WeWork in JV with Embassy Group opens first co-working centre in Bengaluru
Bengaluru: New York-headquartered WeWork, a collaborative workspace start-up, has entered India in a joint venture with Bengaluru-based real estate firm Embassy Group. WeWork (India) opened its first co-working centre in Bengaluru’s Residency Road this week and plans to open nine such centres in a year across three cities, including Mumbai and Delhi.
In the last year, many developers have diversified into the co-working space business as demand for office space remains high and start-ups look at more flexible, collaborative work spaces.
SoftBank Group Corp. has invested $300 million in WeWork Cos., valuing the New York-based co-working giant at more than $17 billion, a 21 March Bloomberg report said. Founded in 2010, WeWork has more than 120,000 members worldwide and is present in 15 countries. Along with the launch of the Bengaluru centre, WeWork also launched its first centre in Sao Paolo, Brazil this week.
“WeWork brings design, technology, brand and the sense of community building to the table,” said Karan Virwani, director, WeWork (India). “For WeWork, 2017 is a year of great expansion in the Asia-Pacific region, and we want to strengthen our communities here as we enter new markets. We’ll soon bring WeWork to Mumbai and Delhi as well, and are looking forward to seeing what innovative new ideas will come from these communities,” said Ole Ruch, managing director, WeWork Asia-Pacific.
WeWork Galaxy on Residency Road gives a variety of monthly membership plans starting at Rs9000 for a hot desk per person, Rs14,000 for a dedicated desk and Rs20,000 per person for a private office.
Co-working centres or shared workspaces have gained steam with a number of developers either partnering directly with global operators or leasing out space for the same. They offer new commercial tenancy models and encourage start-ups and small and medium enterprises (SME) to work from these centres.
Real estate firm DLF Ltd recently signed a 30,000 sq ft. lease deal with Spaces, a brand of co-working space provider International Workplace Group (IWG) in the former’s business district Cybercity, Gurgaon. The developer is also talking to 2-3 operators to lease out another 25,000 sq ft for a second co-working centre in Cybercity.
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