 "Coworking firm Simpliwork Offices takes on lease 150K sq ft in Chennai")
Coworking firm Simpliwork Offices on Tuesday said it has taken on lease 1.5 lakh square feet of office space in Chennai from DLF and Mindspace Business Parks REIT to expand business.
Bengaluru-based Simpliwork Offices, which provides managed office space to corporates, has taken on lease about 80,000 square feet from DLF and around 70,000 square feet from Mindspace.
The demand for managed office space has increased during the COVID pandemic as corporates are looking for flexibility to scale up.
The centre in DLF Downtown, Chennai will have more than 1,700 seating capacity and expected to be operational early next year, while the facility at Commerzone, Porur with Mindspace Business Parks REIT is already operational.
"The office market in Chennai is known for its resilience. A key market, it accounts for a growing share of India's total Grade A office space stock and demand," Kunal Walia, CEO & Founder of Simpliwork Offices, said.
Given its strategic location housing multiple micromarkets, its numerous manufacturing hubs and a strong talent pool, he said, the city has always had the potential to attract occupiers across segments.
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"As an industry leader, we are responding to market demand by offering world-class office solutions across high-growth markets. Over the next few months, our endeavour is to set new pan-India benchmarks, not just in terms of space, but also in the overall experience of working from outsourced offices," Walia said.
The combined investment is estimated at over USD 3.5 million in setting up these centres, he added.
Simpliwork Offices said it is all set to double its inventory to 6 million square feet by the end of 2023, to capitalise on the accelerated demand for outsourced flex workspaces among large corporates across markets.
The company will be investing Rs 650 crore as well as will be raising private equity funds over the next two years.
Founded in 2018 by Kunal Walia, Simpliwork Offices is managed workspace provider for Grade A spaces.
Since its inception, Simpliwork has designed and delivered over 3.1 million square feet of space across Bengaluru, Mumbai, Delhi, Gurugram, Hyderabad, Pune and Chennai.
Currently, the company has over 35 centres in India, with Hyderabad being its biggest market, and Chennai the most recent one.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)