 "Table Space buys office space in Bengaluru for about Rs 500 crore")
Table Space, which provides flexible workspace to corporates, has bought 5 lakh sq ft office space in Bengaluru for around Rs 500 crore to expand its business amid rising demand.
According to sources, the company has acquired 5 lakh square feet office space in Whitefield, Bengaluru, for about Rs 500 crore.
Real estate consultant CBRE facilitated this deal, they added.
Table Space President Kunal Mehra confirmed the transaction. CBRE declined to comment.
"Table Space has acquired Kalyani Camellia, Whitefield (Mahadevapura), Bengaluru, covering around 5,00,000 sq ft," Mehra said.
"This is the second Table Space-owned asset in the brand's portfolio," he told PTI.
Mehra did not share the deal value.
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The first acquisition was of Panchshil Towers in Kharadi, Pune - spanning over 9 lakh square feet.
"Bengaluru is our most mature and vital market, contributing 46 per cent to overall revenue and poised to remain our largest growth area," Mehra said.
He noted that Table Space is one of the country's leading enterprise workspace solution providers and a leader in providing enterprise-managed workspace solutions.
Founded in 2017, Table Space has built over 9.5 million square feet (90.5 lakh) of custom workspaces, with 60+ centres across 7 cities in India.
It offers a solution-based approach to clients' workspace needs by providing a complete spectrum of offerings from ready-to-move-in premium workspaces to fully customised end-to-end managed office solutions, and future first Enterprise Workspace as a Service (WaaS).
Demand for flexible workspace has risen significantly post-Covid pandemic.
Corporates are taking space on lease from flexible space providers as part of their strategy to reduce capex and also get rid of the hassles of managing office space. The adoption of the hybrid mode of working is also one of the major factors for growth in this segment.
To meet this demand, co-working space and managed office space operators are taking on lease space from real estate developers and individual property owners.
Flex space operators have a share of around 10-15 per cent in the total annual demand for Grade-A office space across seven major cities.