US-based Analytix Business Solutions has leased 70,000 sq ft of co-working space with a seating capacity of around 1,000 people at Sun Westbank, Ahmedabad in Gujarat.
The property Sun Westbank, developed by Sun Builders Group, is located at Ashram Road, the business heart of Ahmedabad. The duration of the contract period is 9 years.
“This is the biggest deal till date for a managed office space in Gujarat. This deal post-COVID shall give a lot of boost and confidence in the commercial real estate segment of Ahmedabad as well,” said Manoj Jain, Head- Transactions, and Realistic Realtors.
“Leaving the Covid-19 fear and impact, the markets have made a strong comeback and we are very bullish to expand our operation in near future. We have ambitious plans for the next three years and are eying to increase our footprints and client base with a great team and leadership hiring that has joined us,” said Yash Shah, Founder & CEO.
NCR-based Realistic Realtors has facilitated the deal.
“The last two years were challenging due to pandemic as commercial space requirements were declining at a rapid pace. Transactions of such quantum will surely bring back that confidence in the market,” said Nikit Shah, Assistant Vice President, Realistic Realtors.
The demand for co-working and managed office spaces has increased rapidly in recent years, indicating a paradigm shift in the growth trajectory of office space requirements in metro cities as well as Tier 2 and 3 cities.
“This center will further strengthen the position of Gujarat as a premier provider of IT/ITES services with talent and facilities second to none,” said Rajiv P Bhatia, President & Country Head, Analytix Business Solutions.
Co-working space segment has emerged as the fastest-growing asset class within the office space industry. Workplace flexibility, which leads to the adoption of hybrid work models, a thriving start-up ecosystem, and a rising entrepreneurial culture are some of the catalysts driving demand for co-working spaces in India.
Such transactions in tier 2 and 3 cities will create more avenues of growth and demand in the real estate sector, as well as job opportunities for young people.