across 44 locations in 18 cities, with a total portfolio of 3 million sq ft. 

Following the resilience shown by the office sector, it has foreseen a positive outlook for 2024. The growth is also driven by multinational companies and global capability centers, with an enduring presence of a skilled talent pool attracting a broader spectrum of companies, said Sidharth Chatrath, managing partner, Incuspaze. 

Flexible office spaces have gained popularity in recent years partly because of the ability to scale up or down as the business requirements. 

M3M has been developing its commercial portfolio also keeping all our client’s requirements in mind. All commercial properties are the best in class and located at strategic locations in NCR, said Bhatt. 

Incuspaze has also leased 350,000 sq ft of space in Gurgaon’s Udyog Vihar, 150,000 sq ft in Pine, and 60,000 sq ft in Jaipur, and it is also looking to add 1.5 million sq ft in 2024. 

While traditional office spaces in prime locations have often come with high rents and long-term lease agreements, flex office spaces offer a more cost-effective alternative as businesses can rent only the space they need for a specific period, avoiding hefty upfront costs and long-term commitments.