M3M leases 220,000 sq ft to Incuspaze in Gurugram

Gurugram: Leading real estate developer M3M has leased 220,000 sq ft in Gurgaon’s flexible workspace provider Incuspaze in their boutique office project - M3M Urbana Premium on the Golf Course Extension Road, according to sources familiar with the deal.

In a significant strategic move, M3M is focusing on maintaining premium office space as an owned asset class to better cater to the rising demand in the office space segment this year. Currently, M3M boasts an impressive portfolio of 56 projects spread across Gurugram, Noida, and Panipat, covering a substantial area of 6 million sq ft.

The flex workspace market is expected to grow from 55 million sq ft to 100-140 million sq ft by 2030. “The Golf Course Extension Road and Udyog Vihar locations are pivotal for businesses seeking connectivity and convenience,” said Sanjay Choudhary, Founder & CEO of Incuspaze. The transaction follows a 600,000 sq ft lease in the last quarter across three cities, with the flexible space operator continuing to expand its footprint.

Incuspaze currently operates across 44 locations in 18 cities, boasting a total portfolio of 3 million sq ft. “Given the resilience displayed by the office sector, we anticipate a positive outlook for 2024. Growth is being driven by multinational companies and Global Capability Centers, with a robust presence of skilled talent attracting a diverse range of firms,” said Sanjay Chatrath, managing partner at Incuspaze.

“M3M has been developing its commercial portfolio with our clients’ needs in mind. All our commercial properties are best-in-class and strategically located in the NCR,” said Sudeep Bhatt, President of M3M India.