Flexible workspace solutions provider, WeWork India, has forayed into the Chennai office market with the launch of Olympia Cyberspace in Guindy, the company said in a statement on June 13.
Spanning 1.3 lakh square feet and 2,000 seats across two floors, it is WeWork’s 55th facility in the country. The office space provider is now present in eight cities across the country.
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“This strategic entry underscores the immense potential of Chennai’s talent pool, robust IT sector, and flourishing manufacturing base,” said WeWork India Chief Executive Karan Virwani, adding that the brand has already signed several notable names including Wheelocity Fresh, Molex India, Dr. Wamser + Batra India and H2O LLC.
Chennai’s ascent as an office market
Chennai is quickly growing into a prominent office market in India, registering healthy demand and supply metrics in recent years. According to a report by property consultancy Savills, Chennai saw a 31% year-on-year growth in demand for office leasing at a decade-high 9.6 million square feet in 2023. In this, co-working spaces emerged as a driving force, constituting nearly 20% of the total commercial real estate absorption.
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{{/usCountry}}“Chennai has emerged as a thriving business landscape among freelancers, entrepreneurs, enterprises as well as global capability centres," WeWork India said, adding that there is a strong demand stemming from various industries, including agri-tech, manufacturing, IT/ITES/ HR, among others.
“Chennai’s dynamic ecosystem perfectly aligns with our vision of empowering businesses of all sizes, from budding startups to established global hubs,” Virwani said.
WeWork entered India in 2017 and has since expanded its presence to 55 locations across the country. It is present in New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune and Hyderabad.
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Bengaluru-headquartered Embassy Group holds a majority stake in the brand’s India arm.