With Co-Working space capturing the Indian commercial realty market, both big players and startups are keeping their eyes open to occupy more and more such spaces to increase their area. In lieu of this, CoWrks, a Bengaluru based Co-Working firm is planning to occupy around 11 million sq.ft. of office space across various cities of India by 2020.
Presently, the firm operates majorly in Tier-1 cities such as Bengaluru, Chennai, Hyderabad, Delhi-NCR and Mumbai on an area of 1.5 million sqft. However, the group is planning to expand its arm across other cities so as to increase their office space to 2.5 million sqft by the closing of FY19.
According to Sidharth Menda, CEO, CoWrks, Two years ago, the company started with just 600 desks and now it will end the financial year with 27,000 desks across five locations.
He further said that they are planning to enter other tier-2 cities like Chandigarh, Jaipur, Indore, and Ahmedabad by the end of next year, targeting 1 Lakh 20 thousand members across these cities.
Elaborating more, Abhishek Goenka, CFO, Cowrks said, “We will design office spaces according to the needs of the customer in smaller cities as there are many clients who want us to expand in these towns.”
As per the latest surveys and reports, the concept of Co-Working is gaining momentum at a much faster rate in the Indian office market. Many top banking and financial institutions, IT companies and insurance companies are favouring Co-Working spaces due to lesser rentals, and the shortage of grade ‘A’ office spaces in tier-1 cities. If we compare H1 2017 and H1 2018, the share of such spaces has also gone up i.e. from 5% to 10% respectively.