Etherea Ramps Up Operations: Secures 2 Lakh Sq Ft at Two Bhutani Group Projects in Noida

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    In a strategic move to capitalize on the growing demand for flexible office spaces, co-working and managed office space provider Etherea has secured lease agreements for nearly 2 lakh square feet at two prominent Bhutani Group projects in Noida. The deal, which was signed six to seven months ago, will see Etherea setting up its operations at Bhutani Techno Park in Sector 127 and Cyber Park in Sector 62, Noida. This latest expansion comes in addition to Etherea’s existing co-working office space facility at Bhutani Group’s Alphathum in Sector 90, Noida.

    “We have leased around 1 lakh square feet each to Etherea at Bhutani Techno Park in Sector 127 and Cyber Park in Sector 62, Noida. The deal was signed six-seven months back and now fit-outs are being done at both the locations. In totality, we have leased out around 4 lakh square feet of space to Etherea,” revealed Ashish Bhutani, the Chief Executive Officer of Bhutani Group.

    According to reliable sources, the leasing arrangement will have Etherea paying a rent of Rs 61 per square foot, indicating the confidence of both parties in the potential of the flexible office space market. The Bhutani Group has already made successful forays into this segment, having leased 6.6 lakh square feet of space to WeWork India at their Alphathum project last year in May.

    Nitin Gupta, the CEO and founder of Etherea, confirmed the deal and shared the company’s vision for further expansion. “We have entered into a relationship with Bhutani to lease office spaces at their two projects in sectors 127 and 62. The fit-outs have started there and centres will be operational by the year-end,” said Gupta. Encouraged by the surging demand for flexible office spaces in recent years, Gupta mentioned that Etherea has ambitious plans to extend its presence to other locations in India and even abroad. “We intend to expand in Dubai and Goa. Discussions are on, and we hope to start operations at these locations during the first half of the next year,” he added.

    The growth in demand for flexible office spaces in the Delhi-NCR region has been evident, with flex space operators leasing the highest area, approximately 2.9 million square feet, in 2022. This accounted for 31.7 percent of the total space leased by such operators across the top seven cities, as reported by property consultancy JLL in May 2023. Moreover, in the 15-month period from January 2022 to March 2023, over 28,000 seats were leased by end-users in flex spaces, further emphasizing the trend’s momentum.

    With Etherea’s strategic expansion in Noida and its plans to venture into key international markets, the company appears to be well-positioned to cater to the evolving needs of businesses seeking flexible and adaptive office solutions in the post-pandemic era. As the co-working and managed office space industry continues to thrive, Etherea’s latest developments signal a promising trajectory for the sector in the coming years.

    Also Read: Seize the Moment: Yamuna Expressway Authority Introduces 462 Flats Scheme with Rs 194 Crore Revenue Goal

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