Renowned real estate advisor, Colliers, transacted office space in Pune spanning 100,000 sq.ft. for Tablespace, a leading managed workspace operator with a growing presence in India. The Office Services business of the company has a demonstrated expertise in tenant representation. With a deep understanding of the market and analysis of the requirement, Colliers identified potential office spaces, allowing the client to make an informed decision after evaluating all viable possibilities.
Co-working is emerging to be the preferred office space for businesses across industries, especially post-pandemic, given the flexibility and cost-effectiveness it offers. Acting on this growing demand, Tablespace was looking to expand their real estate portfolio in the city. Keen on a Grade A development that was conveniently located, the client was leaning towards the Pune Western Business district i.e., Baner and Balewadi. Additionally, to attract the new-age workforce, the development needed to adhere to health & safety standards, have advanced security, and modern-day amenities.
The team was met with the challenge of a supply crunch at the high-in-demand micro market due to its cost-effectiveness and close proximity to residential catchments and recreational hubs. Despite the bottlenecks, the team at Colliers leveraged their combined expertise and robust industry relations to transact the 100,000 sq.ft. space. Colliers was able to structure the transaction and achieve a rent-free period, sustaining the growth plan of Tablespace. Further, excellent relations with the landlord provided flexibility to market the space during the execution of the agreement which helped Tablespace attract new clients in the market.
“I am proud of the commitment and capabilities demonstrated by our experts in closing this deal within a great turnaround. We have exceeded client expectations with our in-depth market expertise, industry relations and strategic excellence. The requirements of the client were specific and complex, posing initial challenges, but the team delivered remarkably”, said Animesh Tripathi, Managing Director, Pune at Colliers India.
Colliers has added a 0.1 msf to the Tablespace Pune portfolio which is currently at 1.2 msf across 9 centres.