Coworking Space

Smartworks, which provides flexible office space, has taken on lease 56,000 square feet area in Ahmedabad to open its new centre as demand for flexible workspace from corporates rises in tier II cities. The company in a statement said it has forayed into Ahemdabad market and has taken over 56,000 square feet of office space on lease at Nehru Nagar in Ahmedabad. The new centre will open in March. Smartworks is one of the leading players in the managed office space market with a portfolio of over 7 million square feet. With expansion in Ahmedabad, the company now has presence in 12 cities. Neetish Sarda, Founder of Smartworks, said, "We are witnessing huge demand from MNCs across sectors for office spaces in these high-growth markets owing to employee flexibility and value-priced spaces with a plethora of services and amenities." After Jaipur and Indore, this is the company's third tier-II city addition to its portfolio this fiscal. "Our expansion to Ahmedabad is in line with offe

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Benguluru, Delhi-NCR and Chennai led the space absorption, together accounting for 62% of total transaction activity in the first nine months of the Calendat year

Gross leasing of office space nearly doubled to 40.6 million square feet during January-September across six major cities on pent up demand driven largely by technology and co-working firms, according to Colliers. The absorption of office space stood at 20.6 million square feet in the year-ago period across six cities -- Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune. Real estate consultant Colliers India expects absorption of office space to hit an all-time high in the 2022 calendar year, with leasing set to cross 50 million square feet. The previous high was seen in 2019 at 44.8 million square feet. Gross absorption does not include lease renewals, pre-commitments and deals where only a letter of intent has been signed. "We are at an exciting stage in the market wherein demand and supply are ramping up. Tech companies and flex operators together accounted for about 50 per cent of the total demand during the first three quarters this year," Colliers India CEO Ramesh Na

Demand fuelled by hybrid work models, digital nomads, post-Covid urban loneliness

Average monthly office rentals rise across cities, highest in NCR and Hyderabad at 5%

The workspace at WTC Pune spans over 55,000 square feet while Embassy Sunriver in Bengaluru is spread over 61,000 square feet, WeWork India said in a statement

myHQ, which is headquartered in Delhi-NCR, currently has over 50,000 subscribed members across 700+ spaces in seven cities

Co-working operators expanded their portfolio aggressively last year and took on a lease 21 per cent more office area across the top 8 cities to meet the rising demand of flexible workspaces from corporates amid the COVID pandemic, according to Cushman & Wakefield. The leasing of office spaces by co-working operators across eight major cities increased to 4.91 million square feet in 2021 from 4.05 million square feet in the previous year. These eight cities are -- Bengaluru, Hyderabad, Pune, Mumbai, Delhi-NCR, Chennai, Kolkata and Ahmedabad. Cushman and Wakefield India in its quarterly Office Market Beat report highlighted that the share of the co-working segment in the gross office leasing grew to 9.4 per cent last year from 8.1 per cent in the previous year. Across eight major cities, the coworking players provided on lease 78,869 seats or desks in the 2021 calendar year to occupiers, mainly to corporates. In 2020, the report said that 37,759 seats were given on lease to ...

Coworking major WeWork India's revenue rose by 33 per cent to over Rs 800 crore this year and is expected to grow further in 2022 on improved demand for its flexible workspaces, a company official said.

Flexible workspaces are the preferred way to adopt the hybrid work model in a post-pandemic world, compared to options like changing existing office layouts or the hub-and-spoke model

Firms are experimenting with working arrangements and space in offices that are Covid-safe and attractive.

They are using the interregnum to expand and to negotiate cheaper real estate deals to add seating capacity

The firm had a failed IPO attempt in 2019

Several projects already under discussion, firm is also offering clients option to downsize or upsize across the geographies they operate in

At a juncture when co-working spaces were seeing strong growth, the outbreak of Covid-19 has played spoilsport.

Company has delivered 1.2 mn sq ft to clients so far post Covid

In a Q&A, the CEO of the global co-working space company says his firm has been flexible on terms and has also reached out to bigger clients

The Gurugram-based startup, which was founded in 2017 and currently has seven coworking centres with around 1,500 desks, is looking to expand business