Co-working operator Incuspaze has rented 2.5 lakh square feet of office space in Chennai to provide managed workspaces to corporates. The upcoming centre has the capacity to accommodate more than 4,000 seats, the company said in a statement on Monday. Gurugram-based Incuspaze has taken on lease 2.5 lakh square feet of office space at standalone campus 'Olympia Crest', which is located in the heart of Chennai's IT corridor at OMR Zone 1. Gross leasing of office space hit a record in 2024 calendar year on high demand, especially from foreign companies looking to establish Global Capabilities Centres (GCCs) in India. Co-working operators take office space on lease from real estate companies and property owners and then further sub-lease the workspaces to corporate clients. After the COVID pandemic, the demand for office space in co-working centres has surged as corporates look for reduction in capital expenditure and also flexibility to expand or downsize their businesses. Established in 2016, Incuspaze has a presence in 50 locations across 18 cities with a total portfolio of 4 million (40 lakh) square feet.  In July last year, the company raised USD 8 million from investors, including India Inflection Opportunity Fund (IIOF), to expand its business.
 

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