Ahmedabad Office Market Sees Record Coworking Deal

Ahmedabad’s commercial property landscape is set for a structural shift after managed workspace operator DevX entered into a long-term agreement to take over an entire 27-storey office tower in the Ambli–Bopal corridor. The transaction, valued at more than ₹850 crore over its tenure, is being described by industry observers as India’s largest coworking deal to date and signals growing institutional confidence in Tier II office markets.Unlike conventional leasing arrangements, the project has been structured as a development management agreement. Under this model, the operator will oversee planning, execution, leasing and facility management of the 8 lakh sq ft asset, while the landowner retains ownership.

Real estate analysts say such structures are increasingly attractive in emerging urban centres, allowing local landholders to unlock value while ensuring global-grade standards of design and operations. The building, currently under construction, is expected to be delivered in roughly three years. Rentals are projected to begin at around ₹4 crore per month with annual escalations built in. The agreement spans 15 years, reflecting long-term demand expectations rather than speculative short-cycle occupancy. The Ahmedabad coworking deal stands out not only for its size but also for its geography. Large-format flexible workspace transactions have typically been concentrated in Mumbai, Bengaluru or Hyderabad. However, rising costs, infrastructure congestion and saturation in those metros are pushing global capability centres and enterprise occupiers to consider alternative cities with improving connectivity and civic infrastructure.

Ambli–Bopal has emerged as one of Ahmedabad’s premium mixed-use corridors, combining residential density with new commercial supply. Urban planners note that such integrated micro-markets reduce commute distances and support more balanced, lower-carbon growth patterns particularly when projects are designed as energy-efficient, Grade A+ buildings. According to company disclosures, the campus is being positioned as a green-certified development catering to multinational tenants. The operator plans to invest close to ₹100 crore in fit-outs and operational systems over the next four years. Once stabilised, the project is expected to house approximately 8,500 workstations and generate annual revenues exceeding ₹120 crore. The company already manages multiple centres across India and has a prior presence in the same micro-market, where occupancy levels are reported to be above 90 per cent.

For Ahmedabad, the Ahmedabad coworking deal represents more than a real estate milestone. It reflects the city’s evolving role within India’s decentralised growth story, where flexible office infrastructure supports entrepreneurship, remote teams and satellite corporate hubs. As global firms reassess workplace strategies in a hybrid era, the ability of Tier II cities to deliver reliable infrastructure, sustainable design and predictable operating standards will shape their competitiveness. With construction underway and delivery expected within three years, the project will test whether large-scale managed workspaces can anchor the next phase of urban office expansion beyond India’s established metro clusters.

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Ahmedabad Office Market Sees Record Coworking Deal