Brigade group – the Bengaluru based real estate Company ventured into the co-working business via the brand name BuzzWorks and plans to offer 2,200 seats by 2021.
The company BuzzWorks is planned to introduce over 200 seats at Whitefield and Rajajinagar. Both these campus calculates to 15,000 sq.ft. and the firm plans to offer co-working spaces in multiple locations like Kochi, Ahmedabad, Chennai and Hyderabad.
Nirupa Shankar, executive director at the Brigade group said that the BuzzWorks will be a natural arm-extension of our commercial office portfolio and a step forward for our business.
In 1986, the company started operations as a commercial space developer and then expanded the business to multiple real estate sectors that include residential and hospitality.
The business giants are taking interest in the co-working business as the sector is growing rapidly and the clients are also asking for these spaces.
According to the industry experts, in the co-working business, India has over 200 players that function in more than 420 co-working spaces all over the country. The experts also predict multiple fold growth for the co-working sector in the next two years.
The experts also feel that the Co-working sector will also witness nearly 30 percent growth on the yearly basis as the rental offices are on the rise in India while considering occupied spaces in Bengaluru, National Capital Region and Mumbai, followed by Hyderabad and Chennai as these cities offer growth opportunity.
Talking particularly about the Brigade Group, the experts feel that the company has focused on the commercial market at large. The company has 11 million sq. ft. office space that is under construction.
The company is also into a partnership with the Singapore-based private equity firm GIC Singapore for commercial properties.