Incuspaze takes on lease 1.15 lakh square feet office space in Bengaluru to start coworking centre

Coworking firm Incuspaze has taken on lease a 1.15 lakh square feet area in Bengaluru to open a new centre as part of its strategy to expand business amid a rise in demand for flexible workspace.

In a statement, the company said it has expanded its portfolio in Bengaluru with leasing of 1.15 lakh sq ft office space at Whitefield, a major hub for the tech Industry.

"The new facility will accommodate 1,800 seats," Incuspaze said.

"Our new facility is designed to foster creativity and collaboration among businesses," said Sanjay Choudhary, founder and CEO of Incuspaze.

Incuspaze said it aims to expand its portfolio in southern India, with a focus on Bengaluru, Chennai and Hyderabad.

Since its inception in 2016, Incuspaze has 44 centres across 18 cities and a total portfolio of 3 million square feet.

The company embraces the 'space-as-a-service' model, integrating technology with real estate to deliver innovative solutions tailored for enterprises, MSMEs, and startups.

"Bengaluru is India's most active office market, accounting for the highest absorption of 23 per cent in pan-India during H1 2024. While the IT-ITeS sector accounts for nearly half of the city's absorption, flex spaces account for 5.4 per cent of the total absorption in H1 2024," Vestian CEO Shrinivas Rao said.

Flex spaces nearly account for 16 per cent of the total absorption in pan-India during the same period. The demand for flex spaces is expected to increase as rentals become unaffordable in core office markets of the city, Rao added.