WeWork India leases over 200,000 sq ft in Pune’s Wakad

Mumbai: Flexible workspace major WeWork India Management has leased more than 204,000 sq ft of office space in Pune’s Wakad locality at Phoenix Millennium Tower 3 under a long-term agreement.

The lease covers five floors—from the 13th to the 17th. Of these, the 13th, 14th and 15th floors have been leased for 10 years, while the 16th and 17th floors are on a five-year term.

The monthly rent is ₹73 per sq ft, translating into a total monthly outgo of over ₹1.49 crore. The agreement provides for a 12% escalation after the first three years, followed by a 13.5% increase every subsequent three-year cycle.


The deal includes a security deposit of ₹4.47 crore, according to documents accessed via Propstack. Under the lease terms, the ready-for-commercial-use date for the 13th to 15th floors is November, while the 16th and 17th floors are expected to be ready by August.

In a parallel arrangement, WeWork India has subleased portions of the 13th, 14th and 15th floors to three tenants. These subleases are expected to commence from August 2026, at rentals of ₹255 per sq ft per month.

In response to an email query from ET, WeWork India said it had made the requisite disclosure on the deal to the stock exchanges.

The transaction underscores sustained leasing momentum in Pune’s office market, particularly in emerging hubs such as Wakad, which are attracting interest from flexible workspace operators and technology-led occupiers.

WeWork India’s expansion reflects continued demand for managed workspace formats beyond traditional central business districts, driven by cost advantages, distributed workforce strategies and the expansion of global capability centres and technology firms into tier-1 and tier-2 office markets.

Phoenix Millennium Tower 3 is part of the broader commercial development ecosystem in Wakad, which has emerged as one of Pune’s fast-growing office micro-markets, supported by connectivity to the Mumbai-Pune Expressway and proximity to Hinjewadi IT hub.

The transaction adds to a growing pipeline of flex workspace leasing in Pune, where operators continue to expand footprints amid steady occupier demand from startups, IT services firms and enterprise clients seeking scalable office solutions.