Key Business Updates
Expansion Activities
- DevX expanded its Bengaluru presence with two new premium offices in Prestige Group properties on the ORR corridor
- Total additional space: 1.11 lakh square feet
- Added capacity: 1,200+ seats
- This expansion strengthens the company's position in India's largest and most competitive office market
Awards and Recognition
- DevX received the Excellence in Co-working Startup of the Year award at the Crafting Bharat Business Conclave & Awards 2026
- The award recognizes the trust placed in the company by clients and partners
New Client Additions
- Welcomed two new clients to DevX Capital One, Ahmedabad centre:
- Tatvic (data analytics company helping businesses turn data into decisions)
- Walter P Moore (engineering expertise for the built environment worldwide)
Market Analysis and Commentary
Global Office Market Trends
The newsletter highlights divergent trends in US and Indian office markets:
- US office vacancy crossed 20% in 2024 (highest on record) and remained near that level
- Older towers in New York, Chicago, and San Francisco are struggling to fill space
- India office leasing set records: 79.0 million sq. ft. in 2024, 82.6 million sq. ft. in 2025
- First half of 2026 recorded 45.5 million sq. ft. leased (strongest first half ever)
Industry Insights
- Since 2021, approximately 75% of new office space taken in India has been in green-certified buildings
- The newsletter discusses the emergence of SM REITs (Small and Medium Real Estate Investment Trusts) in India
- Minimum investment: ₹10 lakh
- Potential market: over 500 million sq. ft. of office, retail and logistics assets worth over US$75 billion could eventually come under SM REIT framework
Management Commentary
Lalit Nagrani, Head of Design: Discussed the "flight to quality" trend where tenants prioritize workspace experience over mere square footage, noting that "people have stopped renting square feet and started choosing how their days feel."
Rushit Shah, Whole-time Director: Emphasized that competitive advantage in real estate has shifted from building quality to operational excellence, stating "Our product is not the building. It is the experience of working inside it."
Community Events
DevX hosted several community engagement events across its centers:
- DevX Udaipur: Hosted AU Bank engagement with insurance and investment planning consultations
- DevX Rajkot: International Yoga Day event with Chair Yoga session in partnership with Nisha's Yoga Studio
- DevX Udaipur: International Yoga Day session led by The Art of Living organization
Additional Information
- The newsletter is available on the company's website: https://www.devx.work/investor-relations
- The document was digitally signed by Anjan Pareshkumar Trivedi, Company Secretary & Compliance Officer
- The company is based in Ahmedabad, India