Co-working

Co-working spaces invest in green buildings to fetch higher rentals

Bengaluru-based Urban Vault reported a 41 per cent increase in rentals for ESG-certified properties during the third and fourth quarters of FY24

Incuspaze takes on lease of 580,000 sq feet office space in Gurugram

Co-working firm Incuspaze on Monday said it has taken on lease around 5.8 lakh square feet in Gurugram to expand business amid rising demand for flexible workspace from corporates. Incuspaze has taken on lease 2.2 lakh square feet in M3M's commercial project on Golf Course Extension in Gurugram. Additionally, Incuspaze has taken on lease around 3.5 lakh sq ft in Udyog Vihar Gurugram. Sanjay Choudhary, Founder & CEO of Incuspaze, said, "Incuspaze expansion marks a significant step in our growth strategy, allowing us to better serve our clients with managed office solutions." "The Golf Course Extension Road and Udyog Vihar locations are pivotal for businesses looking for connectivity and convenience. We are committed to delivering exceptional workspace solutions that foster innovation and productivity," Choudhary added. Sanjay Chatrath, Managing Partner at Incuspaze, said the outlook for the office market remains positive. "The growth is driven by multinational companies and Global

Co-working space provider BHIVE eyes IPO at issue size of Rs 500 cr by 2025

Backed by Blume Ventures, BHIVE expanded into the Mumbai-Pune region, securing office space at Adani's tower in BKC with an investment of Rs 25 crore

Coworking firm 315Work Avenue aiming to double India portfolio in 18 months

Amid growing demand for flexible office spaces, the company is in 'advanced discussions' to enter Delhi-NCR and Hyderabad markets

EFC India Q3 results: Profit up 10-fold at Rs 21.17 cr, income to Rs 329 cr

Co-working firm EFC (I) Ltd's consolidated net profit jumped nearly 10-fold to Rs 21.17 crore for the quarter ended December. Its net profit stood at Rs 2.14 crore in the year-ago period. The consolidated revenues grew to Rs 173.69 crore during the October-December period of this fiscal as against Rs 26.38 crore in the corresponding period of this fiscal year, EFC (I) said in a statement on Monday. In the first nine months of this fiscal, the company's net profit jumped to Rs 35.37 crore from Rs 3.80 crore in the same period of the previous fiscal. The total income rose sharply to Rs 329.66 crore during the April-December period of this fiscal as against Rs 41.43 crore in the year-ago period. Umeash Sahhaaii, Founder and CEO of EFC (I) Ltd, said, "India is witnessing exponential growth in co-working spaces with it becoming a preferred choice among freelancers, SMEs, startups, and even MNCs for its flexibility and networking benefits." Pune-headquartered EFC has a presence in seve

NYC, San Francisco offices brace for pain from WeWork's bankruptcy

The coworking giant's spiral into bankruptcy hit landlords along the way as it renegotiated and sought to exit many leases

WeWork's bankruptcy proceeding caps swift downfall for $47 billion standout

It caps a wild ride for a company that began with the idea of re-imagining staid offices as fun places to hang out and grew to a behemoth worth $47 billion at its peak

Thailand's MQDC to open 42,000 square feet co-working centre in Gurugram

Thailand-based leading realty firm Magnolia Quality Development Corporation (MQDC) will soon open its second co-working centre in India and has taken on lease 42,000 square feet of office space in Gurugram. MQDC already has one co-working facility in South Delhi and is opening its second facility, 'Whizdom Club India, at Golf Course Road, Gurugram, next month. The upcoming centre is located at 'Tapasya One', a LEED Gold-rated building. The centre will have a seating capacity of over 450 and is designed to cater to the diverse needs of working professionals, corporations, and startups in the NCR region. Commenting on the expansion, Chulamas Jitpatima (Amy), Country Director, MQDC India, said, In 2019, we launched Whizdom Club in South Delhi with the aim to transform India's co-working segment with inventive facilities and services for students, young professionals, entrepreneurs, and enterprises." Since the inception of its operations, she said the company has identified significan

Skootr gives on lease 21,000 sq ft to US based Pinnacle in Hyderabad

Co-working firm Skootr has provided on lease 21,000 square feet office space to US-based Pinnacle at its new centre in Hyderabad. Real estate consultant Colliers India facilitated the leasing deal. Pinnacle, a leading industrial reliability solutions company, has a strong presence in the US and is now setting up shop in India, Colliers said in a statement on Monday. Gurugram-based Skootr has taken on lease around 3 lakh square feet to open a new centre 'My Home Twitza' in Hyderabad's secondary business district. The total seating capacity in the centre is around 3,500. In this new centre, which will be operational this month, Skootr has provided on lease 21,000 square feet area comprising 350 desks. "The demand for agility has surged to unprecedented levels due to the profound transformation of workforce behaviours during the pandemic. It is highly unlikely that these behaviours will revert to their pre-pandemic norms. "In this climate of uncertainty, flexible spaces are emerging

Co-working firm EFC exploring FPO, other ways to raise funds for expansion

Co-working spaces firm EFC India on Thursday said it is exploring various options, including Follow-on Public Offer (FPO), to raise funds for expanding its capacity to 60,000 seats by the end of this fiscal. The company said in a statement that it has recently signed around 5 lakh square feet of office spaces in Pune, Noida, Hyderabad, and Kolkata. "We intend to expand the number of seats from the present 25,000-plus to nearly 60,000 by the end of this financial year. We are exploring various options, including FPOs, to raise the necessary funds for these expansions. However, I cannot comment on how much money will be raised at the moment," Umeash Sahhaaii, founder & CEO of EFC Ltd, said. The company has recently concluded a fundraising round of Rs 90 crore through the preferential issue for future expansion. The EFC, which commenced its operations in 2012, is into office infrastructure, co-working spaces, and office design segments. The company got listed on BSE through a reverse

91Springboard starts new co-working in Gurugram with over 1,000 desks

Co-working operator 91Springboard has taken on lease 40,000 square feet office space in Gurugram to start a new centre with more than 1,000 seats capacity as demand for flexible workspace has risen post-Covid. 91Springboard has already started the centre at Udyog Vihar in Gurugram. This is its fourth co-working centre in the city, the company said in a statement. With the opening of this new centre, the company now offers over 20,000 desks across eight cities. Having established its first co-working centre in Delhi in 2012, 91Springboard currently has 24 centres across Bengaluru, Mumbai, New Delhi, Hyderabad, Gurugram, Noida, Pune, and Goa.

Co-working operators leases 7,068 office desks in Jan-Mar across Delhi-NCR

Co-working operators provided on lease 7,068 desks in January-March across Delhi-NCR, highest since December quarter of 2019, amid rising demand for flexible workspace from corporates and others, according to JLL India. Education, consulting and technology companies led the leasing demand for flexible seats. The demand for managed office from enterprises was high and they contributed 75 per cent of the total leasing of flexible seats during the January-March quarter of this calendar year. "What is interesting to note is that most of this leasing demand was for managed office space by enterprises who were looking for a more customized flex space with a focus on end-to-end amenities and workplace management," the consultant said. During 2022 calendar year, 21,299 seats were leased by co-working operators, of which 65 per cent demand was for managed office space. More than 28,000 seats were leased by flex operators during the 15-month period from January 2022-March 2023. During this

Co-working firm Smartworks leases 0.5 mn sq ft space in Gurugram, Noida

Co-working firm Smartworks has taken on lease 5.3 lakh square feet office space in Noida and Gurugram to cater to rising demand of flexible work space from corporates. Founded by Neetish Sarda and Harsh Binani, Smartworks provides managed office space to enterprises. It is present in 12 cities with a portfolio of around 80 lakh (8 million) square feet. The two new centres, located at Golf Course Road in Gurugram and Noida Sector 62, will be operational in June-July. With the addition of these two properties, Smartworks office space portfolio has crossed 10 lakh (one million) square feet in Delhi-NCR. The upcoming office space at Golf Course Road is spread over 2.3 lakh square feet, while 3 lakh square feet flexible space will come up in Noida, Sector 62. "While the hybrid work model continues, the major cities in India are seeing a steady rise in demand for physical office spaces as employees are more interested to return to office. We will continue to expand across major location

Companies, startups more inclined towards coworking spaces: Anarock

In the top seven cities in India, there was a 90% jump in net coworking space absorption between Q4FY19 and Q4FY23

Co-working firms share in office leasing jumps to 20% in Jan-Jun period

Co-working operators are opening new centres to tap rising demand for flexible workspace and their share in the overall office space leasing jumped to 20 per cent during January-June, according to Anarock. In April, real estate consultant Anarock entered into this segment by acquiring 75 per cent stake in myHQ, a booking platform for co-working spaces, in a cash and stock deal of around Rs 125 crore. myHQ, which is headquartered in Delhi-NCR, has over 50,000 subscribed members. As per the data, the total net absorption of office space across seven major cities stood at 20.8 million square feet in the first half of this calendar year. In this, the share of co-working spaces stood at 20 per cent. In H1 (January-June) 2021, its share was just 6 per cent of net office absorption of about 9.33 million square feet. Corporates are preferring co-working centres, which include managed office space, to cut capital expenditure and enjoy flexibility in scaling up or down their businesses. If

Office reimagined: Some new work ways may outlast Covid-19 pandemic

Staggered office days, virtual hiring, temporary bosses could be the new normal

India's co-working space market to cross 50 million sq ft by 2023: JLL

Currently market penetration of flexible spaces into India's total office stock stands at 3%

COVID-19: Co-working segment hit by lockdown

Co-working operators leased 10.8 million sq ft office space during 2019, up 26 per cent from the previous year, according to property consultant CBRE

Co-working companies lag in attracting multinationals, says Anarock

Companies refute claim, say they have a sizeable number of clients

Flexible workplace operators lease 52% more office space in Jan-June: CBRE

The total stock of flexible workspace has reached 23 million sq ft