WeWork India Takes 1.26 Lakh Sq Ft Office Space in Mumbai

03 Jan 2025 CW Team

The company will pay a monthly rental exceeding Rs 10.38 million for the office space located on the 6th, 7th, and 8th floors of the Lightbridge commercial tower in Andheri’s Saki Vihar area. The total payout over the lease term will exceed Rs 870 million.

This transaction was registered in November, and the lease term is set to commence in August 2025. According to documents accessed through Propstack, a realty data analytics platform, the company has already paid a security deposit equal to three months' rent.

WeWork India had recently vacated space in a commercial tower in Powai, and this new lease represents an alternative space for its coworking hub in the nearby area. The office tower under construction is a joint venture between Gamma Constructions and Srishti Group and is expected to be completed in the coming months. Gamma Constructions is a joint company of Niranjan and Surendra Hiranandani.

Niranjan Hiranandani, Chairman of Hiranandani Group, commented that the Indian commercial realty segment has been performing robustly and that this momentum is expected to continue into FY25-26. This performance is driven by evolving market dynamics, strong investor confidence, a return to work-from-office models, and balanced economic growth. He also noted that flexible operators and managed office services now represent 20 per cent of new commercial space uptake in India, highlighting a significant shift in workplace dynamics.

In July, WeWork India renewed a long-term lease for office space spanning five floors (1.4 lakh sq ft) at Nesco IT Park in Mumbai’s western suburb of Goregaon. A week earlier, the company secured 1.40 lakh sq ft of office space through two new leases in Bengaluru and Noida. WeWork 37 Cunningham in Bengaluru is a four-story office with over 1,000 desks across 60,000 sq ft, while WeWork Galaxy Business Park in Noida’s Sector 62 offers over 1,400 desks across 79,000 sq ft.

Since entering the Indian market in 2017, WeWork India has continuously expanded its portfolio, now covering over 8 million sq ft of assets and 1 lakh desks across 62 locations in major Indian cities, including Bengaluru, Chennai, New Delhi, Gurugram, Noida, Mumbai, Pune, and Hyderabad. India has become one of the fastest-growing markets for flexible office space globally, driven by the growing demand for managed space solutions from both large enterprises and agile startups, particularly following the Covid-19 pandemic.

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Flexible workspace provider WeWork India has secured office space totaling 1.26 lakh sq ft across three floors in a commercial tower in Mumbai’s Andheri East through a long-term lease of over five years.The company will pay a monthly rental exceeding Rs 10.38 million for the office space located on the 6th, 7th, and 8th floors of the Lightbridge commercial tower in Andheri’s Saki Vihar area. The total payout over the lease term will exceed Rs 870 million.This transaction was registered in November, and the lease term is set to commence in August 2025. According to documents accessed through Propstack, a realty data analytics platform, the company has already paid a security deposit equal to three months' rent.WeWork India had recently vacated space in a commercial tower in Powai, and this new lease represents an alternative space for its coworking hub in the nearby area. The office tower under construction is a joint venture between Gamma Constructions and Srishti Group and is expected to be completed in the coming months. Gamma Constructions is a joint company of Niranjan and Surendra Hiranandani.Niranjan Hiranandani, Chairman of Hiranandani Group, commented that the Indian commercial realty segment has been performing robustly and that this momentum is expected to continue into FY25-26. This performance is driven by evolving market dynamics, strong investor confidence, a return to work-from-office models, and balanced economic growth. He also noted that flexible operators and managed office services now represent 20 per cent of new commercial space uptake in India, highlighting a significant shift in workplace dynamics.In July, WeWork India renewed a long-term lease for office space spanning five floors (1.4 lakh sq ft) at Nesco IT Park in Mumbai’s western suburb of Goregaon. A week earlier, the company secured 1.40 lakh sq ft of office space through two new leases in Bengaluru and Noida. WeWork 37 Cunningham in Bengaluru is a four-story office with over 1,000 desks across 60,000 sq ft, while WeWork Galaxy Business Park in Noida’s Sector 62 offers over 1,400 desks across 79,000 sq ft.Since entering the Indian market in 2017, WeWork India has continuously expanded its portfolio, now covering over 8 million sq ft of assets and 1 lakh desks across 62 locations in major Indian cities, including Bengaluru, Chennai, New Delhi, Gurugram, Noida, Mumbai, Pune, and Hyderabad. India has become one of the fastest-growing markets for flexible office space globally, driven by the growing demand for managed space solutions from both large enterprises and agile startups, particularly following the Covid-19 pandemic.

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