Flexible workspace provider Etherea leases 2.2 lakh sq ft with Bhutani
Etherea, a leading flexible workspace provider, has leased 2.2 lakh sq ft of office space across two buildings owned by real estate developer Bhutani, according to two individuals familiar with the matter. «More than 50% of our commercial space is taken by flex space providers, suggesting demand is increasing. Corporate clients are also preferring coworking centres post covid,» said Ashish Bhutani, CEO, Bhutani Group.
Etherea has leased 82,500 sq. ft. in sector 127 and another 1,37,500 sq.
ft. in sector 62, Noida. The company is already operating a coworking centre at Bhutani Alphathum in Sector 90, Noida.
«We are in the advanced stages of discussion to lease space in Goa and Gurgaon as well. The space we have leased with Bhutani will be operational soon, and we are looking to expand both in NCR and outside NCR,» said Nitin Gupta, founder and CEO of Etherea Ventures. Experts predict continued upward trend in the share of flex space providers in office space leasing as it has shown remarkable growth, nearly doubling in two years.
Bhutani infrastructure has an aggressive expansion plan in the commercial and residential segments. «Noida is now becoming a preferred destination for corporates, and demand for office space has increased due to that. The upcoming airport will further fuel the growth,» said Bhutani.
WeWork India had also signed 6.6 lakh square feet with the Bhutani Group for its Alphathum project. Corporate demand for flexible space has driven enterprise leases of coworking facilities to 103,665 seats in FY 2023, a significant increase from the previous year's 87,345 seats, largely due to softening economic conditions, as per an industry report. The leasing of flexible seats reached a record high in FY23,
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