The total tenure of the lease is 9 years and the company is planning to set up a 320-seat co-working hub in this space. Recently, Inspire Co-Spaces entered into an agreement to lease 20,000 sq ft space in commercial real estate project Westgate on Ahmedabad’s SG highway to start a 300-seat coworking centre.
“We plan to spend over five crores to establish its first flagship center in Indore city. We additionally plan to extend to metropolitan and tier II cities in the subsequent 3 to 6 months,” said Nisshith Agarrwal, Founder & Director of Inspire Co-Spaces.
The proposed hubs in Ahmedabad and Indore will be in addition to the company’s existing four centers in Mumbai with over 5,000 seats. It is planning to double the seats by 2022 in different cities in India.
The project Maloo 01 located on the Ring Road counts corporates including Blue Star, Nayara Energy Ltd (formerly Essar Oil), Hero Motocorp, Tata Hitachi, Panasonic Life Solutions India and ATC (American Tower Company) among its current occupiers.
The company’s first center in Indore will be operational by mid-July. Post-Covid, many small & medium enterprises (SMEs), corporates, and entrepreneurs are looking for hybrid workspace arrangements with less risk and minimum investment.