CoWrks, one of the leading players in the segment of shared office spaces, has taken on lease over 2.25 lakh sqft of commercial space across three deals in Mumbai and Gurugram. With this, the company will be entering into the Mumbai market with one office and Gurugram with two offices.
“Given the robust demand for shared office spaces across all major cities, we are moving swiftly to lease and form alliances with landlords to establish and further our presence. We are adding three more centres to our portfolio in key commercial markets of Mumbai and Gurugram,” said Sidharth Menda, chief executive at CoWrks.
Around 95,000 sqft of the new space taken up is situated in Mumbai’s Worli locality, while around 1.28 lakh sqft has been leased through two separate transactions in Gurugram. The company is looking at launching all these three centres by February end, cumulatively accommodating over 2,500 seats.
“This is in addition to our three existing centres in South India and five under-construction centres spread over 5.5 lakh sqft,” said Menda.
With the new lease deals, the RMZ promoter group company will have co-working offices spread over 1million sqft across Mumbai, Bengaluru, Chennai and Gurugram. The company started its operations in September 2016 and currently has total three centers operational in Bengaluru and Chennai. While CoWrks’ Chennai centre is around 24,000 sqft, its two Bengaluru centres have shared offices spread over total 2.30 lakh sqft. The company will be launching its second centre in Chennai spread over 88,000 sqft over the next two months, by when Bengaluru will have two more CoWrks centres.
CoWrks’ first Gurugram centre will come up in part of an entire IT park building spread over 7.80 lakh sqft acquired by RMZ Corp itself for over Rs 800 cr. This centre, RMZ Gurugram Central, will accommodate 800 seats. The second one in Gurugram will be set up in Paras Twin Tower on Golf Course Road and will accommodate around 700 seats. While the Paras Twin Tower centre is scheduled to be operational by January end, the Worli centre is expected to start by the second week of February.
Co-working or collaborative offices is a relatively novel concept in India and has individuals of different hues sharing the same office space. The individuals may be entrepreneurs, freelancers, and startups who all work in a common office environment. The concept is steadily gaining momentum across prime Indian property markets due to relatively cheaper costs and flexibility. According to reports, co-working spaces witnessed nearly a million sqft absorption last year across the country.
Several benefits, including flexible working options at affordable rents, networking opportunities and shared amenities are seen prompting startups and smaller outfits to operate out of co-working set-ups. Lots of investments are being made into co-working space and several start-ups are looking to expand their alliance with builders to increase their presence.