After Wework, Quest Office, Awfis leases 24k sqft in BKC at MG or 42% revenue share.<\/p>\n
Awfis, a co-working office space provider leased 23,648 sqft in Crescenzo, a commercial office building in Bandra Kurla Complex in 1 st week of August 2017. Awfis will be paying higher of minimum guaranteed initial rent of Rs 125 per sqft per month or 42% revenue share to the landlord DKJ Shelters. IDFC was the previous occupant at the said premises. Awfis negotiated 3 months\u2019 rent-free period in the 60 months lease term to complete fit-outs in the leased premises at its own expense. The lease rent will increase by 9.6% to Rs 137 per sqft per month after 1 year. Additionally, the tenant has to pay common area maintenance charges which are currently estimated at Rs 10 per sqft.<\/p>\n
Featured in:<\/strong> Business Standard<\/a><\/p>\n <\/p>\n The space is expected to be operational by November 2017. The global leader in co-working space, Wework leased out entire 1.9 lac sqft in Sambhav\/Enam Building, BKC in January 2017 and is expected to be operational by September 2017.<\/p>\n Co-working as a workplace option is gathering momentum in several gateway cities globally, and increasingly more corporations have already started to realise that it offers a great potential for fostering innovation. This trend is evident from the 1.5 million sq ft leased space occupied by Co-working office providers across major Indian metros over last 1-2 years.<\/p>\n In another transaction in July 2017, Quest Offices, a Co-working office space provider, has relocated from 1 st floor in Crescenzo building to 8th floor in same building. Quest has leased 13,469 sqft at initial bare shell rent of Rs 152 per sqft for period of 5 years. Additionally, the landlord will be doing fit-outs of the premises for which Quest Offices shall pay additional fit-out rent of Rs 30 per sqft per month for entire lease term.<\/p>\n We foresee the co-working office industry to pick-up in the future with initial interest in prime office precincts such as BKC, Andheri and Powai in Mumbai; Connaught Place, Okhla in Delhi; Koramangala, Whitefield in Bengaluru etc.<\/p>\n Some of the KEY leases by Co-working office providers in Mumbai are as follows<\/p>\n\n\n
\n Co-working Firms<\/strong><\/td>\n Precinct<\/strong><\/td>\n Property Name<\/strong><\/td>\n Area Leased<\/strong><\/td>\n Rent in Rs per sq ft per month<\/strong><\/td>\n<\/tr>\n \n Wework<\/td>\n BKC<\/td>\n Sambhav<\/td>\n 1,88,488<\/td>\n 226<\/td>\n<\/tr>\n \n Innov8<\/td>\n Andheri<\/td>\n Boston House<\/td>\n 11,800<\/td>\n 44<\/td>\n<\/tr>\n \n iKeva<\/td>\n Kurla<\/td>\n Art Guild House<\/td>\n 10,395<\/td>\n 102*<\/td>\n<\/tr>\n \n Awfis<\/td>\n BKC<\/td>\n Crescenzo<\/td>\n 23,648<\/td>\n 125<\/td>\n<\/tr>\n \n Quest Offices<\/td>\n BKC<\/td>\n Crescenzo<\/td>\n 13,469<\/td>\n 152<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n