Bhive Workspace leases office space in Adani’s tower in Mumbai’s Bandra-Kurla Complex

Coworking office space provider Bhive Workspace has picked up over 62,000 sq ft across seven offices in Adani Realty’s commercial tower Inspire BKC situated on the edge of Mumbai’s business district Bandra-Kurla Complex (BKC) through a long-term lease of five years.

The company is planning to use the space leased through two separate agreements to set up managed coworking offices. Bhive’s holding company Tusker Workspace has entered into this lease agreement with Adani subsidiary Sunbourne Developers.

The lease rentals for the same has been set at Rs 205 per sq ft a month and the agreement includes a clause to escalate the same by 15% after three years, shows the documents accessed through Propstack.

Both the agreements that were registered on March 2, stipulate that Tusker Workspace is expected to pay a security deposit equivalent to six months’ licence fees in three tranches. The entire tenure of five years will be the lock-in period for both the parties.

The lease tenure will commence from May 2 and as per the agreement, Tusker Workspace will get a total 8 months as licence fee free period to undertake its fit out work. The company is expected to pay interest-free refundable fit out deposit of Rs 50 per sq ft of chargeable area before starting the work.

ET’s email query to Adani Group remained unanswered until the time of going to press, while Bhive Workspace could not be reached for a comment.Recently, Reliance Nippon Life Insurance renewed a lease for 48,924 sq ft office space in this commercial tower for a tenure of five years.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.

The operational flexible office stock across top seven cities of the country has touched over 53 million sq ft with nearly 75% growth from the pre-pandemic level of around 30.3 million sq ft.

This space occupying around 839,250 seats equates to an overall office stock penetration level of around 4.7%, making it among the fastest-growing flex markets globally, shows data from JLL India. Owing to robust demand, the flex office supply is expected to double to 106 million sq ft in the next five years.