Bengaluru-based managed workspace provider Urban Vault (UV) has announced a major expansion in Pune with the launch of two new premium centers — Baner Central and Phoenix Fountainhead, Viman Nagar — adding 2,500 seats across nearly 1 lakh sq. ft. of Grade-A workspace.

With this expansion, Urban Vault’s total Pune portfolio has grown to 3,500 seats across 1.4 lakh sq. ft., spread across three strategic locations: two in Baner and one in Viman Nagar. The move strengthens the company’s position in Pune’s fast-growing managed office and flex space segment, driven by strong enterprise demand and hybrid workspace adoption.

Strong Enterprise Demand Driving Growth

Urban Vault has taken up 42,000 sq. ft. at Phoenix Fountainhead, Viman Nagar, adding 1,200 seats in a high-demand commercial zone. The new center has already onboarded enterprise clients such as Flexisales and Premier Energies, highlighting the increasing traction among corporates seeking flexible, high-quality managed spaces.

In Baner, the company has added another 50,000 sq. ft. center at VJ Indiworks, Baner Central, offering 1,300 seats designed for both startups and established firms. The workspace features collaborative zones, premium meeting rooms, and customizable private suites to accommodate diverse team needs.

Baner and Viman Nagar Emerge as Flex Space Hubs

Baner and Viman Nagar have emerged as Pune’s top-performing micro-markets for managed office operators, owing to robust infrastructure, IT presence, and proximity to residential catchments.
Urban Vault’s new centers are positioned to cater to mid-size enterprises, IT firms, and startups seeking plug-and-play, cost-efficient work environments with premium amenities.

The company’s Pune workspaces are priced between ₹9,000–₹10,000 per seat, balancing affordability with Grade-A quality.

CEO Speaks: “Pune Is Among India’s Most Resilient Office Markets”

Commenting on the expansion, Amal Mishra, CEO of Urban Vault, said:

“Pune continues to be one of India’s most dynamic and resilient office markets, driven by a strong base of IT, manufacturing, and startup ecosystems. Our expansion at Baner Central and Phoenix Fountainhead reinforces our commitment to providing flexible, high-quality workspaces that cater to the evolving needs of modern enterprises.”

He added that Urban Vault aims to deepen its presence in key business hubs and strengthen partnerships with enterprise clients seeking scalability, efficiency, and flexibility.

National Expansion and Strong Financials

With this launch, Urban Vault’s national portfolio has expanded to 2.6 million sq. ft., managing over 45,000 seats across Bengaluru, Pune, Gurgaon, and other cities.

The company reported a ₹120 crore turnover in FY25, marking over 70% year-on-year growth and an 18% profit after tax (PAT), underscoring its strong financial position and operational scale.

Industry Context

Pune’s managed office space market has witnessed rapid growth post-pandemic, led by demand from enterprises seeking flexibility, managed services, and scalability without capex commitments.
Urban Vault’s latest expansion aligns with this trend, positioning the firm as a key player in Pune’s premium workspace segment alongside operators such as WeWork, Smartworks, and Tablespace.

Also Read: Managed Co-Working Player Urban Vault to Add 10,000 Seats in Bengaluru within This Quarter

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The company’s strong financial performance is attributed to its efficient operating model, which emphasizes asset-light expansion with minimal capital expenditure. Innov8’s approach combines flexible and managed workspaces tailored to meet the evolving needs of its clients, along with a strategic presence in key metro clusters. This strategy ensures a favorable revenue-to-rent ratio while maintaining close proximity to talent, clients, and partners.

Furthermore, Innov8’s operational excellence and efficient design allow it to offer competitive pricing, delivering high returns per square foot while maintaining premium quality for clients.

Currently, Innov8 operates over 45 centres with a seating capacity of 17,000 across major cities, including Delhi-NCR, Mumbai, Bengaluru, and Hyderabad. The company has ambitious plans to expand further, targeting a threefold increase in its seat capacity, which is expected to grow to over 50,000 in 2025. This expansion will focus on larger centres and the addition of more locations across the country.

To accelerate its growth, Innov8 is raising ₹100 crore in capital, which will be used for strategic initiatives such as acquisitions, technology upgrades, partnerships, and expanding into niche segments. The company is also venturing into the managed office space sector and aims to add 4 million square feet to its footprint across India within the next three years, focusing on Grade A buildings that offer premium amenities to enhance client workspaces.

The demand for coworking spaces in India is rising rapidly. A recent report by private equity firm Avendus projects that the country’s workspace market will reach 126 million square feet by 2028, up from 61 million square feet in 2023. This growth is driven by a shift towards coworking spaces among a wide range of businesses, including global capacity centers, startups, solopreneurs, SMEs, and large enterprises, who are seeking to improve productivity, foster collaboration, and optimize operational costs by scaling up or down as per their needs.

Founded in 2015 by Dr. Ritesh Malik, Innov8 currently operates across 10 cities, including Delhi, Gurgaon, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore.

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The funding round is being led by InCred, with Innov8 focusing on deepening its presence in key Tier 1 cities, including Delhi, Mumbai, Pune, Bangalore, and Hyderabad. The company intends to optimize operations in these regions rather than expand into new locations. Over the next three years, Innov8 plans to add 4 million square feet of managed office space across India.

Founded in 2015 by Dr. Ritesh Malik, Innov8 has seen strong demand for flexible office spaces, with its centers maintaining an occupancy rate of over 90%. The company serves leading brands like Swiggy, JioSaavn, Paytm, Tata Digital, Razorpay, and many more.

With over 30 centers across nine cities, Innov8 is positioning itself as a key player in India’s growing coworking market, meeting the needs of businesses seeking flexible, scalable workspaces.

Also Read: NAREDCO Maharashtra NextGen Unveils Excelerate 3.0: A Vision for Innovation in Construction

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Innov8’s coworking spaces are designed as tech-enabled workspaces, equipped with advanced audiovisual systems and secure access to facilitate seamless business operations. The centers prioritize connectivity and accessibility, situated close to key transit hubs like metro stations and airports, all while maintaining affordability.

Health and safety are paramount for Innov8, which adheres to strict hygiene protocols and regular sanitization practices. The company also emphasizes sustainability through eco-friendly measures, including energy-efficient lighting and effective waste management systems.

The demand for coworking spaces in India is on the rise, with a report from private equity firm Avendus projecting that the country’s workspace market will grow to 126 million square feet by 2028, up from 61 million square feet in 2023. This growth reflects shifting market dynamics as global capacity centers, startups, solopreneurs, SMEs, and larger enterprises increasingly turn to coworking solutions to enhance productivity and collaboration while optimizing operational costs.

Ritesh Malik, Founder of Innov8, noted that the decision to expand is driven by rising inquiries and occupancy rates, alongside the evolving needs of modern professionals. He highlighted the company’s operational efficiency and competitive pricing strategy as key factors supporting this growth.

Pankhuri Sakhuja, Business Head of Innov8, added that the company is focused on expanding in areas where the demand for flexible, collaborative workspaces is accelerating. Innov8 aims to meet diverse business needs through customized offerings and robust technology integration, facilitating a smooth transition for organizations seeking growth in today’s dynamic economic landscape.

Founded in 2015, Innov8 is rapidly expanding its footprint across India and caters to a diverse clientele, providing workspace solutions to a range of prominent companies.

Also Read: MahaRERA Clarifies Approval Process for Promoter Rights and Liabilities

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The concept of coworking is becoming more well-known in India. With the economy growing big and small, entrepreneurs are looking to move away from the traditional office environment and cut expenses by moving to coworking and shared office spaces.

Coworking spaces provide all the amenities needed (sometimes) and create an atmosphere of belonging, typically lacking in traditional office spaces. The rise of coworking spaces is not something new that has come out of the Pandemic. Still, it was already famous for freelancers, digital nomad entrepreneurs, startups, and many other businesses of all sizes.

Coworking spaces provide a myriad of advantages to their customers, including the ability to participate in an extensive ecosystem and have the flexibility of costs and time, as well as an excellent platform for building professional opportunities through networking.

Coworking is becoming one of the fastest-growing industries thanks to the consequences of the pandemic and the rise of hybrid work, and beyond 2023, the industry is only expected to grow. As of June 2022, over 28000 co-working spaces exist around the world. In the US, there are over 6,200 alone. Whether it’s technology, design, or even reimagining how we view coworking spaces, there are many trends appearing on the horizon. In this article, we’ll share 10 trends that we expect to see in the world of coworking in 2023 and beyond.

One of the latest developments in coworking is the changing nature of shared office spaces, which are evolving from simply being a space to being understood as a service. Coworking-as-a-Service (CaaS) means offering not only a space but a suite of other benefits that users have come to expect. Some of these benefits include 24-hour keycard access, mentorship building, and venture capital access, to name a few. Many of the following trends in this list build upon this innovation. For example, it’s no longer sufficient to simply provide a workspace for freelancers. Coworking spaces, the people who use them, and their utility has evolved, leading users and teams to now demand services in addition to a workspace.

From a broader perspective, technology has become an integral part of the modern workplace. Taking the benefit of the doubt, I suggest that technology has become the driving force behind every successful business in the country as well as in the world. So, what are the areas where technology is playing a crucial role? The answer would be everywhere. From customer management software to virtual meetings to the key cards that allow individuals to access different segments of the workplace, technology is present at every nook and corner of today’s workplace. Increasing technological adoption is also expected to accelerate as a coworking trend. Technology enhances coworking spaces by making them much more powerful and efficient spaces.

While early coworking spaces required staffing and offered limited hours, access cards and NFC phone-enabled systems now allow 24-hour spaces to exist without staffing. Further, digital technologies enable space monitoring in case of any problems and can fully automate meeting room reservations. Utilizing automated invoicing services can also reduce staffing needs. This means that coworking spaces will become further streamlined as they adopt more technology, which is why tech adoption is at the forefront of every operator in 2023. Over the years with the use of advanced and cutting-edge technologies, the co-working segment has witnessed a more organized and streamlined work environment. Personalizing the pricing, according to the needs of a client is a very innovative idea embraced by the co-working players. One can create small packages for different needs. This is a great way to reach out to more clients and brand your co-working space as a place of innovative solutions. One more interesting innovation is that nowadays a lot of co-working spaces are using virtual reality to enhance and simplify the working process.

Finally, nobody can comment on where technology will go in the coming years. But it is evident that it has become an integral part of our workplaces. The pandemic has further underlined its importance. Today, businesses, despite their size, have adopted technology on a larger scale. This adoption of technology has helped smaller firms compete with the sharks (mega firms) in their industry, allowing them to reach a much wider customer base.

Another upcoming trend in coworking spaces is their continued innovation. In San Francisco, office buildings are at about 40% of their pre-pandemic occupancy. This occupancy issue is occurring across the world, which means that there are abundant opportunities for coworking spaces to step in and transform these derelict office spaces. Besides seizing this opportunity to entice workers back to the office, coworking office spaces will remain some of the most innovative and well-designed architectural spaces. These innovations will blend open-space concepts, with private meeting suites and phone spaces while locating workers in the downtown core of cities.

Coworking space is in high demand as the remote workforce and academic learners look for the ideal spot to boost their productivity. Some individuals find it easier to get work done and find more motivation when using a shared space. This is often because of the atmosphere created by seeing other productive individuals and it may feel more professional than conducting work at home. Essentially, the workflow can be positively impacted by the right design. Here is a look at the way design can foster creativity and productivity in a coworking space. Individuals perform their best in environments that are unique to their individual needs. Some people require quieter and others like the hustle and bustle of an energetic office. It is a great idea to divide up co-working spaces with a combination of single and shared desks. Consider creating open but private alcoves where people can go to focus on days when they need to. Having “we” spaces can also provide people with areas to connect and ideate together.

Work does not get done in a bubble, drawing inspiration from the views and perspectives of others is better fostered in spaces where people can face each other or sit nearby. These conditions are more conducive to conversation design and play a role in the attractiveness and functionality of a coworking space. All these factors can either foster or hinder creative workflows. Consider incorporating varied architecture, design, plants, social spaces, and food services to cater to the needs of those looking for a productive space.

Coworking spaces are no longer casual office spaces provided in office buildings; instead, they are quickly growing to be the premier location for workers to congregate. In the post-pandemic landscape, coworking spaces are poised to become increasingly valuable as they continue to evolve, meeting the needs of hybrid teams and entrepreneurs on a global level.

Also Read: Shapoorji Pallonji Real Estate signs Shahid and Mira Kapoor to endorse its VANAHA project in Pune

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On Thursday, Vestian released its report ‘Flexing the Workspace-Back to Office’, highlighting that over 7.6 lakh seats are available with flexible space operators spread across more than 1000 centers in India.

Vestian CEO Shrinivas Rao said the flexible spaces sector is at a nascent stage in India compared to other countries such as the USA and European countries. “It has grown gradually in India and flexible office stock has reached 53.4 million sq ft. Furthermore, the stock is anticipated to reach 81 million sq ft by 2025, growing at a CAGR of 23 per cent, as COVID-19 catalyzed the market growth,” he said.

The report noted that wider adoption of flexible spaces in India started in 2015-16 when the market was fragmented and unorganized. However, it has since grown rapidly and become more organized. Flexible spaces are garnering significant attention not only from startups and SMEs but also from large enterprises, the report said.

“Flexible space operators provide what occupiers are looking for – low cost, flexibility and technologically advanced spaces. While 2023 is likely to be a challenging year for businesses amid macroeconomic uncertainty and fear of recession, flexible spaces are a way to navigate global headwinds,” Rao observed.

As several companies return their employees back to office under a hybrid model, it is expected the demand for flexible spaces to rise. Furthermore, Vestian has projected that the flexible office sector would constitute around 25% of the overall office space absorption by 2025.

Flexible office spaces broadly include dedicated desks, hotdesking, coworking spaces, serviced and managed office spaces. While coworking centers are at the most flexible end of the spectrum, managed offices would be at the less flexible end, it added.

The report mentioned that there are 50 major flexible space operators. The top 10 players hold 84 per cent of the total flexible office space portfolio.

Prominent office areas like Whitefield in Bengaluru, Hitec City in Hyderabad, Baner in Pune, Andheri (E) in Mumbai, and DLF Cybercity in Gurugram are popular with flex space operators and occupiers/tenants alike.

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• 12% decline in regular office leasing in FY23 compared to peak year (FY20) when it stood at 43 mn sq. ft. across the top 7 cities
• Coworking share of office leasing activity shot up to 23% in FY22-23 – this 11% surge is the highest recorded growth across all office real estate sectors
• Pune tops out with coworking spaces occupying a transaction share of 40% in the current fiscal, followed by Bangalore with 30% and Kolkata with 21%
• Demand for flexi office spaces pegged to grow further by 15-20% over the next 2-3 years.

In FY2022- 2023, the Indian commercial real estate sector witnessed multiple highs and lows due to the global economic downturn. Although the early half of this period looked promising, it was followed by the tremors of a recession in key global economies. Consequently, companies stayed wary of leasing large corporate spaces, ultimately decelerating commercial office growth.

The Silver Lining – Flex Office Spaces

The contracting regular office real estate market found respite in the concurrent coworking sector’s expansion. While businesses around the world were looking for ways to cut costs, coworking did what it does best – provide flexible, expandable, and enterprise-level offerings to businesses that were seriously re-evaluating their options.

The Covid-19 pandemic had turned the tables on the regular office work model. Nevertheless, most people who had tasted the freedom of working from home soon grew tired of the lack of sociability and interaction. Simultaneously, many companies found that while WFH was too alien a concept for them to digest, there were definite advantages to not having to pay enormous permanent office rents.

The hybrid model of work took root as the perfect solution to everyone’s problem, and flexible office spaces provided the perfect recipe for an occupier comeback.

ANAROCK Research data shows that there has been a rather significant 12% decline in regular office leasing activity in the current fiscal year (FY23) compared to the peak year (FY20) when leasing stood at 43 mn sq. ft. across the top 7 cities. In FY23, leasing across the top cities stood at approx. 36.11 mnsq. ft. 

Amid this decline in regular commercial office traction, coworking has performed remarkably well. Flexi office spaces’ share of office activity shot up to 23% in FY22-23 – a 11% surge against the 12% share in FY20. This substantial increase of 11% is the highest recorded growth across all office sectors.

Which cities contributed the most to this trend?

Pune tops out with coworking spaces occupying a transaction share of 40% in the current fiscal.

Bangalore comes next with the net absorption of coworking office spaces increasing to 30%. Interestingly, Bangalore’s coworking spaces and the IT/ITeS industry emerged as overall market leaders, owning 33% and 29% of the city’s commercial space demand respectively. 

The trend is not limited to Bangalore. As more businesses seek flexible alternatives to fixed office expenditures, flex office spaces in Kolkata also account for sizeable transaction shares. 

Dominating the office leasing scene in FY23, IT/ITeSoccupiers took the lead in Kolkata office market, capturing a significant 36% transaction share. Following closely behind, coworking spaces secured a 21% share of the city’s office leasing activity, highlighting their growing popularity and demand in the City of Joy.

What the future holds

The coworking sector will have an even bigger impact in the future, since the very DNA of work has undergone a fundamental change that will not reverse in the future. The changes in the way India Inc perceives office work post the pandemic are here to stay.

Many companies that insisted on their employees returning to office have learned to regret this decision, which itself was born out of an inability to move with the times. In the IT/ITeSspace, massive layoffs have been matched by equally weighty attrition levels. In most respects, trying to go back to go back to the accustomed ‘old normal’ has had disastrous consequences.

As India maintains and amplifies its current edge as the bright spot among the world’s economies, coworking will play a central role. The future demand for flexi office spaces in the country is pegged to grow further by 15-20% over the next 2-3 years. However, the actual demand may well exceed this prediction.

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The real estate market in India is once again on the rise. These are encouraging signs following a pandemic in which any kind of recovery was unexpected. It would not be incorrect to predict that 2023 is going to be a pleasant year for real estate. Presently, more buyers are interested in investing in Coworking spaces. More purchasing will occur in metropolitan and mid-level cities in 2023.

What began unpredictably a few years ago as a hybrid of a business centre, a shared office, and a cafe has evolved into its own entity with a distinct identity. Today, coworking spaces can be found in any city where people can – or must – work independently. There are now over a thousand coworking spaces in cities all over the world. Although most new coworking spaces will receive a lot of interest from potential customers at first, not all will fill up. Co-working spaces  are experiencing an unprecedented demand. The Occupancy rates at coworking spaces have now shot up to 90-100%, compared with 45-60% a year ago.

Coworking spaces in India are already in high demand following the global epidemic. The implementation of the hybrid prototype is driving businesses to seek out flexible spaces, which is creating new business opportunities in the sector. Businesses are starting to recognize the significance of a smart working space because it stimulates new approaches to work and tends to increase efficiency. As they embrace the co – working space culture, the young generation of entrepreneurs, linked by Multinational enterprises and other mid-sized organisations, are re – shaping the sector.

Co-working spaces are already becoming extremely relevant in the post-pandemic era, not only for business owners and freelancers, as well as for big organisations. Companies nowadays are acknowledging hybrid-work culture co-working spaces because they offer location versatility, simplified contractual arrangements, and an easy entry-exit alternative. In the middle of such a change in demand, such spaces perfectly blend in.

Coworking will continue to reside since it appeals to both small and large businesses. Co-working spaces can profit all businesses due to their being cost-effective, convenient, and expandable. Entrepreneurs are now considering flexible work spaces to be a wise investment because it enables them to concentrate on their activities and expansions while trimming frivolous spending. Demand for coworking spaces has already nearly doubled from post-Covid-19 levels and is expected to skyrocket in the coming years.

Also Read: Coworking Share in Office Real Estate rises to 20% in H1 2022 from 6% in 2021

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In line with this partnership, Grant Thornton has taken customised set up in Awfis’ Eco Centre (Awfis Gold centre) at Acropolis Mall in Kolkata. Along with Grant Thornton, Awfis has also partnered with Teleperformance, a global digital integrated business service provider, and Conneqt, a leading digital IT and BPM services provider for over 1000+ seats at Godrej Waterside and Technopolis centres respectively. In the past, Awfis has also partnered with electronics giant Samsung for over 500+ seats in Kolkata. 

Flex players are now taking up spaces in malls and hotels to expand their presence as startups, SMEs and enterprises warm up to the idea of shared facilities over owned premises. Given the above, Awfis is taking the collaborative workspace model to newer spaces like hotels and malls to meet the hybrid workspace demand, which has skyrocketed post-pandemic.

The Awfis environment provides a unique amalgamation of different workstyles while providing the company’s employees with amenities and benefits such as meeting rooms, a well-designed collaboration area, a multi-cuisine restaurant, concierge service along with full hygiene and safety measures.

Commenting on this association, Amit Ramani, Founder & CEO, Awfis said, “We are delighted to have a leading establishment like Grant Thornton as a key client. This valuable partnership is a game-changer for the industry where large corporates have realised the benefits of flexible working and are increasingly shifting from a centralized conventional office to decentralized and distributed flex offices for their workforce.”

Sumit Lakhani, Deputy CEO, Awfisadded, “The trend of using flexible spaces in commercial real estate portfolios of large organisations is witnessing unprecedented growth and will become more prominent in the coming future. The flex space take up from large corporates in Kolkata is a clear reflection of the surge in demand that we are seeing pan India across all metros and tier 2 markets as well. Flex players are now being seen as valuable partners in setting up highly customized, efficient and agile workspaces by companies of all sizes.” he added.

Sanjay Mehta, Executive Director – Workplace Enablement, Grant Thornton Bharat said “We are delighted to partner with the leading flex space provider, Awfis, for our hybrid workspace needs. The vibrant tech-enabled environment, provides the right mix of a corporate office ambience combined with new-age elements for collaborative engagements and enhanced innovation. This will help improve our people and client experience.”

Currently, Awfis has 9 centres in Kolkata spread across premier and sought-after locations that include Acropolis Mall, Chowringee road, Salt Lake, IT Hub in Salt Lake Sector V, etc., and plans to add 2 new centres in the next 3 months.

Also Read: Awfis partners with Nucleus Office Parks to launches Awfis Gold Centre in Mumbai

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Demand for flexible office spaces has hit new high notes post the pandemic, with major companies and businesses including start-ups now opting for co-working. Latest ANAROCK data reveals that out of a net absorption of approx. 20.8 Mn sq. ft. across the top 7 cities in H1 2022, the share of co-working spaces stood at 20%. Back in H1 2021, its share was just 6% of net office absorption of approx. 9.33 Mn sq. ft.

In contrast, the share of IT/ITeS sector – India’s leading office demand driver – declined from 49% in H1 2021 to 36% in H2 2022. However, this decline is largely because many IT companies are now also preferring flexible spaces to regular office spaces.

In terms of net absorption across the top 7 cities in H1 2022, Bengaluru and Hyderabad remained on top, comprising 50% of total demand share.

Bengaluru, Hyderabad and Chennai – the top Southern cities – together witnessed net office absorption of approx. 12.2 Mn sq. ft. Of this, 18% or approx. 2.23 Mn sq. ft. was by coworking players.

Western markets of MMR and Pune saw net absorption of nearly 5.45 Mn sq. ft. Of this, 27% or approx. 1.5 Mn sq. ft. was by coworking players.
In NCR it stood at approx. 2.75 n sq. ft. Of this, 15% or approx. 0.41 Mn sq. ft. was by coworking players.

In Kolkata, merely 0.4 Mn sq. ft. office space was absorbed. Of this, 14% or approx. 0.06 Mn sq. ft. was by coworking players.

Anuj Puri, Chairman ANAROCK Group, says, “Coworking has received a major boost after Covid-19 disrupted the previous status quo. A major factor driving demand is that these spaces are not concentrated in just the city centres or major employment hubs; they’re spread across different areas, including the housing-intense suburbs. Coworking spaces are now also operating out of malls and hotels across cities. Many large office parks are also housing coworking spaces. This helps companies to remain closer to their employees and offer them flexibility.”

Another advantage is that with flexible office spaces, companies can plug-and-play at the same cost rather than wrestling with office layouts and fit-outs. The lock-in period for taking up a regular office space is anywhere between 3-4 years. All these factors have also helped boost the demand for co-working spaces.

Office Rentals
Backed by rising office space demand, average monthly office rentals are also seen to be rising across the top cities:

• NCR and Hyderabad each saw a 5% rise in avg. monthly office rentals in H1 2022 compared to same period in 2021. Currently, the avg. monthly office rents in NCR are at INR 80 per sq. ft. while in Hyderabad it is INR 60 per sq. ft.
• Bengaluru and Pune each saw a 4% yearly rise. The avg. monthly rentals in these IT hubs by the end of H1 2022 stood at INR 81 per sq. ft and INR 72 per sq. ft., respectively.
• MMR, Chennai and Kolkata witnessed a 2% rise each in avg. monthly rentals in this period. In MMR, the avg. office rentals are the highest among the top 7 cities at INR 128 per sq. ft.; in Chennai they are INR 61 per sq. ft., and Kolkata has the lowest at INR 53 per sq. ft.

Meanwhile, the top 7 cities also witnessed robust new office supply in H1 2022, aggregating to 31.8 Mn sq. ft. Bengaluru, Hyderabad and Pune dominated with a total 74% share. Given the high new completions, average vacancy levels across top 7 cities rose by 2% to stand at 15.95% in H1 2022.

Also Read: Office portfolio expansion on cards as 63% of businesses back to the office on a hybrid basis

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