Spaze Business Park Office for Rent, Sector 66 Gurgaon

Spaze Business Park, also marketed as Spaze Buziness Park, is a finished two-tower office and retail development of Spaze Group on about 2.35 acres in Sector 66, Badshahpur, Gurugram, listed on Golf Course Extension Road. Offices start on level 1; the ground floor is for shops, restaurants, a health club and bank branches. Tower A has about 1,60,000 sq ft over eight floors of about 20,000 sq ft each, and the whole park is put at about 2,75,000 sq ft.

The row this page replaces printed a band of about Rs 56 to Rs 70 a month. The only per sq ft rent found in the sources is Rs 55 a month, on a unit let to Apollo Tyres. Nothing published supports the upper end of the old band, and nothing refutes it either: there was simply no vacant-space quote to read. This page is plain about that gap and works out costs at Rs 55.

What the sources actually say about rent

• Rs 55 per sq ft a month on a unit let to Apollo Tyres, sold with the lease at a stated 7 per cent return.
• Rs 55,000 to Rs 7 lakh a month of rental income across let units, on a broker page that gives no sizes. If the bottom figure belongs to the smallest 915 sq ft module, it is Rs 55,000 over 915, about Rs 60 per sq ft; that link between the two numbers is an inference, not a published fact.
• Leases of three to nine years, with a 15 per cent step-up every three years.
• The park is described as fully let, so vacant space may be scarce; a tenant may be offered a unit only when a lease ends.

So the working rent is about Rs 55, possibly to Rs 60, on super area. A broker who quotes Rs 70 should be asked which unit and which lease that number comes from.

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

Maintenance for this building is not published. Rs 22 a month, the rate a leasing site gives at Spaze Group's iTech Park, is used below as a labelled placeholder. GST at 18 per cent applies to both rent and maintenance.

• 1,000 sq ft at Rs 55: rent Rs 55,000, maintenance Rs 22,000, GST on the Rs 77,000 is Rs 13,860, so about Rs 90,860 a month before electricity. A six-month deposit on the rent would be Rs 3,30,000.
• 5,000 sq ft at Rs 55: rent Rs 2,75,000, maintenance Rs 1,10,000, GST Rs 69,300, so about Rs 4,54,300 a month. Six months' deposit would be Rs 16,50,000.
• A full Tower A floor of about 20,000 sq ft at Rs 55: rent Rs 11,00,000 a month before maintenance and tax.

The deposit for this building was not published; six months is what the nearest published Spaze lease, in Spaze Platinum Tower, carries. A GST-registered company recovers the tax, so for it the before-tax figures are the cost.

The step-up over a nine-year lease

At 15 per cent every three years, a Rs 55 starting rent becomes Rs 63.25 in year four and about Rs 72.7 in year seven (55 x 1.15 x 1.15). The nine-year average is about Rs 63.7. That may be where the old row's Rs 70 came from: rents on leases signed years ago have already stepped up. A new tenant should compare first-year rates with first-year rates.

Towers, floors and sizes

The two towers are described differently by different sources: ground plus five and ground plus seven on one listing, six and eight floors on a broker page, and "G+7 levels" on another. The Tower A figure of about 1,60,000 sq ft over eight floors of about 20,000 sq ft is internally consistent, so the floor plate is about 20,000 sq ft. Units named for lease or sale are about 915, 950, 1,170 and 1,880 sq ft. The park has multi-level parking and full power back-up according to the listings. The entrance is through a double-height atrium, and the site is open on three sides.

Getting there

The nearest station is Sector 55-56 on the Rapid Metro, about 5 km away. That is closer than the Sohna Road buildings at Sector 47, which are about 6.9 km from Millennium City Centre, but still too far to walk. Golf Course Extension Road carries the traffic to Golf Course Road and to Sohna Road.

How it compares in Sector 66 and around

Spaze Business Park's one rent matches the bare-shell rate at Vatika Professional Point in the same sector. Newer towers nearby, such as AIPL Joy Central and M3M International Financial Centre, are a different class of building. The sector as a whole is on the Sector 66 office page, and the corridor on the Golf Course Extension Road office page. Spaze Group's Sohna Road buildings are on Spaze Platinum Tower and Spaze iTech Park.

The case against

The evidence is thin: one rent, no vacant-space quote, no maintenance rate, no deposit, no completion year and no tenant list beyond one name. The tower heights differ between sources. The park is described as fully let, so a tenant may wait for space. And the metro is about 5 km away.

Before you sign

1. A written quote for the specific unit, on super and carpet area.
2. Maintenance: the rate, what it covers, and GST on it.
3. Deposit and lock-in: six months and three years are the positions to negotiate from.
4. Escalation: 15 per cent every three years is standard here; ask for less on a short lease.
5. Power and parking: back-up charges and the number of car parks included.
6. The occupation certificate and the landlord's title, since the completion year could not be established.

Weighing a purchase instead of a lease? The Spaze Business Park 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 Business Park?

The one per sq ft figure published is Rs 55 a month, the rent on a unit let to Apollo Tyres. Broker pages give rental income of Rs 55,000 to Rs 7 lakh a month across the park's let units without sizes, so a fresh quote for vacant space could not be established. Budget about Rs 55 to Rs 60 on super area and ask for a written quote.

What are the maintenance charges in Spaze Business Park?

No maintenance rate for Spaze Business Park was published on any page read. A leasing site gives Rs 22 per sq ft a month at Spaze iTech Park, another Spaze Group office building in Gurugram, so that is a sensible placeholder until the landlord gives this building's figure in writing.

What lock-in and escalation do leases in Spaze Business Park carry?

Broker pages describe lease terms of three to nine years with a 15 per cent rent step-up every three years. No lock-in period or deposit for a specific unit here was published; nearby Spaze buildings carry five to six months' deposit and a three-year lock-in, which is the offer to expect.

Which companies are in Spaze Business Park?

Apollo Tyres is named as the tenant of one pre-leased unit. Broker pages describe the rest only in general terms, as multinationals, IT, fintech, education and consultancy firms, and call the park fully let; no complete tenant list was found.

What office sizes are available in Spaze Business Park?

Units of about 915, 950, 1,170 and 1,880 sq ft are named on one listing, and Tower A's floors are about 20,000 sq ft each, so a tenant can take anything from a small module to a full floor if one comes free.

How far is Spaze Business Park from the metro?

About 5 km from the Sector 55-56 Rapid Metro station, according to broker and leasing listings. Staff will need a cab, shuttle or car for the last stretch.

Where exactly is Spaze Business Park?

In Sector 66, Badshahpur, Gurugram. Listings place it on Golf Course Extension Road; the sector sits between that road and Sohna Road. It stands on about 2.34 to 2.35 acres, with two towers and retail on the ground floor.