BHIVE Workspace, India’s leading managed office space provider, has added one more property to its expansion strategy by leasing 77,000 square feet of premium Grade-A office space from one of the premium developer Address Maker at CMH Road, Indiranagar.
This partnership with Address Maker, adds to BHIVE’s presence in the central business district of Bengaluru. Address Maker is a professionally run Real Estate firm with management that boasts of decades of real estate experience and has successfully delivered over 5 million square feet across residential apartments, villas, plotted and Commercial developments across Bengaluru.
Transforming Bengaluru’s Business Landscape
The state-of-the-art B+G+3 structure will provide unparalleled office amenities and is strategically located at a very short distance from the nearest metro station on the Purple line, ensuring exceptional connectivity.
This managed office space will feature 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 perfectly with the growing demand for managed workspaces in India.
Industry Disruption and Future Projections
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 square feet by 2028 from 61 million square feet in 2023. From a value standpoint, the sector is expected to grow at a CAGR of ~21%, reaching a staggering $9.0 billion market by 2028, up from the current $3.5 billion.
Visionary Leadership and Strategic Insights
Shesh Rao Paplikar, Founder and CEO of BHIVE Workspace, remarked, “Acquiring this property is a significant step in strengthening our leadership position in Bengaluru’s Central Business District, one of the city’s most prominent areas. I am glad to expand our presence, especially with a property that is just a stone’s throw from the metro station.”
Aggressive Expansion and Robust Financial Performance
In addition to this significant Bengaluru lease, BHIVE recently extended its market reach to Mumbai by leasing out a 62,000 square feet workspace in Adani Inspire, at the Bandra-Kurla Complex (BKC) – which is the most prominent financial hub of Mumbai and is among India’s most valued real estate. 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 ₹186 Crore, driven by soaring demand for managed workspaces across enterprises of all sizes. The company’s profit after tax tripled compared to the previous fiscal year, and BHIVE forecasts a remarkable revenue target of ₹348 Crore for FY 2024-25, making it one of the fastest growing and among the very few profitable companies in the managed office sector.