DEVX Says 17-Centre 2.81m Sq Ft Pipeline Is 95% Pre-Leased

DEVX says its 17-centre signed pipeline covers 2.81 million sq ft and is 95% pre-leased before operations, compared with 1.16 million sq ft across 28 operational centres on 30 September 2026. Including four centres under fit-out, DEVX states that its portfolio would reach 49 centres, 4.16 million sq ft and 57,426 seats.

What has DEVX signed in its expansion pipeline?

DEVX has signed a 17-centre pipeline spanning about 2.81 million sq ft under the straight-lease model, and management says 95% was pre-leased before the centres became operational. The stated portfolio total is 49 centres, comprising 28 operational sites, four sites under fit-out and 17 signed pipeline sites.

The presentation does not provide a centre-by-centre schedule of pre-leased space, tenant names, contracted rents, opening dates or the measurement basis for the 95% figure. Management presents pre-leasing as validation of a demand-led model in which client demand is secured before a new managed-office centre starts operations.

How much larger would DEVX become if the pipeline opens?

DEVX’s 2.81 million sq ft signed pipeline is about 2.4 times its current 1.16 million sq ft operational area, while the stated 4.16 million sq ft total footprint is about 3.6 times the operational base. This comparison uses DEVX’s own categories and assumes the signed pipeline and the four fit-out centres are completed as presented.

The planned seat increase is also weighted toward sites that are not yet operational. DEVX lists 36,985 seats in the signed pipeline, against 17,412 seats in operational centres as of 30 September 2026; adding 3,029 fit-out seats results in a stated total of 57,426 seats.

How does DEVX seek to pre-lease new centres?

DEVX describes an onboarding process that starts with market research, financial analysis and site inspections, including reviews of office infrastructure, location profile, client potential and competing supply. It also assesses seat pricing, operating expenses and the expected timeframe to reach occupancy before determining the financial viability of a location.

DEVX sources space through direct owners and broker networks, while about 78% of seats were sold through direct channels in FY2026. After site visits, due diligence and layout finalisation, it negotiates rent-free periods, lease tenure, lock-in provisions, rent or licence fees and renewal terms; agreements are typically structured for five to nine years.

The operating portfolio provides a separate measure of current utilisation. DEVX reported 91.2% occupancy, 15,872 occupied seats out of 17,412 total seats, a 33-month average lock-in tenure and a 39-month average client tenure as of 30 September 2026; those measures do not establish occupancy at the signed pipeline sites.

What operating model will support DEVX’s expansion?

DEVX operates 21 of its 28 current centres, or 75%, through traditional straight leases, while seven centres, or 25%, are furnished by landlords. The 17-centre pipeline is specifically described as a straight-lease expansion, under which DEVX bears fit-out capital expenditure and earns revenue linked to office-centre performance, including food and beverage and digital products.

In the furnished-by-landlord model, the landlord provides equipped space and costs are recovered through fixed rent or revenue or profit sharing. DEVX also describes an operating-company and property-company structure, known as OpCo-PropCo, in which the operating company runs memberships, services and community activity while the property company owns and leases the building; DEVX says it has commenced operations as lessee of the JUPL/AEPL property under this model.

Development management forms another part of the asset strategy. DEVX says it is pursuing asset-light expansion across 860,000 sq ft, with landowners retaining ownership while the developer manages execution; it has also started a tokenization process, onboarded legal and related consultants, and begun entity incorporation without stating a completion date or financial impact.

Where is DEVX directing its next phase of growth?

DEVX says it plans additional centres in Bangalore, Pune, Gurgaon and Ahmedabad, adding to an operational portfolio of 28 centres across 12 cities and six states. Ahmedabad is its largest disclosed operating market, with 612,556 sq ft and 8,769 seats, compared with Pune’s 96,031 sq ft and 1,237 seats.

Management highlights an 800,000 sq ft managed-office contract in Ahmedabad, which it describes as India’s largest single managed-office contract. It says a Rs 100 crore fit-out and furniture capital-expenditure programme over four years is intended to support 8,500 seats and targets Rs 120 crore of annual revenue; the presentation does not state that this contract is part of the 17-centre pipeline.

DEVX links this location strategy to global capability centres, or GCCs, which it says occupy about 34% of Grade-A office stock, or about 245 million sq ft. The company cites an expectation that GCCs will exceed 2,350 units and 300 million sq ft within three years, while DEVX offers facility management, payroll, talent sourcing and artificial-intelligence-based tools alongside workspace.

Conclusion

DEVX’s signed 17-centre, 2.81 million sq ft pipeline is larger than its 1.16 million sq ft operational base, making management’s 95% pre-leasing disclosure central to the proposed expansion. The plan depends mainly on straight leases, client acquisition through direct and broker channels, and delivery of 36,985 pipeline seats alongside 3,029 seats under fit-out.

The next disclosed execution points are the opening of four fit-out centres, conversion of the 17 signed centres into operating capacity, and progress on the Rs 100 crore Ahmedabad fit-out programme targeting Rs 120 crore of annual revenue. DEVX has not disclosed timing or financial outcomes for tokenization, entity incorporation or the additional Bangalore, Pune, Gurgaon and Ahmedabad centres.