Enzyme Office Spaces Leases 14K sq ft to SUGAR Cosmetics

New Delhi, Feb 15 (PTI) Enzyme Office Spaces has rented out 14,000 square feet of managed workspaces in Mumbai to beauty and personal care brand SUGAR Cosmetics.

At present, Enzyme Office Spaces has 32 centres comprising 14 lakh square feet area and 35,000 seating capacity.

It has a presence in Bengaluru, Mumbai, Hyderabad and Delhi-NCR. The company provides seats in a price range of Rs 5,000 to Rs 25,000 per desk depending on the location.

Enzyme Office Spaces founder and CEO Ashish Agarwal said the company has given on lease 14,000 square feet workspace to SUGAR Cosmetics at its facility in Andheri East, Mumbai.

The total seats are around 300.

Enzyme Office has taken this space on lease from House of Hiranandani for starting its own coworking centre. The entire space has now been rented out to SUGAR Cosmetics.

"The partnership affirms our commitment to be a key player in India's co-working and managed office landscape," Agarwal said.

He said the demand for flexible managed office space is growing across all major cities.

Nirav Jagad, Chief People Officer, SUGAR Cosmetics, said, "As a part of our strategic expansion, we have entered into an agreement with Enzyme Office space, for a custom-developed workspace solution in Andheri East."

"Upon completion, we will occupy the space for a 5-year lease period. The location was chosen for its accessibility benefits for both employees and visitors," Jagad said.

Flexible office space operators have a portfolio of 67 million sq ft of prime office space and the number is set to cross 100 million sq ft by 2026-end, according to a report by real estate consultant Vestian.

In its report on Friday, real estate consultant Anarock MD-Commercial Leasing and Advisory Peush Jain highlighted that the coworking segment accounted for 15 per cent share of gross office leasing in 2019 across the top seven cities.

The share of co-working jumped to over 25 per cent in 2023 but 2024 saw a slight decline to over 21 per cent share, he added.