WeWork India has recently secured two substantial spaces in Bengaluru and Hyderabad, totalling 2.72 lakh square feet, intended for new facilities accommodating over 4,000 workstations.
The expansion in South India involves leasing buildings such as Manyata Redwood in Bengaluru and RMZ Spire in Hyderabad, where WeWork India plans to establish two new centres within the coming months.
Specifically, the Bengaluru space covers 1.17 lakh square feet, designed for more than 1,700 desks. In Hyderabad, WeWork India has acquired 1.54 lakh square feet, expected to house around 2,220 desks.
Since it entered the Indian market in 2017, WeWork India has scaled up their office space holdings to over 6.5 million square feet across 50 locations in cities like New Delhi, Gurugram, Noida, Mumbai, Pune, Bengaluru, and Hyderabad.
It's noteworthy that despite WeWork Global's bankruptcy proceedings in the US, WeWork India reassured that its operations in India would remain unaffected.
WeWork India is predominantly owned by Bengaluru-based real estate firm Embassy Group, with a majority stake of 73%, while WeWork Global holds a 27% share.
In a recent report titled 'Flexing the Workspace-Back to Office,' real estate consultant Vestian highlighted that India has over 7.6 lakh seats available across 1,000+ centres, with 50 major flexible space operators. The top 10 players collectively control 84% of the flexible office space portfolio.
Vestian's report categorized flexible office spaces, ranging from dedicated desks and co-working spaces to serviced and managed office spaces, with co-working centres being at the most flexible end of the spectrum.
Apart from WeWork India, the major co-working players in the market include Smartworks, Simpliwork Offices, Awfis, Table Space, Skootr, The Executive Centre, Urban Vault, IndiQube, Incuspaze, 91Springboard, 315Work Avenue, Akasa Coworking, Coworking spaces like The Office Pass, Avanta India, and BHIVE Workspace are part of the diverse landscape of shared work environments.
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