Managed workspace provider Table Space is planning to invest $100 million (approximately ₹840 crore) to expand its office space portfolio. This investment will start with a recent deal worth ₹450 crore with Panchshil Realty for 900,000 square feet of space in Pune.
Table Space, a Bengaluru-based company, had raised $325 million in 2022 from Hill House Capital. The company is also in discussions to acquire an additional 1.2 million square feet of space in Pune from Panchshil Realty. This is part of their strategy to add more office assets in major urban areas.
Currently, Table Space manages over 10.5 million square feet of operational office space across India.
For the Pune project, Table Space and Panchshil Group have formed a joint venture, with each company owning an equal share and contributing ₹800 crore in equity.
“We are actively looking for more acquisitions, and this is just the beginning. The recent deal involves both equity and debt,” said Amit Banerji, the founder and CEO of Table Space.
The building in Kharadi, Pune, is expected to be completed by the third quarter of next year. Table Space plans to add another 5 million square feet of office space across India under its owned asset portfolio, known as Table Space Towers. Banerji mentioned that the company’s initial plan is to have an 80:20 ratio of leased to owned space. However, over time, they expect this ratio to shift to 60:40, with 60% of the space being leased and 40% owned.
In late 2022, Table Space raised about $325 million from Hill House Capital, which has helped strengthen and expand its operations and leadership team.
“Our operations cover all major metropolitan areas, and we evaluate potential assets to find the best investments. We don’t have a preference for any particular city; instead, we focus on identifying the right asset in the right location. For example, we are currently evaluating a property in Whitefield, Bengaluru,” said Banerji.
Table Space operates in cities like Mumbai, Bengaluru, Pune, Hyderabad, Chennai, Noida, and Gurugram, with more than 60 centers under its management.
The company expects to generate revenue of ₹2,000 crore in the 12-month period ending September 2025. “We are leasing about 300,000 square feet every month, which adds up to roughly 3.5 million square feet a year,” Banerji said.
“Last year, we achieved sales of about ₹450 crore and have already reached around ₹250 crore in the first quarter of this year. We expect to achieve sales of around ₹600 crore in the first half of this year,” he added.
Table Space’s clients include major companies like Google, Microsoft, and Shell. They recently partnered with Mckesson Pharma.
The demand for flexible managed office space is growing as companies prioritize flexibility in their real estate portfolios, allowing them to better adapt to changing needs.
In the first half of 2024, the office space market in India’s top eight cities recorded its highest ever transaction volume for a half-year period, totaling 34.7 million square feet. Flexible workspaces accounted for 21% of the total volume, according to a report from real estate consultancy Knight Frank.
During this period, flexible coworking spaces made up about 72% of all flex space transactions, compared to 58% in the first half of 2023. Flex space operators took up 7.2 million square feet, while third-party IT services occupied 3.4 million square feet.
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