WeWork India to begin 3 co-working centres in Noida.
WeWork India, owned by realty company Embassy Group, is foraying into Noida market, also has taken on rent over 3 lakh sq feet office room to open three coworking centers containing nearly 3,900 seats.
WeWork India now has 26 operational coworking centres with 46,000 seating capacity. It has 9 centers in Bengaluru, 10 in Mumbai, 6 in Gurugram plus you in Pune where seats are available in a price range of $5,000 to $40,000 each desk per month.
According to sources, WeWork India is currently entering Noida market in a significant way and will soon open three new coworking centres with 3,900 seats.
It has taken on lease almost 1.4 lakh sq feet area from Berger Group, 74,000 sq feet from Logix and approximately 92,000 sq feet from Advant in
Noida for three new facilities, they included.
When contacted, WeWork India spokesperson confirmed it is entering Noida marketplace but didn’t share details.
“We are now seeing an uptick in the requirement for collaborative spaces by big enterprises because of flexible lease terms, lower deposit requirements, overall cost reduction as well as plug-and-play ease which collaborative spaces provide. Maintaining this demand in mind, WeWork is currently strengthening its presence by entering the Noida market,” the spokesperson said.
The growing need from freelancers, consultants and corporates has resulted in a growth in the co-working sector like never before, the spokesperson added.
“We are extremely happy to announce that our partnership with all WeWork India as they input Noida. Demand for office space in Noida is growing at a fast rate because of the presence of support industries, large corporations and media hubs all of which are now looking to function out of a collaborative workspace which caters to their requirements,” said Sunil Sharma, Managing Director, Advant India.
Bengaluru-based Embassy Group, a major player in Indian commercial real estate that started India’s first REIT earlier this year, had partnered US-based WeWork in 2016 to input into coworking business.
The IPO has been postponed a week after the SoftBank-backed startup eliminated creator Adam Neumann because its chief executive officer.
“WeWork India, that is completely owned and funded by Embassy Group, is the large stake within this area. WeWork India is a tactical long-term drama for Embassy team and its performance has surpassed our expectations this season,” an Embassy Group spokesperson had said.