In the largest office lease recorded in Pune till date in 2020, Simpliwork Offices, the Bengaluru-headquartered flex space operator, has signed a long-term lease for 230,945 sq ft Grade A office space at Sky One Corporate Park in Pune. JLL, the real estate consultancy firm, facilitated the deal.
The lease has a five-year lock-in with a nine-year contract.
“Rents are marginally lower than pre-COVID 19 levels but this is considering that vacancy levels in Pune are perhaps the lowest in the country on account of low supply,” said Sanjay Bajaj, Managing Director, Pune, JLL.
Rents for Grade A warm shell office spaces in Pune range from Rs 30 per sq ft to Rs 100 per sq ft per month.
Simpliwork Offices provide customised, fully furnished and managed offices for medium and large enterprises. The company will be one of the first to occupy Sky One Corporate Park, the new 3 mn sq ft commercial project by Lunkad Realty.
This will be Simpliwork’s first office Pune. Simpliwork aims to accommodate approximately 2,500 employees of Fortune 500 enterprises at this location soon.
“Simpliwork Offices was evaluating the most strategic location for launching their first office in Pune. Basis our advice and market intelligence, Simpliwork chose Viman Nagar due to low vacancy and limited future supply of Grade A projects,” he said.
Occupiers today prefer versatile operators, who can offer complete CapEx and flexible OpEx solutions, thus, enhancing the employee experience. Owing to its proximity to the airport, upcoming metro, huge residential catchment and established social infrastructure, Viman Nagar is a sought-after destination for MNCs as well as large Indian corporates
“We are excited to have found an office space that fits our needs so well. We appreciate the hard work and due diligence carried out by the JLL team. Viman Nagar’s unique ecosystem gives us access to world-class infrastructure as well as skilled manpower,” said Kunal Walia, Founder and CEO, Simpliwork Offices.
Market fundamentals continue to remain promising with lower single-digit vacancy combined with strong demand potential in the upcoming quarters.
Simpliwork, founded in January 2018, currently manages over 2.4 mn sq. ft. in India across Bengaluru, Hyderabad, Gurgaon and now Pune.