WeWork India, one of the largest flexible workspace company in India, has signed two office spaces totalling over 2.7 lakh sq ft in South India, solidifying its presence in the market further.
The expansion comes on the back of the parent company filing for bankruptcy.
Set to open in the next few months, both buildings are strategically located in the tech hubs. Spanning three floors, Manyata Redwood is situated in the vibrant Manyata Tech Park in Bengaluru and offers a vast workspace of over 117,000 sq. ft., accommodating over 1,700 desks, while the Hyderabad facility is coming up in RMZ Spire in HITEC City, spread approximately across 154,000 sq ft with four floors, housing nearly 2,220 desks.
We are witnessing a continued surge in demand for flexible workspaces across India. As more and more employees across organisations return to the offices, we further expand our presence in these IT hubs. With the addition of Manyata Redwood and RMZ Spire, we reaffirm our commitment to providing businesses with cutting-edge, flexible workspace solutions. We are focused on meeting the industry’s increasing demands through a superior workspace experience, built upon WeWork India’s principles of flexibility and community,” said Arnav S Gusain, head of real estate, product and procurement WeWork India.
WeWork India had offered to buy back the stake held by the parent company after the global counterpart sought insolvency protection under Chapter 11 of the US Bankruptcy Code earlier last month.
WeWork India, of which WeWork Inc. owns about 27%, has been one of the company’s fastest-growing affiliates outside the US. Embassy Group owns the remaining 73%. The joint venture with WeWork Inc. allows it to use the international coworking brand name and operate as a separate entity.
WeWork India plans to add 1.5 million sq ft to 2 million sq ft of office space annually. The office space provider operates across seven cities and 50 locations. It claims to have over 70,000 members and 90,000-plus desks, totaling 6.5 million sq ft. Its member base includes around 80% of enterprises, with 20% of clients coming from SMBs, entrepreneurs, and the startups segments.”