[GAGA REALTY] [JOINT VENTURE] [GAGA HOMES]
BHIVE Workspace, a leading managed office space provider, has leased 77,000 square feet of Grade-A office space from real estate development firm Address Maker at CMH Road, Indiranagar,Bengaluru.The recently leased managed office space will have over 1,500 seats and a comprehensive suite of amenities, including boardrooms, private phone booths, recreational zones, designer studios, and dedicated stack parking. The addition of Maker Meridian will add to BHIVE Workspace’s total seating capacity across Bengaluru, aligning with the growing demand for managed workspaces in India. “The newly leased space will further solidify our presence in the central business district as we continue to grow our portfolio,” said Shesh Rao Paplikar, Founder and CEO of BHIVE Workspace.Address Maker is a professionally run real estate firm with management that boasts decades of real estate experience and has successfully delivered over 5 million square feet across residential apartments and villas and plotted and commercial developments across Bengaluru.BHIVE recently extended its Mumbai expansion by leasing a 62,000-square-foot workspace in Adani Inspire at the Bandra-Kurla Complex (BKC). This venture marked BHIVE’s strategic entry into Mumbai’s managed workspace market.For the fiscal year 2023-24, BHIVE reported an impressive revenue increase to Rs 186 crore due to increasing demand for managed workspaces across enterprises of all sizes. The company’s profit after tax tripled compared to the previous fiscal year. BHIVE expects to close the FY25 with a revenue target of Rs 348 crore, The Bengaluru-based firm earns more than Rs 168 crore in rental income annually. It plans to add 3 million sq ft of managed office space in markets such as Bengaluru, Chennai, Delhi-NCR, and Mumbai.Paplikar told ET earlier that Bhive is also considering acquiring office assets in addition to the leasing model. The firm currently has 28,000 operational desks and plans to add 60,000 desks totalling 4.8 million sq ft by FY26.A recent report by Avendus projects the flex workspace segment to surge at a compound annual growth rate (CAGR) of 15% over the next five years, expanding to 126 million sq ft by 2028 from 61 million sq ft in 2023. From a value standpoint, the sector is expected to grow at a CAGR of 21%, reaching a $9.0 billion market by 2028, up from the current $3.5 billion.
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