WeWork India Management has signed a long-term lease for over 204,000 square feet of office space in Pune's Wakad locality, specifically at Phoenix Millennium Tower 3. This lease covers five floors, with the 13th, 14th, and 15th floors leased for 10 years, while the 16th and 17th floors have a 5-year term. The monthly rent is set at ₹73 per square foot, leading to a total monthly expenditure of over ₹1.49 crore. The agreement includes a 12% rent escalation after the first three years, followed by a 13.5% increase every subsequent three-year cycle. A security deposit of ₹4.47 crore is also part of the deal. The 13th to 15th floors are expected to be ready for commercial use by November, while the 16th and 17th floors are anticipated to be ready by August. WeWork India plans to sublease portions of the leased floors to three tenants starting from August 2026 at a higher rental rate of ₹255 per square foot. This expansion in Wakad underscores the sustained demand for flexible workspaces in Pune, particularly as the area becomes a hub for technology firms and startups looking for scalable office solutions.