Co Working Company Table Space Secures Major Lease in Runwal's Andheri Mumbai Tower

Table Space, a leading managed workspace provider, has recently signed a significant lease agreement with realty developer Runwal. The deal involves leasing over 1.31 lakh sq ft of office space in Runwal’s commercial tower located in the bustling suburb of Andheri, Mumbai. The lease spans a long-term tenure of over 10 years, with a cumulative rental payout exceeding Rs 333 crore for the total term.

Potential for Expansion and Record-Breaking Deal Size

The agreement also includes an option for Table Space to lease an additional 1.97 lakh sq ft of office space. Should this option be exercised, the total deal size would expand to approximately 3.30 lakh sq ft. With this expansion, the total rental value of the deal is estimated to be around Rs 800 crore over the lease term, marking it as one of the largest office space lease transactions in India.

Runwal R Square: A Landmark Development

Runwal R Square is a prominent 1.1 million sq ft Grade A commercial development. Located on a two-acre land parcel along the Andheri-Kurla Road, near Mumbai's international and domestic airports, the development features a 14-storey office tower that is nearing completion. Each floor offers a carpet area of 50,367 sq ft. Table Space Technologies will occupy over two floors in this development, with the potential to extend to five floors through the lease expansion option.

Portfolio Growth and Operational Plans

Table Space Technologies' portfolio currently spans over 9.5 million sq ft, including this new lease. The company's portfolio has a total capacity of over 75,000 seats across seven major Indian cities. The new center in Runwal R Square, with a capacity of around 1,500 seats, is expected to be operational by September. Kunal Mehra, co-founder of Table Space Technologies, shared the company's vision to grow its portfolio to 21 million sq ft by the end of 2026, which will include managed offices as well as TS Suites for ready-to-move-in offices.

Recent Significant Leases and Market Growth

In another major lease, Table Space Technologies rented 3.5 lakh sq ft of office space in Bengaluru's Outer Ring Road to Schneider Electric IT Business India. This was followed by an additional 300,000 sq ft lease to Microsoft in the same Bengaluru property. Comparatively, WeWork had previously leased an entire 16-storey tower in Mumbai’s Bandra Kurla Complex. The flexible office space market in India, particularly post-Covid19, has seen rapid growth, driven by a rising demand for managed space solutions from large enterprises and startups across various industries.

The Emergence of Flexible Office Spaces

The demand for flexible office spaces is on the rise due to several factors, including the growth of startups, evolving work culture, and the need for cost-effective, flexible solutions. Enterprises of various scales and industries are increasingly integrating flexible offices into their portfolios, from flagship offices to research & development teams and business functions.