IndiQube to Add 3 Million Sq. Ft. in Bengaluru by 2028
Bengaluru, India's largest flexible workspace market, is set for significant expansion with IndiQube Spaces Limited planning to add 3 million square feet over the next three years. This expansion is part of the company's nationwide growth strategy and will contribute to the overall increase in flexible workspace stock in Tier 1 cities.
As of March 31, 2025, IndiQube managed a portfolio of 115 centers across 15 cities, covering 8.40 million square feet of assets under management. The company aims to reach 11.47 million square feet by fiscal year 2028, with a substantial portion of this growth occurring in Bengaluru. The city is projected to account for the bulk of the expansion, with 1.79 million square feet to be added over three years.
IndiQube's IPO, comprising a fresh issue of Rs 650 crore and an offer for sale of Rs 50 crore, will support this expansion. The company plans to add 1.29 million square feet, 1.24 million square feet, and 0.54 million square feet through new centers in fiscal years 2026, 2027, and 2028, respectively. Apart from Bengaluru, Chennai's portfolio is expected to grow by 740,000 square feet, and holdings in Tier II cities are projected to increase by 360,000 square feet.
With these expansions, IndiQube aims to tap into the growing demand for flexible workspaces, with the total flexible workspace stock forecasted to grow to approximately 140 - 144 Mn sq. ft. across Tier 1 cities by the end of CY2027. The Total Addressable Market is projected to reach Rs 730 - 960 Bn by the same period, presenting a significant opportunity for IndiQube's growth.
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