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Hanto Workspaces Expands Presence in Bangalore with 1 Lakh Sq Ft Lease
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siliconindia
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Tuesday, July 16, 2024
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Hanto Workspaces, a leading managed office real estate solutions firm, has significantly expanded its footprint in Bangalore by leasing an additional 1 lakh square feet of premium workspace. This latest addition brings Hanto Workspaces’ total managed workspace in the city to 2 lakh square feet.
In conjunction with this expansion, Hanto Workspaces is planning to lease an additional 2 lakh square feet of workspace in Hyderabad and Pune, marking its entry into these new markets. The company aims to cater to the growing demand for flexible, high-quality office spaces.
“The organic demand for the managed workspace market is driven by customers seeking high-quality workspaces at value pricing. We provide customization and flexibility in interior and services unmatched in the industry. This makes it easy for clients to shift from their traditional workspace solution to one managed by Hanto,” said Aashit Verma, Founder of Hanto Workspaces.
Despite its rapid expansion, Hanto Workspaces boasts an impressive 90% occupancy rate, including newly launched properties. The company has also received advance bookings for upcoming properties, reflecting strong market trust and demand for their offerings.
In November 2023, Hanto Workspaces secured Rs 15 crore in seed funding, led by Anurag Jain, Founder of KredX, along with other angel investors in a mix of equity and debt. This funding will support the company's growth and expansion across major cities in India, with a target revenue of over Rs 700 crore by 2028.
The demand for flexible workspaces among corporates is on the rise. The proportion of companies allocating over 10% of their office portfolio to flexible workspace is projected to increase from 42% in Q1 2024 to 58% by 2026.
Over the last five years, flexible space operators have become a significant force in the Indian office leasing ecosystem, consistently capturing over 15% of quarterly leasing. With occupiers showing a strong preference for flexible spaces, CBRE anticipates that the flexible space stock will reach 80 million square feet by the end of 2024.
Hanto Workspaces' strategic expansions and high occupancy rates position it well to capitalize on the growing demand for flexible office solutions in India’s major cities.
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