MANAGED OFFICE SPACE PROVIDER
British PM's 1st day at 10 Downing St. will stretch from nuclear weapons briefing to Larry the cat
On his first day in office, Starmer will get briefings from senior civil servants about key issues facing the government, receive congratulatory phone calls from world leaders and begin the process of appointing his Cabinet.
Global Capability Centres drive office leasing in H1 2024, with a 37% share
India's office leasing market is dominated by Global Capability Centres (GCCs), with 37% of total leasing activity in January to June 2024. The country's robust workforce, competitive costs, and established ecosystem make it a key market for GCCs. With a projected 20% growth in GCC presence by 2025, the Indian office market is poised for significant expansion. 67% of GCCs plan to increase their office portfolios by over 10% in the next two years.
Aerospike appoints Venkatesh Guntur as country manager for Southeast Asia
California-based Aerospike has appointed Venkatesh Guntur as its new country manager for Southeast Asia. Guntur, with over 25 years in enterprise IT sales, will lead the firm's growth and expansion in the ASEAN region, focusing on enhancing its presence in AI-centric business applications.
Corporates embrace more flexibility amidst the hybrid work model
About 30% of occupiers are expected to expand their use of flexible office space over the next 12 months, while 17% are likely to consolidate their offices into fewer locations, CBRE said in its latest ‘2024 India Office Occupier Survey’.
ICICI Prudential AMC buys office tower from Kalpataru in Mumbai for Rs 315 cr
ICICI Prudential Asset Management Company has acquired a commercial tower in Santacruz, Mumbai, for over Rs 315 crore from realty developer Kalpataru's subsidiary Ixora Properties. The tower, built on one-third of an acre, is expected to house the company's new head office. The deal is significant in the ongoing trend of leasing office space rather than buying it outright.
Awfis plans to raise seats by 50% in FY25
Awfis Space Solutions targets a 50% seat expansion to 135,000, focusing on managed office spaces to drive revenue growth. The company plans to add 40,000 seats by FY25, with new centers following a managed aggregation model. Sobia Khan's report highlights the successful addition of 15,084 seats, primarily under the managed aggregation approach.
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WeWork India appoints Janak Malkani to drive expansion in managed office business
WeWork India has appointed Janak Malkani as the head of managed office and sales for the West region. Malkani's extensive real estate experience will enhance WeWork India's managed office offerings, with a focus on innovative and efficient workspace solutions. WeWork India's flexible workspace market has seen significant growth, with a third of its business driven by the Managed Office portfolio, serving notable enterprise members.
SpaceX founder Elon Musk slams Boeing for too-many non-technical managers, says, they should be able to design aircraft
Elon Musk criticized Boeing CEO David Calhoun and said that Boeing had lost sight of its engineering core. Boeing is struggling with leadership transitions, safety concerns, and legal issues.
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.
Indian office market shows strong growth in H1 2024
The Indian office market showcased resilience in H1 2024 with significant office leasing and new supply growth. Occupiers' confidence, highlighted by major players like HCL Technologies and Tech Mahindra, spurred demand for quality office spaces.
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.
Northeast floods: Home Minister Amit Shah backs use of satellite imagery provided by ISRO
Union Home Minister Amit Shah proposed creating 50 large ponds in the Northeast to divert Brahmaputra water for flood management, agriculture, and tourism. He emphasized using ISRO satellite imagery for water management and preparing for Glacial Lake Outburst Flood (GLOF) risks.
Assam flood situation improves, over 2 lakh hit
Assam has seen a decrease in flood cases in eight districts, with over 2,07,500 people affected. The worst hit is Karimganj, with over 1.1 lakh people suffering. The total number of people killed in this year's flood, landslide, and storm is 39. Union Home Minister Amit Shah has suggested the creation of at least 50 large ponds in the northeast region to divert Brahmaputra river water, aiming to tackle floods and develop agriculture, irrigation, and tourism.
Unity Small Finance Bank inks pact to acquire office space worth Rs 393 crore
The developer of the Santacruz project received a letter of intimation (LOI) and approval from the Slum Rehabilitation Authority for the project in August 2023. It has also acquired additional land adjacent to the existing plot and is expected to apply for an amended LOI and approvals to include the additional land too.
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.
$8 trillion & counting! How Family Offices have grown and their impact on the investment world
The history of Family Offices dates back to ancient Rome, evolving into a modern-day necessity for managing wealth and ensuring smooth transitions across generations.
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.
Gopalan Enterprises targets Rs 500 crore rental income over 4-5 years
Real estate developer, Gopalan Enterprises, part of Gopalan Group, aims to increase its office rental income to Rs 500 crore annually and could list its assets as a real estate investment trust (REIT) in the next four-five years, a senior company executive said.
Wipro bags $500 million deal from US communications provider
The large deal win comes just two months after its new CEO Srinivas Pallia took charge following the resignation of its former chief Thierry Delaporte just seven days into the new fiscal year 2025.
Sri Lanka gives preliminary approval to Elon Musk's Starlink
Sri Lanka's telecommunications regulator gave preliminary approval after a public consultation, the president's office said in a short statement. Musk and Wickremesinghe had discussed ways to expand internet connectivity in rural Sri Lanka and potential collaboration on renewable energy, the president's office said.
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.
Lunar Timekeeping: How Nasa plans to synchronize moon missions
NASA and the European Space Agency (ESA) are working together to create a standardized time system for the moon. This initiative, part of the Artemis program, aims to coordinate lunar missions from various countries and private entities. The lack of a unified time zone on the moon presents logistical challenges, which this effort seeks to address by potentially using Coordinated Universal Time (UTC) or developing a new time scale tailored to the moon's unique environment.
Godrej & Boyce sells 58,500 sq ft office space in Mumbai’s Vikhroli to Godrej Industries
The office space on the 9th floor has already been leased to managed flexible workspace provider Simpliwork Offices for a period of 60 months until March 31, 2026. This lease will also be transferred to Godrej industries as the new landlord, showed the documents accessed through Propstack.
NASA will soon provide advanced training to Indian astronauts: Eric Garcetti
The day-long event in Bengaluru garnered participation from senior officials from both the US and Indian governments, including Garcetti, Indian Space Research Organisation (ISRO) Chairman Dr. Somanath. S, representatives from the National Aeronautics and Space Administration (NASA), National Oceanic and Atmospheric Administration (NOAA), and the Government of India, as well as prominent leaders from the commercial space industry, industry stakeholders, venture capitalists, and market analysts.
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.
Awfis IPO on May 22: All you need to know
Coworking space company, Awfis Space Solutions, will launch its initial public offering (IPO) on May 22, the company’s red herring prospectus showed. The Delhi-based company has reduced the fresh capital it is raising from the offering to Rs 128 crore from Rs 160 crore earlier.
Table Space targets high growth, leases over 2.5 million sq ft across four cities
Table Space expands its presence in Indian cities by acquiring and leasing office spaces to meet the growing demand for managed workspaces. They aim to add more space in key metros and provide world-class workspace solutions.
Incuspaze leases 350,000 sq ft in Gurugram
The company has also leased 150,000 sq ft space in Pune and 60,000 sq ft space in Jaipur, as it is looking to add 1.5 million sq ft this year owing to increasing demand for flexible space in the country.
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