Bengaluru: Managed office space provider Awfis Space Solutions Pvt Ltd on Tuesday said it has leased 64,000 sq ft to agritech startup WayCool Foods, in Chennai and Bengaluru.

Awfis will offer WayCool robotics, mechanical and electrical Labs, a hypermarket setup for products, a discussion lounge with pantry, an experience centre with retail display, and a studio space among other features.

Awfis currently has 95 co-working centres and 55,000 seats spread across 13 cities and it is heading towards the 100-centre milestone before 2021-end.

“Organizations today are on the lookout for solutions that not only offer safety and convenience but also go the extra mile to improve productivity while optimizing costs. Awfis has steadily evolved with the shift in demand and remained ahead of the curve, through the new normal, addressing the varied needs of organizations,” said Amit Ramani, founder and CEO, Awfis.

“We are heavily investing not just in tech but also in our talent pool. In just six months, we have added over 1000 brains to our talent force. Our new headquarters in Bangalore and Chennai will be a reflection of our values, culture and our warrior spirit. Like our vibrant shop floors, the corporate offices will also have new-age elements for enhanced engagements, synergies, and will be high on employee and partner experience,” said Amrit Bajpai, COO, WayCool Foods.

Flexible workspace stock will cross 60 million sq ft in metros and non-metro cities by 2023, as occupiers embrace agility and flexibility in their work models, property advisory Colliers and Qdesq said in a report on Tuesday.

The demand for flex space will be largely driven by consulting, IT-BPM and e-commerce companies who are establishing multiple satellite offices in suburban locations in metro cities. Metro cities remain the stronghold of flex spaces, accounting for about 88% of the total flex stock as of Q3 2021, mentioned in the report.

This article was originally published on 23 November 2021 at : Awfis leases 64,000 sq ft office space to WayCool in Chennai, Bengaluru (livemint.com)

A few smaller developers are in talks with providers of shared working space as they seek to monetize underutilized commercial assets.

Shared working space, a concept popular among start-ups and entrepreneurs in the West, is starting to find takers in India.

A handful of smaller developers have initiated talks with providers of shared working space as they seek to capture the trend and monetize underutilized commercial assets.

US-based office rental firm WeWork, which announced plans to enter India on 15 January, is in talks with developers including Bengaluru-based RMZ Ltd and Embassy Group, Mumbai-based Wadhwa Group and K Raheja Corp., according to people involved in the discussion.

The Wadhwa Group, which operates high-end commercial office buildings in Mumbai’s Bandra Kurla Complex (BKC), confirmed that it is in discussion with the New-York based firm.

“It is at discussion stage right now,” said Navin Makhija, managing director, Wadhwa Group, refusing to divulge further details on talks with WeWork.

Spokespersons for RMZ Ltd and K Raheja Corp. declined to comment.

“We have no comments, confirmations or announcements at this point,” said a spokesperson for Embassy Group in an email response.

Similarly, a spokesperson for WeWork said, “We have nothing to share at this time but we’ll be in touch if this changes,” in response to an email query sent on 14 January 2016.

Some deals for shared office spaces have already been closed.

Last month, Mumbai-based Hubtown Ltd, formerly known as Ackruti City Ltd, partnered with office service provider Awfis Space Solutions Pvt. Ltd to create a co-working office at Akruti Trade Centre, a commercial property owned by the real estate firm in Mumbai’s Andheri East.

Awfis Space Solutions will convert the 12,000 sq.ft space into a 200-seater office area targeting start-ups or those looking for a flexible workspace for a limited period.

With a minimal fee ranging between Rs.400 per day for renting a desk to as much as Rs.13,000 per month for taking up a private cabin, tenants can have access to facilities such as a common cafeteria, meeting rooms and other office facilities within the building.

Hubtown, which has entered into a revenue sharing model with Awfis Space Solutions, expects the concept of shared workspaces to catch up in the next three to four years and says that it is looking at replicating the model in other buildings as well.

“It is a new concept in India. It is a bit of risk but globally it has worked pretty well, particularly in the US for the last four-five years. One thing that works with this model is the utilization of space. It is easier to give the space that is lying underutilized,” Rushank Shah, promoter and director at Hubtown Ltd, said.

Awfis Space Solutions has also leased around 10,000 sq.ft of space from Poddar Developers in central Mumbai’s Lower Parel area, where it is currently operating a 230-seat co-working office.

Around 30% of the total seats have been occupied in a span of less than two months since it began operational in December last year, said Amit Ramani, co-founder, Awfis Space Solutions.

“Historically, the idea of shared workspaces was more about a providing short-term solution by developers for their long-term clients. They would rent out a small area, provide them an incubation space for a few months or a year till the building is ready. Now they (real estate firms) want to run this as a business,” said Ram Chandnani, managing director (transactions), CBRE South Asia Pvt. Ltd, a real estate consultant.

The concept, however, will work better in some markets and areas than others.

Wadhwa’s Makhija said the concept of shared workspaces will find more takers in tier II and tier III office buildings where the rentals are relatively low. It will be a challenge to popularise such a concept in high-end buildings. Ramani agrees that grade A office spaces are not suitable for shared office spaces.