Spaze Boulevard Office for Rent, Sohna Road Gurgaon

Spaze Boulevard is a finished office and retail building of nine storeys on about 2.138 acres on main Sohna Road, Sector 47, Gurugram, built by Spaze Group. Shops, banks and restaurants take the ground and first floors; offices run from level 2 up, over three basements of parking. The row this page replaces printed a band of about Rs 64 to Rs 71 a month as the asking rent. Those two numbers are real, but they are what two sitting tenants already pay on let units. A new tenant looking for a vacant office is quoted about Rs 60.

So the working answer is about Rs 60 to Rs 71 per sq ft a month on super area, with Rs 60 the quote for vacant space and the upper end what let units already pay. Maintenance, lock-in and escalation for this building are not published, and this page says where that leaves a tenant.

What offices rent for, unit by unit

The monthly figures are area times rate: 24,144 x Rs 60 is Rs 14,48,640; 1,140 x Rs 64.5 is Rs 73,530; and 3,000 x Rs 70.91 is Rs 2,12,730. The Rs 70.91 is an odd number because it is almost certainly a lease that has already stepped up once or twice from a round starting rent. A new tenant should not be quoted it as the going rate, and if a broker does, ask for the vacant-unit quote instead.

Super area against carpet area

Rent in Gurugram is charged on super area. The one space with both figures published is 24,144 sq ft super and 13,350 sq ft carpet, so the carpet is 13,350 over 24,144, or 55.3 per cent of what you pay for. At Rs 60 on super area, each sq ft you can put a desk on costs 60 x 24,144 / 13,350, about Rs 108.5 a month. That ratio is low, which is normal in a building where a large share of the area is basements, lobbies and the retail podium's common space. When comparing a quote here with a building that loads less, compare carpet rates, not super rates.

What a 1,000 or 5,000 sq ft office costs a month

Maintenance for Spaze Boulevard is not published. A leasing site gives Rs 22 a month for Spaze iTech Park, the same developer's building a few minutes away, and Universal Trade Tower on the same road charges about Rs 18 to Rs 22, so Rs 22 is used below as a placeholder, not as this building's rate. GST at 18 per cent applies to commercial rent.

• 1,000 sq ft at Rs 60: rent Rs 60,000, maintenance at Rs 22 another Rs 22,000, GST on the rent Rs 10,800, so about Rs 92,800 a month before power. Five months' deposit on the rent is Rs 3,00,000.
• 5,000 sq ft at Rs 65: rent Rs 3,25,000, maintenance Rs 1,10,000, GST on the rent Rs 58,500, so about Rs 4,93,500 a month. Five months' deposit is Rs 16,25,000.

Electricity, the diesel back-up charge and parking are billed on top and were not published for this building. Ask for all three before comparing offers.

Deposit, lock-in and escalation

The only deposit found is five months on the 3,000 sq ft units. No lock-in or escalation for Spaze Boulevard was published. Next door, the priced lease in Spaze Platinum Tower runs nine years with a three-year lock-in and 15 per cent escalation every three years, and the Bestway lease here is also nine years. Expect the same shape of offer: a long term, a three-year lock-in, and a step-up of about 15 per cent every three years, and negotiate each part separately.

Who is in the building

Occupants named on a listing site include Infinity eServices, KIA Motors India, Ujjivan Small Finance Bank, Cult.fit, A2Z Buying Services and Silver-x Projects India, with a Crepe-Fe restaurant in the podium. Bestway holds a 1,140 sq ft unit on a nine-year lease. It is a mix of a bank branch, a gym, back-office and sales teams: a working building, not a headquarters address. Leased offices are run by the tenant, so fit-out, housekeeping and security inside the unit are yours to arrange.

What the sources disagree on

• Sector 47 or 49. Most listings, a leasing site's listing address and an investment review say Sector 47; one coworking page says Sector 49. The developer's page says only Sohna Road. This page uses Sector 47; the lease deed's address settles it.
• When it was built. One coworking page says 2020. An investment review says the building has been in service since 2016, and the developer publishes an old approved plan from 2010 and a revised plan sanctioned in 2020. The 2020 date is the revised plan, not the opening; the occupation certificate settles it and should be asked for.
• How big it is. One listing site gives a built-up area of 2,80,000 sq ft; a pre-leased listing gives 70,000 sq ft. Nine storeys on 2.138 acres, with three basements counted, fits the larger figure more closely, but neither could be checked against the sanctioned plan.

How it compares on Sohna Road

Spaze Platinum Tower in Sector 47 lets at about Rs 50 to Rs 65. JMD Megapolis in Sector 48 lets at about Rs 50 to Rs 65. Universal Trade Tower in Sector 49 asks Rs 60 to Rs 65 plus Rs 18 to Rs 22 maintenance. Spaze Boulevard's Rs 60 quote sits in the middle of that set, and its let units at Rs 64.5 and Rs 70.91 at the top. Other buildings on the road are on Raheja Mall, ILD Trade Centre and the Sohna Road office page, and nearby sectors on Sector 47 offices and Sector 49 rentals.

The case against

There is no metro. No distance for this building was published, but Spaze Platinum Tower next door is about 6.9 km from the nearest station, so staff come by car, cab or bus. Sohna Road traffic at peak hours is slow. The carpet-to-super ratio of about 55 per cent makes the headline rate look cheaper than it is. And without a published maintenance rate, any all-in figure is an estimate until the landlord writes it down.

Before you sign

1. The rate on vacant space: ask for the new-tenant quote, not the rent a sitting tenant pays.
2. Carpet and super area, both in writing, and the rate on each.
3. Maintenance: the building's own rate, what it covers and how often it is revised.
4. Deposit, lock-in and escalation: five months, three years and 15 per cent every three years are the figures to test.
5. Power and parking: the back-up charge, the sanctioned load, and car parks per 1,000 sq ft.
6. The occupation certificate and the landlord's title, since the building's plan was revised in 2020.
7. Fit-out time: rent-free months for a bare-shell unit.

Weighing a purchase instead of a lease? The Spaze Boulevard sale page sets the asking prices against these rents and works out the yield a buyer would get.

Frequently asked questions

What is the rent for office space in Spaze Boulevard?

About Rs 60 to Rs 71 per sq ft a month on super area. A 24,144 sq ft vacant office is quoted at Rs 60, one existing lease on 1,140 sq ft pays Rs 64.5, and 3,000 sq ft units let to one tenant pay Rs 70.91. The two higher figures are rents that sitting tenants pay on let units, not quotes to a new tenant.

What are the maintenance charges in Spaze Boulevard?

No maintenance rate for Spaze Boulevard was published on any page read. A leasing site gives Rs 22 per sq ft a month for Spaze iTech Park, the same developer's building nearby, so budget about that until the landlord gives the building's own figure in writing.

How much security deposit and lock-in does Spaze Boulevard ask?

One leasing site lists 3,000 sq ft units with a five-month security deposit. No lock-in or escalation for this building was published. The priced lease in Spaze Platinum Tower next door carries a three-year lock-in and 15 per cent escalation every three years, which is the pattern to expect and to negotiate.

Which companies are in Spaze Boulevard?

Occupants named on a listing site include Infinity eServices, KIA Motors India, Ujjivan Small Finance Bank, Cult.fit, A2Z Buying Services, Silver-x Projects India and a Crepe-Fe restaurant. Bestway is named as the tenant of one 1,140 sq ft unit on a nine-year lease.

What office sizes are available in Spaze Boulevard?

From about 1,140 sq ft units to a 24,144 sq ft space (13,350 sq ft carpet) quoted on a coworking page, with 3,000 sq ft units in between. Offices start on level 2; the ground and first floors are shops, banks and restaurants.

Is Spaze Boulevard in Sector 47 or Sector 49?

Sector 47. Most listings, a leasing site's listing address and an investment review all place it in Sector 47 on main Sohna Road; one coworking page labels it Sector 49. The developer's own page only says Sohna Road, so the building's sanctioned plan or the lease address settles it for any contract.

How far is Spaze Boulevard from the metro?

No distance for Spaze Boulevard itself was published. Spaze Platinum Tower, its neighbour in Sector 47, is about 6.9 km from the nearest metro station, so treat Spaze Boulevard as a road-served building and plan staff transport and parking.