Co-working Leases Surge 48% | Urban Vault’s ₹100 Cr Push | JP Morgan Bets Big on BKC
This week’s FLEXO newsletter brings you another power-packed update from India’s commercial real estate market. From co-working operators ramping up leasing activity to global giants like J.P. Morgan making bold realty bets, the sector is buzzing with confidence. Here’s your latest from the field.
Co-working Operators Lease 65 Lakh Sq Ft Across Top Cities
Co-working firms have leased 65 lakh sq ft of office space across India’s top 7 cities in the first half of 2025, marking a 48% YoY increase, according to Colliers. This growth is being driven by demand from startups, SMEs, and even large corporates looking for flexible, plug-and-play workspaces. The top contributors to this spike include Delhi-NCR, Bengaluru, and Mumbai. With hybrid work models now becoming the norm, co-working players have solidified their role as key occupiers in India’s office space ecosystem. The numbers underline the sector’s resilience and its growing importance in India’s corporate real estate landscape.
Urban Vault to Invest ₹100 Crore to Expand Coworking Presence
Urban Vault is set to invest ₹100 crore by FY26 to expand its footprint across India’s coworking landscape. With recent launches in Gurugram and plans to enter Bengaluru, Noida, and Pune, the company is targeting over 700 additional seats. Urban Vault expects its revenues to surpass ₹250 crore by the end of FY26, fueled by growing demand from enterprise clients and remote-first startups. Its centres offer high-grade amenities and are priced at around ₹12,000 per seat. The firm is also focusing on sustainability and tech integration, aiming to redefine workspace experiences in premium business districts.
JP Morgan Signs ₹1,000 Crore Lease in Mumbai’s BKC
US-based financial major J.P. Morgan has signed a long-term lease deal for 116,210 sq ft in Mumbai’s Bandra Kurla Complex (BKC), with estimated rentals pegged at ₹1,000 crore over the lease term. The property is housed in the Sumitomo Realty-owned tower and is expected to see total rentals touch ₹2,500 crore over time. This deal is among the largest single-office leases signed in the city this year, signaling strong confidence in India’s financial hub. The space will accommodate thousands of employees and further anchor BKC as a hotspot for global banking giants.
GoodWorks CoWork Enters Hyderabad with Ektha Group
Bengaluru-based GoodWorks CoWork has entered Hyderabad through a partnership with Ektha Group. It has launched premium coworking centres in the city’s prime tech corridors—Hitech City and Financial District. The expansion is aimed at tapping into the demand from Global Capability Centres (GCCs), startups, and mid-sized enterprises. The company plans to offer fully managed spaces with high-end design, scalability, and tailored enterprise solutions. Hyderabad’s thriving tech ecosystem and growing demand for flexible workspaces make it an ideal next step for GoodWorks as it continues to expand its South India presence.
Embassy REIT Secures ₹1,550 Crore in Strategic Debt Refinancing
Embassy REIT has raised ₹1,550 crore through non-convertible debentures and loans as part of its strategic refinancing plan. The funds were secured at a weighted average cost of 6.97%, marking a four-year low and helping the REIT reduce interest costs by 113 basis points. The capital will be used to repay existing debt and bolster financial flexibility. Embassy REIT continues to be one of India’s leading commercial real estate investment platforms, with Grade-A assets across Bengaluru, Mumbai, Pune, and NCR. The move strengthens its balance sheet and positions it well for future expansion.
Onward Workspaces Unveils ₹20 Crore Expansion in Delhi NCR
Onward Workspaces has announced a ₹20 crore expansion plan focused on Delhi NCR. The company will add 1.2 lakh sq ft of coworking space across five new centres in locations like Connaught Place, Udyog Vihar, and Noida. These new centres will feature ergonomic seating, meeting rooms, wellness zones, and enterprise-grade internet. With this move, Onward aims to tap into the capital’s growing demand for managed office space among freelancers, startups, and corporates. The brand also plans to open in Tier-2 cities in the next phase, furthering its ambition to become a national flex-space leader.
Bengaluru and Hyderabad Drive Grade-A Office Uptake in Q2 2025
According to a recent report, Bengaluru and Hyderabad led the uptake of Grade-A office spaces in Q2 2025, accounting for nearly 45% of overall leasing activity across major Indian cities. The demand was driven by tech, consulting, and BFSI firms, alongside GCCs expanding their footprint. Both cities also saw significant new supply being added, highlighting developer confidence and sustained occupier interest. Bengaluru continued to dominate due to its strong infrastructure and skilled talent pool, while Hyderabad emerged as a cost-efficient alternative with world-class office hubs.
TCS Plans ₹4,500 Crore Expansion with New Campuses Nationwide
IT major Tata Consultancy Services has unveiled a ₹4,500 crore plan to develop new campuses across India. This includes major facilities in Bengaluru, Kolkata, Kochi, Hyderabad, and Visakhapatnam. The company is developing a 30-acre campus in Kolkata alone that will house 16,500 employees. The expansion aims to bolster delivery capabilities and meet increasing demand from global clients. TCS’s move reflects renewed confidence in India’s talent pipeline and infrastructure, especially as digital transformation continues to accelerate across industries.
GCC Office Space Demand Grows 24% to 31.8 Million Sq Ft in FY25
Global Capability Centres (GCCs) leased 31.8 million sq ft of office space in FY25—a 24% jump compared to the previous year—according to Vestian. Bengaluru, Hyderabad, and Pune remained the top destinations, thanks to their talent ecosystems and high-quality infrastructure. BFSI, tech, and engineering-led GCCs drove much of this demand. The report highlights that GCCs are increasingly turning to managed office models and consolidating operations in strategic hubs. This growth underscores India’s expanding role in global enterprise operations, with leasing volumes expected to remain strong through FY26.
As leasing volumes climb and new investments roll in, India’s commercial real estate market continues to gain ground. Whether you're a startup looking for flexibility or an enterprise planning long-term moves, FLEXO is here to help you find the right space, at the right time.
Talk to us at +91-95133 92400 or visit www.flexospaces.com. See you in the next edition!
Business Development Specialist at FLEXO
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