Coworking Space

Users will be able to book these products from either of the platforms, myHQ or WeWork; the myHQ product journey will take over at the time of purchase

As per the report, between 2018 and 2023, 5,349 GCC-focused office deals under 50,000 square feet were finalised across eight cities

Industry executives believe investors are bullish on this sector in India and their interest has increased after the successful IPO of Awfis Space Solutions

Co-working space operator Awfis Space Solutions Ltd on Tuesday said it has mobilised a little over Rs 268 crore from anchor investors a day before its initial share-sale opening for public subscription. The company has allotted 70.13 lakh equity shares to 32 funds at Rs 383 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE's website. At this price, the firm has collected Rs 268.61 crore, it added. Those who participated in the anchor round include -- Goldman Sachs, EastBridge Capital Master Fund, HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, UTI MF, Aditya Birla Sun Life Insurance Company and SBI General Insurance Company. The issue, with a price band of Rs 364-383 per share, will open on May 22 and conclude on May 27. The proposed initial public offering (IPO) is a combination of fresh shares of Rs 128 crore and an offer for sale (OFS) of 1.23 crore shares worth Rs 471 crore at the upper end of the price band. This takes the tot

As companies asked employees to return, demand for office spaces surged this year

WeWork managed to renegotiate 590 leases before filing for bankruptcy, saving about $12.7 billion in future rent payments

315Work Avenue now has five centres spread across 0.5 million square feet in Pune, totalling around 10,000 seats in the city and plans to double it by 2024

The Kerala government's nodal agency for entrepreneurship development and incubation activities in the state, KSUM, is all set to transform its industry incubators into co-working spaces called LEAP Coworks. The membership of LEAP Coworks and the opening of the renovated headquarters of the Kerala Startup Mission (KSUM) in the state capital would be inaugurated by Chief Minister Pinarayi Vijayan on Tuesday, a KSUM release said. LEAP, which is short for Launch, Empower Accelerate, Prosper, would help to empower startups and foster their culture of innovation, the release said. "The pioneering initiative comes as part of the government's mission to transform industry incubators into co-working spaces to provide further impetus to innovation, collaboration for a successful startup ecosystem. "For this, KSUM is engaged in transforming its incubation centres and partner incubation centres into a vibrant co-working space called LEAP Coworks," it said. KSUM CEO Anoop Ambika, while reveal

Indian corporates are fast embracing flexible workspace which now accounts for 10-12 per cent of their real estate portfolio compared to 5-8 per cent pre-COVID pandemic, according to Colliers. Real estate consultant Colliers has recently released a report 'Global Occupier Outlook 2023' that revealed that many corporates in Asia Pacific are deferring decisions on taking office space on lease as they are grappling with the complexities of the hybrid work model. "The lack of clarity and macroeconomic uncertainty are posing challenges for businesses in projecting their space requirements," it added. According to Colliers' experts, companies are facing the dilemma of striking a balance between providing employees with desired flexibility and realigning their portfolios for the next evolution of the workplace. However, Colliers said that Indian office space occupiers have been quick to adopt flex spaces, attracted by the flexibility, agility, and cost-effectiveness. "Flex spaces are ...

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

Why does WeWork India CEO think his firm is just scratching the surface?

Co-working giant WeWork is striving to gain a foothold in big Indian cities. Business Standard's Surajeet Das Gupta caught up with Karan Virwani, founder and CEO of WeWork, India, to know more

Co-working space company 'would love' to go public but has not decided about that yet: Karan Virwani

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 ...