Mumbai: In a significant move to bolster its presence in Mumbai, coworking and managed space provider Redbrick Offices has acquired commercial properties totalling nearly 90,000 sq ft in the Marol locality of Andheri. The acquisition, valued at over Rs 267 crore, reflects the company’s strategic expansion plans amidst the burgeoning demand for flexible workspaces.
Redbrick secured this prime office space, which spans three floors of the Times Square commercial complex, through its subsidiary, Red Fox IT Infra LLP. The seller, NTPL Developers, is a subsidiary of the realty developer Ajmera Group. The transactions, encompassing 22 offices across the three floors, were registered on May 3 and May 8, with Redbrick paying over Rs 8 crore in stamp duty, according to documents sourced from realty data analytics firm CRE Matrix. Redbrick’s acquisition in Andheri is a pivotal addition to its extensive portfolio, which currently includes managed commercial properties across Mumbai, Bangalore, Pune, and Hyderabad, totalling over 3.5 million sq ft. The company aims to expand this portfolio to over 5 million sq ft by 2024 and 2025. Additionally, Redbrick holds managed assets worth Rs 5,000 crore and owns properties valued at over Rs 1,000 crore.
In Mumbai, Redbrick manages approximately 1 million sq ft of office space across key locations such as Bandra-Kurla Complex, Lower Parel, Andheri, Powai, Goregaon, and Vikhroli. This latest acquisition underscores the company’s commitment to expanding its footprint in one of India’s most dynamic commercial real estate markets. The Indian office property market has shown robust performance in recent times, buoyed by a resurgence in economic activity and increased corporate occupancies. The first half of the year has been particularly positive, reflecting the sector’s resilience and a favourable business environment.
The last two years have witnessed a significant rise in the demand for coworking and managed workspaces in India. This surge is driven by businesses seeking flexible and scalable office solutions in response to the shifting work culture induced by the pandemic. Many companies have adopted hybrid and remote work models, necessitating cost-effective and agile workspace solutions to navigate the fluctuating economic landscape. Major cities, including Mumbai, Bengaluru, Delhi-NCR, Hyderabad, and several tier II cities, have seen a proliferation of coworking spaces. These spaces cater to a diverse clientele, including startups, freelancers, and large enterprises. The trend has spurred increased investments and property deals in the coworking segment, with companies like Redbrick Offices leading the charge.
Redbrick’s latest acquisition in Andheri is a testament to the growing demand for flexible workspace solutions and the company’s strategic positioning in the competitive commercial real estate market. As businesses continue to adapt to new work paradigms, the need for versatile and adaptive office spaces is expected to drive further growth and investment in this sector.
