The Executive Center leases 1 lakh sft across Mumbai and Bangalore

TEC has leased 60,683 sq ft of office space in BK, Mumbai and 40,000 sq ft in whitefield, Bengaluru. Both centres are expected to open by March 2021.

BENGALURU: The Executive Center (TEC) has leased 1 lakh sft office space across Bangalore and Mumbai to expand its operations amidst growing uncertainties around office space in the country.

”Most MNC have constrained CAPEX due to the pandemic and is looking for serviced offices. We are seeing demand from companies that were never open to the idea of flexible offices, ” said Nidhi Marwah, the South Asia managing director at the company.

TEC has leased 60,683 sq ft of office space in BK, Mumbai and 40,000 sq ft in whitefield, Bengaluru. Both centres are expected to open by March 2021.


TEC which counts Facebook and Twitter among its large clients in India operates 800,000 sq ft of office space in India plans to cross the 1 million sq ft mark by the end of 2020. The firm has also leased 35000 sft office space to multinational firm OpenText earlier this year.

”We are seeing demand from companies across Banks, pharma and consultancy services for services offices but IT sector has been hesitant to expand, ” said Marwah.

TEC plans to open five new centres by March 2021 at Bengaluru, Gurugram, Chennai and Pune with an investment of Rs 100 crore. These five centres will have a total of two lakh sq ft area with a capacity of around 2,300 desks.
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The premium office operator that started operation in India in 2008 has 36 centres spread across 9.35 lakh sft in seven cities in the country.

Growth in the flexible office segment is expected to remain muted in 2020 as most corporate employees are working from home because of the pandemic. Experts expect an uptick in the segment only in the second half of 2021.

The segment is also expected to see a major consolidation with many players selling portfolio and slowing down expansion. Currently about 25% of co-working spaces in the top eight cities — 6.4 msf of the total 25.45 msf — is operated by small players, with Bengaluru and the National Capital Region housing the most companies.
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