CoWrks, a key player in the shared space segment, has acquired 1 lakh sqft space in the Hi-Tec City of Hyderabad on lease. The company already has 1.5 lakh sqft space in the city. It will be renting out space in the new centre at the rate of Rs 9,000 to Rs 19,000 per seat per month. The company claims to maintain over 90% occupancy in its seven operational centres, not counting the two spaces it recently launched in Gurugram.
"Hyderabad is one of the untapped market in the shared space business. We witnessed generous demand for such spaces in the city during our survey and hence decided to launch the centre," said Sidharth Menda, founder and CEO of the company.
The company is also planning to lease 1 lakh sqft in Delhi, 1.4 lakh sqft in Mumbai and 4 lakh sqft in Bengaluru by the end of the first quarter of FY 2018-19.
CoWrks recently launched two spaces in Gurugram. CoWrks GCR having 50,000 sqft of area was leased from Paras Builders at Rs 95 per sqft per month while CoWrks Gurgaon Central having 75,000 sqft area was leased from RMZ Corp at Rs 110 per sqft per month.