wework india: WeWork India signs lease agreements for co-working centres in Bengaluru, Hyderabad

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Co-working major WeWork India on Thursday said it has taken on lease 2.72 lakh sq ft of office space in Bengaluru and Hyderabad to open two new facilities comprising about 4,000 desks. In a statement, WeWork India said the company is expanding its presence in South India and has added two new buildings with over 4,000 desks.

WeWork India has signed lease agreements for two new buildings — Manyata Redwood in Bengaluru, and RMZ Spire in Hyderabad — to open two new centres in the next few months.

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In Bengaluru, the company has taken 1.17 lakh sq ft comprising over 1,700 desks.

WeWork India has taken 1.54 lakh sq ft in Hyderabad, accommodating nearly 2,220 desks.

Since entering the Indian market in 2017, WeWork India has expanded its portfolio to over 6.5 million sq ft of office space signed across 50 locations in New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.

On November 7, WeWork India said the Indian business will not be impacted in any manner, as it is not part of the bankruptcy proceedings filed by WeWork Global in the US court.

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In WeWork India, Bengaluru-based real estate firm Embassy Group has a 73 per cent stake, while WeWork Global has a 27 per cent shareholding. In its recent report ‘Flexing the Workspace-Back to Office’, real estate consultant Vestian highlighted that over 7.6 lakh seats are available with flexible space operators spread across more than 1,000 centres in India.

There are 50 major flexible space operators. The top 10 players hold 84 per cent of the total flexible office space portfolio, the consultant had said.

Vestian report stated that flexible office spaces broadly include dedicated desks, hot desking, co-working spaces, and serviced and managed office spaces.

While co-working centres are at the most flexible end of the spectrum, managed offices would be at the less flexible end.

Besides WeWork India, the other major co-working players are Smartworks, Simpliwork Offices, Awfis, Table Space, Skootr, The Executive Centre, Urban Vault, IndiQube, Incuspaze, 91Springboard, 315Work Avenue, Akasa Coworking, The Office Pass, Avanta India, and BHIVE Workspace.

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