Simpliwork leases over 2-lakh sq ft office space in Pune

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October 20, 2020 2:30 AM

Founded in January 2018, Simpliwork currently manages over around 2.4 million sq ft in India across Bengaluru, Hyderabad and Gurgaon.

Demand has started picking up and JLL has recently completed three large deals in Pune, Bajaj said. Two more large-size deals will be announced soon, he added.Demand has started picking up and JLL has recently completed three large deals in Pune, Bajaj said. Two more large-size deals will be announced soon, he added. (Representative image)

Pune has seen the largest office space leasing deal in 2020 with flex -pace operator Simpliwork Offices picking up 2.30 lakh sq ft office space in the city. This is Simpliwork’s first office in Pune and will house 2,500 employees.

According to JLL India research, Pune has the lowest vacancy levels in the office space segment in the country. Only 5% office space in the city is vacant at present, Sanjay Bajaj, MD of JLL Pune, said.

Demand has started picking up and JLL has recently completed three large deals in Pune, Bajaj said. Two more large-size deals will be announced soon, he added.

Growth in Pune was driven by demand for Grade A office space, Bajaj said.

Simpliwork Offices signed a long-term lease for 2,30,945 sq ft office space at Sky One Corporate Park in Pune. Simpliwork Offices will be one of the first to occupy Sky One Corporate Park, a 3 million sq ft commercial project by Lunkad Realty. Simpliwork chose Viman Nagar in Pune due to low vacancy and limited future supply of Grade A project.

Founded in January 2018, Simpliwork currently manages over around 2.4 million sq ft in India across Bengaluru, Hyderabad and Gurgaon.

According to Bajaj, the new demands of health, safety and hygiene had led to tenants moving out of old, poorly maintained Grade B assets to Grade A office space, which met all compliance requirements, was energy-efficient and focused on sustainability. Tenants are looking for flexible space where they can get full services with virtually no capex and a lot of flexibility. These new Grade A spaces use more contactless technology and offer better employee experience so co-working companies and tenants were taking up positions in these Grade A assets, he said. There is a limited supply of around 20 million sq ft expected over the next five years, so whatever is on offer is being grabbed.

The largest co-working deal in Pune so far has been by Smartworks, which leased 5 lakh sq ft space in November 2019 at the Amar Pristine Eighty-Three project in Koregaon park by Amar Builders and Pristine Properties. This facility is expected to be operational by 2021. Smartworks has over 6,000 seats across four facilities in Pune.

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