NEW DELHI: Coworking space provider Instaoffice plans to lease around 1 lakh sq ft of office space by March next year and expand operations to Bangalore and the National Capital Region. “We are focusing on demand based expansion and aim to set up 1,500-2,000 desks, leasing around 100,000 sq ft by the end of this financial year,” said Vikas Lakhani, co-founder and chief executive officer, Instaoffice.
“While Bangalore and NCR would be the prime markets for us, we will set up strategic footprints cities like Mumbai,”he added. The company, based out of Gurgaon at present, have five offices in total, with a total area of 15,000 sq ft. “We are opening one office each in Gurgaon and Bangalore in October, which will take the total leasing to around 25,000,” he said.
Coworking space culture is rapidly growing in the country, with not only startups, small businesses, but large corporates opting for such spaces for their office space requirement. And the companies are not leaving behind any opportunity to tap the growing demand. Around 62% of all coworking owners this year, reported wanting to expand their spaces, showing a slight increase from the 59% in 2014, according to a recent survey by the website Deskmag.
The world’s largest co-working startup WeWork has recently entered India in partnership with Embassy Group and plans to build a 6 million sq ft network over the next five years. Regus, another global workplace provider, has doubled the number of business centres in India in the last one year, taking the tally to 90. Sidharth Menda of Bengaluru-based real estate developer RMZ Corp has recently ventured into this space with CoWrks, which might also get financial backing from Qatar Investment Authority.
India is among dozens of countries where the demand for coworking spaces will grow more than 10,000 in 2016, the survey showed. Instaoffice have around half of the clients taking spaces for more than 6-month tenure, with the another half between 1-6 months.
Credits ET Realty