Simpliwork leases over 1.85 lakh sq ft of space in Gurugram

In one of the most significant flexible office transactions this year, Simpliwork has leased over 1.85 lakh sq. ft. of space in Gurugram as it looks to expand its operations across the country.

The firm has leased spaces across DLF Cyberhub and Cyberpark on a long-term lease.

“We are looking at a much more aggressive expansion post the Covid-19 outbreak as corporates are looking to expand their operations in the managed space in India against incurring capex. Both the facilities are expected to be operational by June 2021 and are currently under fit-outs,” said Kunal Walia, MD, Simpliwork.

Simpliwork is also scouting for a franchise or a brand tie-up to foray into international markets like Singapore and Hong Kong.

“This post-Covid-19 period is a very optimistic period. We are aggressively exploring acquisition opportunities, and there are players that blend in well with us. We are looking at companies which have a differentiated business model,” said Walia, who is exploring management tie ups as a way to expand its footprint in India.

The firm is in a few active discussions to open more centres in Mumbai under the management model.

“We are actively discussing around 0.5 mn sft of deals in Mumbai and are expected to close these deals soon,” said Walia.

In the last 3 months alone, the company has closed approximately 3 – 3.5L sq ft worth of deals across different centres like Mumbai, Hyderabad and Bengaluru.

“These 3 cities have witnessed the most pick-up in terms of activities. Bengaluru is strong. Hyderabad has smaller clientele but the companies are pretty aggressive. Now people have started going back to work or are at least making plans to go back to work in the next 6 – 7 months. So real estate has become top priority,” he said.

For example, in Hyderabad, it signed up with a company called MosChip – a semiconductor company, which is listed on the stock exchange.

It had also leased space in Godrej One, Vikhroli, and contracted a part of the space to Siemens Healthcare.

“We have also signed up with one of the largest financial firms in the world. In a phased manner, they have taken up about 1.5 – 2L sq ft with us. Since there is an NDA in place, I can’t disclose their name.

In 2019, Internet giant Google Inc signed a 4.5 lakh sq ft office space with Simpli Work in Gurgaon to expand its operations.

Currently, Simpliwork has 2.7 million sqft space under management and is expected to double up the area by the end of 2021.