SUGAR Cosmetics has secured a 14,000 sq. ft. custom-developed workspace at Enzyme Office Spaces in Andheri East, Mumbai. The new facility will accommodate approximately 300 workstations, including meeting areas.
The move comes amid the rapid expansion of India’s co-working sector, which is currently valued at $1.94 billion and is expected to grow at a CAGR of 7.4%, reaching $3 billion by 2030. Increasing demand from SMEs, startups, and larger corporations is driving this growth, with Mumbai emerging as a key hub alongside NCR and Bangalore.
Nirav Jagad, Chief People Officer of SUGAR Cosmetics, stated that the decision to lease the space for five years aligns with the company’s strategic expansion. The 9,000 sq. ft. usable workspace will be tailored to their specifications, particularly in terms of technology infrastructure. Jagad highlighted the location’s accessibility for employees and visitors as a key factor in the selection process.
Enzyme Office Spaces, which specializes in managed office solutions, confirmed the agreement. Founder & CEO Ashish Agarwal stated that the partnership underscores the company’s growing presence in the co-working and managed office market. He emphasized Enzyme’s commitment to providing a high-quality experience for its corporate clientele.
The deal highlights the increasing preference for flexible, cost-effective office solutions in Mumbai’s evolving commercial real estate landscape.
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