Managed office space provider Etherea leases over 2 lakh sq ft at two Bhutani Group projects in Noida

Etherea intends to expand in Dubai as well (Representative image)

Co-working and managed office space company Etherea has leased nearly 2 lakh square feet of office space in two buildings of the Bhutani Group in Sector 127 and Sector 62 in Noida, people aware of the matter said.

Etherea already operates a co-working office space facility at Bhutani Group’s Alphathum in Sector 90, Noida.

“We have leased around 1 lakh square feet each to Etherea at Bhutani Techno Park in Sector 127 and Cyber Park in Sector 62, Noida. The deal was signed six-seven months back and now fit-outs are being done at both the locations. In totality, we have leased out around 4 lakh square feet of space to Etherea,” Ashish Bhutani, chief executive officer, Bhutani Group, told Moneycontrol.

He said Etherea will be paying a rent at the rate of Rs 61 per square foot.

According to him, demand for flexible office spaces has been rising and he anticipates that it will continue to grow. Last year in May, the Bhutani Group leased out 6.6 lakh square feet of space to WeWork India at its Alphathum project.

Confirming the deal, Nitin Gupta, CEO and founder, Etherea, said, “We have entered into a relationship with Bhutani to lease office spaces at their two projects in sectors 127 and 62. The fit-outs have started there and centres will be operational by the year-end.”

He too said that demand for flexible office spaces has gone up significantly in the last couple of years and his company was looking to expand to other places in India and abroad.

“We intend to expand in Dubai and Goa. Discussions are on and we hope to start operations at these locations during the first half of the next year,” Gupta said.

According to a report released by property consultancy JLL in May 2023, flex space operators in Delhi-NCR leased the maximum area—around 2.9 million square feet—in 2022, accounting for 31.7 percent of the total space leased by such players across the top seven cities.

In the 15-month period from January 2022 to March 2023, more than 28,000 seats were leased by end users in flex spaces, the report said.