Bajaj Finserv Health has secured a five-year lease for 97,000 square feet of office space in Pune's Trion IT Park, Kargil Vijay Nagar, Wadgaon Sheri. The deal with Mindspace Business Parks is valued at Rs 72.26 lakh per month starting from December, with a rental increase of 5% every year. The lease began on November 1, 2023, with a lock-in period of three years. In a similar context, co-working spaces have seen significant growth in Pune's office leasing market, accounting for 40% of transactions in FY23, with demand expected to grow 15-20% over the next few years.
Bajaj Finserv Health Ltd has entered into a significant office space lease agreement, securing 97,000 square feet within Pune's Trion IT Park, Kargil Vijay Nagar, Wadgaon Sheri. The office space comes with 97 car parking spaces. The lease, which commenced on November 1, 2023, has a duration of five years with a lock-in period of three years. The monthly rental stands at Rs 72.26 lakh, with a per-square-foot rent of Rs 74.5 and a security deposit of Rs 2.16 crore. Additionally, the agreement includes a lease-free period from November 1 to 30, with the monthly rental applying from December 1. The rent will increase by 5% annually.
Other prominent lease deals in Pune during the year include Deloitte Consulting India Pvt Ltd leasing 1.56 lakh square feet across two floors in a tech park in Kharadi for ten years, and Nasdaq-listed IT software firm Cognizant renewing its lease for 6.27 lakh square feet of office space in Pune for five years till October 2026 at a monthly rent of Rs 3.35 crore.
Pune's office market has witnessed significant activity, with co-working spaces accounting for 40% of transactions in the last fiscal year. Pune has attracted many coworking firms like 315Work Avenue, TRIOS, 91Springboard, etc.
The broader Indian office leasing sector saw approximately 36.11 million square feet of transactions in FY23, with Pune leading the way in co-working spaces, followed by Bengaluru, which saw a 30% increase in the net absorption of co-working office spaces. Moreover, the co-working segment's share of office leasing in India surged to 23% during FY 22-23. The demand for flexible office spaces is projected to grow by 15-20% over the next 2-3 years, reflecting the changing dynamics of the office real estate market.
The leasing activity in Pune indicates a thriving and dynamic commercial real estate sector, with significant demand for office spaces and flexible working solutions.
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