Flexible workspace provider WeWork has expanded its co-working portfolio in Bengaluru by adding more than 3,600 desks.
Both of the new assets, Princeville and Cherry Hills are located at the Embassy GolfLinks Business Parkin Domplur and span over 95,000 square feet (sq ft). The assets have a combined capacity of around 1,600 desk spaces.
Its asset at Prestige Tech Park Jupiter, located close to Marathahalli, occupies about 125,000 sq ft with over 2,000 desks.
Currently, the company operates over 22 workspaces in Bengaluru. With the opening of three new spaces, WeWork India will expand its footprint in Bengaluru by over 2,00,000 sq ft.
In addition to the recently opened Kalyani Roshni facility, WeWork India is expanding further at Outer Ring Road, in southern Bengaluru.
“Notably, nearly 60 percent of this inventory has been pre-committed, highlighting the strong demand for our brand and flexible workspaces, and reaffirming our commitment to profitable growth,” the company said in a statement.
“Bengaluru is a key market for us, and we are excited to expand our presence in this vibrant city with the opening of three new modern flex workspaces. We believe that the demand for flexible workspaces will continue to grow, and we are committed to expanding our portfolio across the country to cater to this demand," said Arnav S. Gusain, head of real estate and product, WeWork India.
Net absorption of co-working spaces across the top seven cities touched 8.2 million square feet in the first quarter of this calendar year, according to real estate consulting firm Anarock.
Bengaluru and Delhi NCR accounted for 66 percent of net co-working absorption during the period. In IT/ITeS-driven cities like Bengaluru, Chennai and Pune, the relatively low vacancy levels in Grade A offices has spurred the demand for co-working spaces, the report said.