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Enzyme Office Spaces has rented out 14,000 square feet of office space to Sugar Cosmetics at its facility in Andheri East, Mumbai. Originally leased from House of Hiranandani, the space was intended for Enzyme's own coworking centre but will now be fully occupied by Sugar Cosmetics for its five-year expansion plan. The lease provides seating for about 300 employees. Enzyme's CEO, Ashish Agarwal, highlighted the growing demand for flexible office spaces, especially in major cities. This agreement reflects the increasing trend of businesses choosing managed office solutions to meet their evolving needs.
Enzyme Office Spaces, a prominent provider of managed workspaces, has announced a lease agreement with Sugar Cosmetics for 14,000 square feet of office space in Andheri East, Mumbai. This deal is part of Enzyme's wider portfolio, which spans 32 centres across key cities like Bengaluru, Mumbai, Hyderabad, and Delhi-NCR, offering a total of 14 lakh square feet of space and seating for up to 35,000 people. Advertisement
The space, which was initially leased by Enzyme from House of Hiranandani with plans to create its own coworking centre, will now be fully occupied by Sugar Cosmetics. This change reflects the growing demand for flexible office solutions. The 14,000 square feet is designed to accommodate approximately 300 employees and will be part of Sugar's expansion strategy over the next five years.
Ashish Agarwal, founder and CEO of Enzyme Office Spaces, shared that this partnership aligns with the company's goal to strengthen its position as a key player in India's coworking and managed office space market. The deal underlines the ongoing trend of businesses moving towards more adaptable and scalable office environments.
For Sugar Cosmetics, the agreement with Enzyme is a crucial part of their continued growth. Nirav Jagad, Chief People Officer at Sugar, explained that the company chose the Andheri East location for its excellent accessibility, which will benefit both employees and visitors alike. The space will be occupied on a five-year lease, giving the brand the flexibility it needs for long-term expansion.
India's coworking sector is experiencing rapid growth. According to real estate consultancy Vestian, the total managed office space in India currently stands at 67 million square feet, with predictions indicating that it could surpass 100 million square feet by 2026. In 2019, coworking spaces accounted for 15% of office leasing in major cities, a figure that jumped to over 25% in 2023. While there has been a slight dip to 21% in 2024, the sector continues to show strong demand as businesses seek flexible, cost-effective office solutions.
This deal between Enzyme Office Spaces and Sugar Cosmetics not only highlights the increasing appeal of managed office spaces in India but also points to the broader shift towards flexible work environments. As demand for such spaces grows, more companies are expected to follow suit, choosing customised office solutions that offer both flexibility and convenience.
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