Flexible workspace provider WeWork India has leased two new office spaces spanning 1.4 lakh square feet cumulatively across Noida and Bengaluru, the company said in a statement on July 25.
The two facilities which are set to open within the next three months will add 2,400-plus seats to the company's portfolio.
WeWork 37 Cunningham in Bengaluru is a four-story workspace with over 1,000 desks spread across more than 60,000 square feet, per the company statement. Meanwhile WeWork Galaxy Business Park in Noida's Sector 62 is a two-floor facility sprawling 70,000 square feet and housing over 1,400 seats.
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“Both Bengaluru and Noida have growing business sectors with multinational companies from diverse industries. There is a clear demand for flexible workspaces that offer a dynamic work environment for enterprises, professionals, freelancers, and startups to connect and collaborate,” said Arnav S Gusain, Chief of Supply, WeWork India.
WeWork India is operated by Bengaluru-headquartered real estate player the Embassy Group which holds over 70% stake in the company. Since the brand's entry into India in 2017, it has expanded its footprint to over 8 million square feet across 57 locations in eight cities.
Rising trajectory of flexible office segment across India
{{/usCountry}}WeWork India is operated by Bengaluru-headquartered real estate player the Embassy Group which holds over 70% stake in the company. Since the brand's entry into India in 2017, it has expanded its footprint to over 8 million square feet across 57 locations in eight cities.
Rising trajectory of flexible office segment across India
{{/usCountry}}The flexible office space segment in India has demonstrated an upward trajectory following the Covid-19 pandemic, gaining increasing market share within the larger commercial real estate sector. Large enterprises too have shifted gears in favour of this category amid adoption of a hybrid work culture.
According to a June 2024 report by property consultancy Colliers, the flexible office space segment across the top six cities in India registered its highest ever quarterly demand in the April-June period at 2.6 million square feet. Bengaluru and Delhi-NCR alone accounted for 65% of this demand.
“Flex operators have already leased about 4.4 million square feet of space in H1 2024, underscoring the occupiers’ continued preference for flex spaces,” said Vimal Nadar, who is a senior director and head of research at Colliers India.
Some key demands from flexible workspace providers in India from the Budget for financial year 2024-25 included lowering the Goods and Services Tax rate for small-scale clients, integration with special economic zones and reinstatement of the input tax credit provision within the GST regime. However, these did not come through.
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