WeWork leases 2 new offices of 1.4 lakh sqft & 2400 seats in Noida & Bengaluru

WeWork India has expanded its footprint by leasing two new office spaces totaling 1.4 lakh square feet in Noida and Bengaluru, as announced by the company. Two new establishments scheduled to launch in the upcoming three months will increase the company's portfolio by over 2,400 seats.

WeWork 37 Cunningham in Bengaluru spans four stories and offers more than 1,000 desks within an area of over 60,000 square feet, according to the company's official statement. On the other hand, WeWork Galaxy Business Park in Noida's Sector 62 is a two-story establishment that covers 70,000 square feet and accommodates over 1,400 seats.

Arnav S Gusain, Chief of Supply, WeWork India said, "Absolutely, Bengaluru and Noida are hubs for multinational companies across various industries, creating a robust demand for flexible workspaces. These spaces not only cater to enterprises but also provide a dynamic environment ideal for professionals, freelancers, and startups to connect, collaborate, and thrive in their respective fields."  

WeWork India, operated by the Bengaluru-headquartered real estate player Embassy Group, has seen significant growth since its entry into India in 2017. With Embassy Group holding a majority stake of over 70%, WeWork India has expanded its presence to more than 8 million square feet spread across 57 locations in eight cities. This expansion underscores its strategic positioning in India's dynamic real estate and flexible workspace sectors.

The flexible office space sector in India has shown a positive trend since the Covid-19 outbreak, capturing a larger portion of the commercial real estate market. Major corporations have also embraced this option as they transition to a hybrid work environment.

According to a June 2024 report by property consultancy Colliers, the flexible office space segment in India's top six cities experienced its highest-ever quarterly demand, reaching 2.6 million square feet from April to June. Bengaluru and Delhi-NCR contributed significantly to this surge, accounting for 65% of the total demand. This highlights the growing preference for flexible workspaces among businesses and professionals in these key metropolitan areas.

"Flex operators have leased approximately 4.4 million square feet of space in the first half of 2024," stated Vimal Nadar, Senior Director and Head of Research at Colliers India, emphasizing the sustained preference among occupiers for flexible workspaces. This significant leasing activity underscores the ongoing trend towards flexible office solutions in the commercial real estate market.

Certain essential requests from adaptable workspace suppliers in India for the Budget of the fiscal year 2024-25 comprised of reducing the Goods and Services Tax rate for small-scale customers, incorporation with special economic zones, and restoration of the input tax credit provision within the GST system. Nevertheless, these requests were not fulfilled.