Co-Working Firm Skootr Takes On Lease Over 1 Lakh Sq Ft Office Space In Noida From Max Estates

Skootr, which provides managed office space to large corporates, has taken on lease over one lakh square feet of office space in realty firm Max Estates' new office building in Noida. Gurugram-based Skootr said in a statement that it has signed over one lakh square feet with Max Square, Max Estates’ latest development in Noida. The workspace, named Skootr Palace Park, will include private offices, managed collaborative space with meeting rooms and an executive suite, among other offerings.

Founded in 2016, Skootr currently manages close to 10 lakh square feet of office space across 15 centres in Delhi, Noida, Gurugram, Jaipur, Hyderabad, Chennai and Bangalore. It is opening centres in Mumbai and Pune soon. The companies present in the co-working segment, which includes managed and customised office space, generally take office space on lease from property owners and sub-lease it to corporate clients.

Ankit Jain, Director and co-founder of Skootr said, "Skootr is looking to invest Rs 150 crore to expand the managed office portfolio to 5 lakh square feet in the North India market in the current financial year". Skootr plans to expand further in Hyderabad, Bangalore and Chennai. 

"The demand for leasing has propelled due to a gradual acceleration of return-to-office. As a result, the office sector made a spectacular recovery in 2022 and recorded its second-highest leasing activity ever. "With the increase in demand for flexibility, occupiers are naturally drifting towards the managed office segment, looking for office solutions that can accommodate their changing needs and that can be easily scaled up or down as required," Jain said.

Managed office spaces offer a flexible and hassle-free option that can help businesses to focus on their core operations while leaving the office management to a third-party provider, the company said. Earlier this month, Max Group’s realty arm Max Estates said it has completed office complex Max Square in Noida for Rs 420 crore and is expecting an annual rental income of about Rs 70 crore from the project. 

Max Estates, which is part of Max Group’s listed entity Max Ventures & Industries Ltd (MaxVIL), said it has received the completion certificate for the Max Square project at Sector 129 in Noida, which has a net leasable area of around 6.7 lakh square feet. New York Life Insurance Company has co-invested in this project and holds a 49 per cent stake. The construction of the project started in the third quarter of 2020-21. 

To ensure the well-being of office users, Max Estates said it has created around 11,000 square feet of central forest courtyard in this project, besides other facilities. Established in 2016, Max Estates Ltd has already developed two commercial (office) projects Max Towers in Noida and Max House in Delhi.