Incuspaze has expanded its footprint in Bengaluru by leasing 325,000 square feet of office space at QUBE Software Park, Outer Ring Road, catering to over 5,000 seats. This follows a recent lease of 156,000 square feet in Whitefield, as the company targets one million square feet of space in the city within a year. With Bengaluru's IT sector driving demand for scalable workspaces, Incuspaze plans to add two million square feet across key South Indian cities. Established in 2016, the company now operates 4 million square feet across 44 locations in 18 cities.
Incuspaze, a fast-growing coworking company, has leased 325,000 square feet of office space in Bengaluru's QUBE Software Park, located on the Outer Ring Road, to accommodate over 5,000 seats. This expansion reflects the company's strategic effort to meet the increasing demand for managed flexible workspaces in the city. Last month, Incuspaze also secured 156,000 square feet of office space in Whitefield, highlighting its aggressive approach to scaling operations. The company plans to acquire one million square feet of office space in Bengaluru within the next 12 months, emphasising its focus on capturing the city's booming office space market.
According to Incuspaze's Managing Partner, Sanjay Chatrath, the decision to expand into this prime location reaffirms the firm's commitment to providing high-quality workspaces in key business districts. He noted that Outer Ring Road is among Bengaluru's most attractive IT growth corridors due to its proximity to a well-established IT talent pool, residential hubs, and large land parcels. The strategic location, combined with Bengaluru's status as an IT hub, offers significant advantages for both local and international businesses seeking flexible office solutions.
Bengaluru has emerged as a frontrunner in the office space market, accounting for 20.4% of the overall gross leasing activity in Q1 2024, according to a JLL report. The city's thriving IT sector, combined with a strong talent pool, has fuelled the demand for flexible and scalable office solutions. Chatrath added that this demand reflects the city's dynamic growth and its role as a key player in the Indian real estate market. Incuspaze's founder and CEO, Sanjay Choudhary, stated that the company's latest expansion is a significant step in fostering innovation and creating a robust ecosystem for business growth.
Choudhary highlighted that Bengaluru's thriving business environment continues to attract both domestic and foreign occupiers, reinforcing the city's position as a leading destination for flexible workspaces. Over the next 12 months, Incuspaze aims to add an additional 2 million square feet of office space across Bengaluru and other key cities in South India. This ambitious expansion aligns with the growing demand for flexible workspace solutions across the country, with flex spaces witnessing robust leasing activity.
In Q2 2024 alone, flex spaces accounted for 2.6 million square feet of leased office space across India's top six cities, the highest volume recorded in a single quarter. Bengaluru and Delhi-NCR led the charge, accounting for 65% of this flex space leasing activity, reflecting growing demand in these areas.
Incuspaze is aggressively expanding its footprint in response to the booming demand for flexible office spaces in India. The company has recently leased significant spaces in Bengaluru, including 325,000 square feet in QUBE Software Park and 156,000 square feet in Whitefield, aiming to secure one million square feet in the city within the next year. Their expansion aligns with the high demand for flex spaces, as evidenced by record leasing activity in Q2 2024.
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