NOIDA, India – Skootr Global Private Limited, a managed office space provider headquartered in Noida, has finalized a substantial leasing agreement for over 100,000 square feet of prime office space within Max Square. Developed by Max Estates, the esteemed office building is situated in the bustling commercial landscape of Noida.
The leasing arrangement spans five years, with Skootr Global slated to occupy both the ninth and tenth floors of Max Square. This strategic move underscores the company’s expansion initiative and its commitment to providing flexible workspace solutions.
According to official documents, the monthly rental rate for the leased space is Rs 74.22 lakh, with a calculated rate of Rs 72 per square foot per month. The lease encompasses a chargeable area of 53,505 square feet for the tenth floor and 49,605 square feet for the ninth floor. Notably, the lease agreements incorporate a noteworthy feature: a built-in escalation clause mandating a 15 percent rent increase every three years.
The lease commenced on June 1, 2023, with the rent agreement officially registered on July 7, 2023.
Skootr Global, established in 2016, has become a key player in the managed office space industry. It currently manages nearly one million square feet of office space across 15 centers in major Indian cities including Delhi, Noida, Gurugram, Jaipur, Hyderabad, Chennai, and Bengaluru.
Max Estates, the entity behind the development of Max Square, operates under the umbrella of Max Ventures & Industries Ltd (MaxVIL), a subsidiary of the Max Group. This collaboration showcases the ongoing diversification and expansion of the Max Group’s real estate portfolio.
In a recent report by real estate consultancy CBRE, Delhi-NCR’s ascent in the flexible office space market is highlighted. The report positions Delhi-NCR as the third-largest player in the Asia-Pacific region (APAC), boasting a flexible office space inventory of 8.4 million square feet. This surpasses cities like Beijing and Seoul, further solidifying the region’s prominence as a hub for innovative workspace solutions.