Inspire Co-Spaces takes up 1.6 lakh sq ft space in Navi Mumbai

NEW DELHI: Flexi office space provider Inspire Co-Spaces has taken up 1.6 lakh sq ft space at Rupa Renaissance, a grade-A building in Navi Mumbai, a senior company executive said.

The company already has four centers with the capacity of 1700 seats in Andheri, Goregaon, Belapur, and Thane.

The 5th center located at Juinagar, Navi Mumbai will have over 3500 seats across three floors.

The coworking operator intends to focus on pan India expansion mainly, Pune, Hyderabad and Chennai along with tier 2 cities like Ahmedabad, Indore, Kochi, Chandigarh and Ranchi.

“Our focus is now on pan India growth in 2021, before exploring international markets in 2022,” said Amit Sathe, Co-founder & CEO of Inspire Co Spaces.

The transaction was facilitated by global property consultancy firm Savills India.

In the first phase, Inspire Co-Spaces will fit-out 50,000 sq. ft. and the remaining space will be tailor-made and fitted out as per the client’s requirement in the next 6 to 12 months.

“Co-working segment as an asset class is here to stay, and the pandemic has proved that. With the growth of Indian commercial real estate and increasing preference of “hub and spoke,” the co-working segment fits well for occupiers who are increasingly looking for flexibility and agility in this changing environment,” said Bhavin Thakker, MD, Mumbai & Head of Cross Border Tenant Advisory, Savills India.

According to the latest report by Savills India, over 3,000 coworking centers across the country are likely to offer approximately one million desks by 2022, and overall leasing by co-working operators is expected to increase by 42% in 2021.

The international property consultancy firm is also gearing up to launch a marketplace platform for co-working office providers to anticipate the growing demand for flexible office space.