WeWork India Renews Lease for 1.4 Lakh Sq Ft Office Space in Mumbai
WeWork India has recently renewed its lease for a substantial office space in Mumbai, marking a significant development in the commercial real estate sector. This renewal involves a 1.4 lakh square feet office space at Tower 4 of Nesco IT Park in Goregaon East, Mumbai.
The renewed lease, accessed through Propstack, a real estate data analytics platform, outlines a monthly rental fee of ₹2.25 crore. This space spans five floors and includes parking for 104 cars. Arnav S Gusain, Chief of Supply at WeWork India, emphasized the strategic importance of their partnership with Nesco IT Park, highlighting the productive collaboration that has fostered their growth in the western region of India.
The lease terms specify a rate of ₹162 per square foot for the first year, totaling ₹27 crore annually. Additionally, the agreement includes a 12% rent escalation in August 2025, increasing the rate to ₹181 per square foot, and further rising to ₹203 per square foot in August 2028. The five-year lease period commences on August 1, 2024.
WeWork India’s renewed lease is part of a broader strategy to expand its footprint across major cities in India. The company, operated by Bengaluru-based Embassy Group, holds over a 70% stake in WeWork India. Since its inception in India in 2017, WeWork has grown its presence to over 8 million square feet across 57 locations in eight cities.
This renewal follows WeWork India’s recent announcement on July 25, where the company revealed the acquisition of two new office spaces totaling 1.4 lakh square feet in Noida and Bengaluru. Gusain stated that the demand for flexible workspaces remains robust, driven by enterprises, professionals, freelancers, and startups seeking dynamic environments for collaboration and connectivity.
The flexible office space segment in India has witnessed a consistent upward trajectory, particularly following the Covid-19 pandemic. A June 2024 report by property consultancy Colliers indicated that the top six cities in India recorded their highest-ever quarterly demand for flexible office spaces in the April-June period, amounting to 2.6 million square feet.
WeWork’s lease renewal and expansion align with this trend, reflecting the growing preference for flexible and cost-effective workspace solutions. Other co-working firms like Gurugram-based Incuspaze and Synq.Work have also announced multiple deals and expansion plans, signaling a robust growth outlook for the segment.
Image source- wework.co.in
The renewal deal involved a stamp duty of ₹37.93 lakh, as per the registration documents. While Nesco Limited, the licensor, has not responded to queries from Hindustan Times, the renewal underscores the ongoing demand for premium office spaces in Mumbai’s commercial hubs.
With a focus on fostering dynamic work environments and expanding its market presence, WeWork continues to play a pivotal role in the evolving commercial real estate landscape in India. The agreement not only strengthens WeWork's position in Mumbai but also highlights the broader growth trends within the flexible office space segment across major Indian cities.
