COWORKING SPACES
Sattva Group targets 85 pc growth in housing sales to Rs 6,500 cr this fiscal: MD Bijay Agarwal
Realty firm Sattva Group is bullish on India's housing market and will launch many projects to achieve 85 per cent growth in sales of residential properties to around Rs 6,500 crore this fiscal, a top company official said. In the 2023-24, Bengaluru-based Sattva Group achieved sales bookings of Rs 3,500 crore.
Gross leasing of office space up 8 pc to 158 lakh sq ft in Apr-Jun in top 6 cities: Colliers
India's office market shows resilience with sustained growth driven by positive economic indicators. The surge in demand for quality office spaces, led by technology and manufacturing sectors, is expected to surpass 50 million square feet in 2024, reflecting confidence in the market's future prospects.
Sattva Group to invest Rs 12,000-14,000 crore in diversification over next three years
“The funding for the initiative will be structured with a combination of equity, debt and sales. Approximately 20% of the funding will be in equity, while the remainder will be sourced from debt and sales proceeds,” he told ET. “Our approach to debt is highly prudent and disciplined. The company's primary focus lies on commercial and residential projects, which form the bulk of our portfolio.”
Flexible workspace operator Spring House leases 300,000 sq fr at MVN Aero One mall in Gurgaon
Spring House secured 300,000 sq ft at Gurgaon's MVN Aero One mall, offering cost-effective office spaces. The location caters to diverse demands, including from large enterprises and startups focusing on research and development operations.
Awfis to expand in new markets, says CMD Amit Ramani
Awfis is targeting a 30% revenue growth in FY25, driven by expanding its supply and achieving higher occupancy rates at its current centers. The company operates in 17 cities, hosting 181 centers with approximately 110,000 seats and covering a chargeable area of 5.6 million square feet. Awfis saw its operating revenue grow 45% year on year to Rs 232.3 crore.
WeWork India debuts in Chennai with launch of first co-working space in the city
WeWork India opened its first co-working space in Olympia Cyberspace in Chennai. This is the company's 55th building in India, offering 2,000 seats on 130,000 sq. ft. Karan Virwani, CEO, WeWork India, highlighted a strong demand in multiple industries such as agri-tech, IT/ITES/ HR, among others.
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MoEngage increases seating capacity to 900 with 315Work Avenue
315Work Avenue, a coworking space provider, has doubled its capacity with San Francisco-based MoEngage, bringing its total to 900 seats. The office space, located in Koramangala, Bangalore, spans approximately 45,000 square feet. The deal was facilitated by property consultants Cushman and Wakefield. The company currently manages 2 million sq ft space across 40 prime locations in Bengaluru, Chennai, Mumbai, and Pune.
As work-from-home trend declines, flexible office spaces work for employees and companies
Providing convenience and flexibility for employees on one hand, cost-effectiveness, and asset-light models for employers on the other, coworking/managed spaces are booming. Demand for such spaces is soaring in large metros and Tier-2 cities alike as companies tighten return-to-office rules.
Coworking co EFC January-March net profit up 205% at 27.94 crore
Segment-wise, the only listed co-working space company's rental business accounted for a major share of total revenue at Rs 69.95 crore followed by fit out contracts business at Rs 23.24 crore and Rs 5.92 crore from other businesses.
Infra push, talent access helps satellite cities reshape India's commercial realty
India's commercial real estate landscape in satellite and tier II cities is undergoing significant transformation due to robust infrastructure development, strategic urban planning, talent availability, and lower cost of living. Cities like Navi Mumbai, Pune, Gurugram, Noida, and Hyderabad have seen extensive investment in road networks, metro connectivity, and digital infrastructure, making them attractive hubs for businesses.
EFC expands co-working portfolio; adds 360,000 sq ft in Noida and Pune
Integrated office infrastructure and design company EFC (I) Limited is expanding its co-working portfolio by adding 3.6 lakh sqft in Pune and Noida, aiming to add 10,000 seats by H1FY2025. With a presence in seven states and 35 centres, the company has seen a 120% capacity increase, focusing on institutional demand. India's co-working market is growing rapidly, with an estimated 30-35 million sqft of flexible office stock available.
Smartworks expands Pune portfolio, leases entire 6 lakh sq ft tower in Balewadi
Smartworks leases tower in Pune's Balewadi for coworking with 8,000 desks. The Indian market has become one of the fastest-growing centers for flexible office spaces, driven by the rising demand for adaptable workspace solutions from large corporations and dynamic startups worldwide, especially after the Covid-19 pandemic.
Awfis sets Rs 364-383 price band for IPO
The company expects its differentiated business model, expanding presence in tier-1 and tier-2 cities and increasing demand from large enterprises and startups to help make its public listing a success and drive future growth, founder and managing director Amit Ramani told ET on the sidelines of a pre-IPO conference in Mumbai.
India’s office leasing demand likely to cross 70 million sq ft in 2024
Demand for Grade A office space leasing in India is expected to exceed 70 million sq ft in 2024, driven by increased rentals and larger deals in key cities like Bengaluru, Pune, and Hyderabad, with contributions from the IT/ITeS and BFSI sectors, Noida, and co-working spaces.
Steady absorption, modest supply growth in commercial realty to continue in FY25
Ind-Ra maintains neutral outlook for Indian CRE sector in FY 2024-25, with stable rating Outlook for CRE entities. Expectations include improved metrics, growth in absorption rates, and steady rental increases, driven by demand from various sectors.
WeWork expands India presence, adds two assets in Pune & Gurugram
The HQ27 located in Gurugram’s MG Road market, offers over 96,000+ sq. ft. of sace across three with over 1,480+ desks. The property ahs a 15 years lease agreement with WeWork.The Pune property is Situated within Pune’s largest mall complex - Amanora Mall, Amanora Crest offers over 87,000 sq. ft. of workspace with around 1,700 desks under operator model
DevX aims to double co-working office portfolio to 2 mn sq ft
The company currently has operational centres in key cities like Mumbai, Pune, Hyderabad, Noida, Raipur, Jaipur and Ahmedabad. Last week, it set up a new co-working centre spread over 25,000 sq ft with 300 seats in Udaipur.
India will need 1.7 billion sq ft of office space in next 10 years to cater to the growing demand
India's office space demand surges, fueled by GCCs and the IT sector. Predicted 1.7 billion sq ft required by 2030 with 2400 GCCs. Neel Raheja emphasizes growth in Tier 2 & 3 cities. Manufacturing land value and retail consumption expected to rise.
Rapid growth set to drive consolidation among India’s flexible office providers
Flexible workspaces in India have been witnessing rapid growth, leading to industry consolidation through mergers and acquisitions among major players like WeWork and Brookfield. The evolving sector is expected to reshape the market dynamics and set new industry standards. According to Ankit Gupta, president, Brookfield Properties, India is a global talent hub and the demand for an integrated live-work-play environment is driving a flight-to-quality trend. This extends to coworking spaces, paving the way for consolidation.
Coworking firms take on lease 31 lakh sq ft office space in Jan-Mar, up 7pc annually: CBRE
In its latest report on the Indian office market, real estate consultant CBRE noted that flexible operators became second largest contributor to the total gross demand for office spaces during the quarter ended March 2024.
Flexible space operators takes 22% share in office space leasing
Flexible space operators have become the second-largest sector in office leasing for the first time in the Jan-Mar quarter, accounting for 22% of the total 14.4 million sq ft leased. With tech and BFSI sectors leading, India's office sector outlook remains positive, driven by growing demand and diverse segments.
Flexi space companies now prefer to buy properties
Flexible workspace providers in India are shifting to asset acquisition to meet rising demand. Major players like Table Space and EFC are expanding operations through property purchases, driven by increased interest from foreign funds and top corporations opting for flexible workspaces.
Net leasing of office space up 44 pc at 115 lakh sq ft during Jan-Mar in top 8 cities: Report
Cushman & Wakefield reported a 44% annual rise in office space leasing. Mumbai, Bengaluru, and Chennai saw significant increases in net absorption, while Kolkata and Ahmedabad experienced notable declines.
Co-working firm 315Work Avenue aims to double portfolio amid high demand
It also plan to expand its presence in the New Delhi & NCR and Hyderabad markets. The company aims to have a presence across 10-12 cities in its portfolio over the next two years. It also plans to scale up its operations in Bangalore to over 50 centers from the current presence of 30 centers.
Flexible workspace operators raise Rs 4,600 crore after Covid
Flexible workspace operators in India have raised Rs 4,600 crore post-Covid, compared to Rs 1,400 crore in the five years before the pandemic, as companies adopt hybrid work models. The market size for flexible office real estate is expected to grow to between 100 million sq ft and 140 million sq ft by 2030, from the current 55 million sq ft.
Coworking firm IWG looks to double India portfolio in 12-18 months
IWG plans to double its presence in India, targeting new cities, suburbs, and Tier 2 and Tier 3 cities. Demand for workspaces in southern cities has grown. Thirty per cent of commercial real estate will be flexible workspace by 2030.
Co-working spaces for visitors soon on Goa beaches: Tourism official
Goa plans to introduce co-working spaces on Morjim and Ashwem beaches, aiming to attract European and high-spending tourists for an all-around experience beyond the beaches. The state government aims to offer nomad visas, inviting people to work and enjoy the beaches. The tourism department focuses on regenerative tourism, involving locals, culture, cuisine, festivals, temples, and churches.
91Springboard makes appointments to leadership team
91Springboard, a co-working and flexible space operator, has appointed Sameer Singh as the new chief operating officer (COO) and Arjun Sharma as country head - business and growth. The company has also appointed key executives for marketing, supply chain, and strategic sourcing. Singh brings over 20 years of experience in the hospitality industry, including digital transformation and project management.
Table Space, Runwal ink 10-year, Rs 333-cr Mumbai office lease deal
The cumulative rental payout for the transaction is over Rs 333 crore through the total term. The agreement includes a provision that grants Table Space an option to lease an additional 1.97 lakh sq ft of office space, thereby expanding the total deal size to nearly 3.30 lakh sq ft.
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