{"id":34,"date":"2021-06-24T05:12:42","date_gmt":"2021-06-24T05:12:42","guid":{"rendered":"https:\/\/www.indextap.com\/blog\/?p=34"},"modified":"2021-06-24T06:05:30","modified_gmt":"2021-06-24T06:05:30","slug":"co-working-spaces-on-the-rise-in-bkc-mumbai","status":"publish","type":"post","link":"https:\/\/www.indextap.com\/blog\/co-working-spaces-on-the-rise-in-bkc-mumbai\/","title":{"rendered":"Co-Working spaces on the rise in BKC, Mumbai."},"content":{"rendered":"\n

After Wework, Quest Office, Awfis leases 24k sqft in BKC at MG or 42% revenue share.<\/p>\n\n\n\n

Awfis, a co-working office space provider leased 23,648 sqft in Crescenzo, a commercial office building in Bandra Kurla Complex in 1 st week of August 2017. Awfis will be paying higher of minimum guaranteed initial rent of Rs 125 per sqft per month or 42% revenue share to the landlord DKJ Shelters. IDFC was the previous occupant at the said premises. Awfis negotiated 3 months\u2019 rent-free period in the 60 months lease term to complete fit-outs in the leased premises at its own expense. The lease rent will increase by 9.6% to Rs 137 per sqft per month after 1 year. Additionally, the tenant has to pay common area maintenance charges which are currently estimated at Rs 10 per sqft.<\/p>\n\n\n\n

Featured in:<\/strong> Business Standard<\/a><\/p>\n\n\n\n

The space is expected to be operational by November 2017. The global leader in co-working space, Wework leased out entire 1.9 lac sqft in Sambhav\/Enam Building, BKC in January 2017 and is expected to be operational by September 2017.<\/p>\n\n\n\n

Co-working as a workplace option is gathering momentum in several gateway cities globally, and increasingly more corporations have already started to realise that it offers a great potential for fostering innovation. This trend is evident from the 1.5 million sq ft leased space occupied by Co-working office providers across major Indian metros over last 1-2 years.<\/p>\n\n\n\n

In another transaction in July 2017, Quest Offices, a Co-working office space provider, has relocated from 1 st floor in Crescenzo building to 8th floor in same building. Quest has leased 13,469 sqft at initial bare shell rent of Rs 152 per sqft for period of 5 years. Additionally, the landlord will be doing fit-outs of the premises for which Quest Offices shall pay additional fit-out rent of Rs 30 per sqft per month for entire lease term.<\/p>\n\n\n\n

We foresee the co-working office industry to pick-up in the future with initial interest in prime office precincts such as BKC, Andheri and Powai in Mumbai; Connaught Place, Okhla in Delhi; Koramangala, Whitefield in Bengaluru etc.<\/p>\n\n\n\n

Some of the KEY leases by Co-working office providers in Mumbai are as follows<\/p>\n\n\n\n

Co-working Firms<\/strong><\/td>Precinct<\/strong><\/td>Property Name<\/strong><\/td>Area Leased<\/strong><\/td>Rent in Rs per sq ft per month<\/strong><\/td><\/tr>
Wework<\/td>BKC<\/td>Sambhav<\/td>1,88,488<\/td>226<\/td><\/tr>
Innov8<\/td>Andheri<\/td>Boston House<\/td>11,800<\/td>44<\/td><\/tr>
iKeva<\/td>Kurla<\/td>Art Guild House<\/td>10,395<\/td>102*<\/td><\/tr>
Awfis<\/td>BKC<\/td>Crescenzo<\/td>23,648<\/td>125<\/td><\/tr>
Quest Offices<\/td>BKC<\/td>Crescenzo<\/td>13,469<\/td>152<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

* -Fitted out, Source : CRE Matrix<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After Wework, Quest Office, Awfis leases 24k sqft in BKC at MG or 42% revenue share. Awfis, a co-working office space provider leased 23,648 sqft in Crescenzo, a commercial office building in Bandra Kurla Complex in 1 st week of August 2017. Awfis will be paying higher of minimum guaranteed initial rent of Rs 125 […]<\/p>\n","protected":false},"author":1,"featured_media":38,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-container-style":"default","site-container-layout":"default","site-sidebar-layout":"default","disable-article-header":"default","disable-site-header":"default","disable-site-footer":"default","disable-content-area-spacing":"default","footnotes":""},"categories":[3],"tags":[],"class_list":["post-34","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t