WeWork opens two co-working spaces with 7,000 seats

US co-working space provider WeWork on Tuesday announced expansion of the India operations with a foray into the Hyderabad by opening two workspaces that between them offer 7,000 desks.

The company has leased out over four lakh square feet space in the city. While the facility in the IT hub is 2.5 lakh sq ft, the other in Financial District is spread over 2 lakh sq ft. Speaking at the inauguration, WeWork India Co-CEO Ryan Bennett said the firm, which is present in six cities in the country, has 55,000 desks across 32 locations.

The size of the co-working office space in India is estimated to be 20 million sq ft and the company has about 25% share. Stating this, in response to a media query later, he said the company wanted to build its market share by enhancing focus on the cities in which it operated.

Bengaluru, Mumbai, Gurgaon, Noida and Pune are the other locations in India where the co-working and space-as-a-service platform firm is present. To queries, Mr.Bennett said it typically took 9-12 months for a new location to ramp up to 85% of occupancy.

Inaugurating the new facility, Industries and IT Secretary Jayesh Ranjan urged WeWork to engage actively with the start-up ecosystem in Hyderabad and also recommend Hyderabad to customer-firms for their development centres.

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Printable version | Apr 7, 2020 4:23:42 PM | https://www.thehindu.com/news/cities/Hyderabad/wework-opens-two-co-working-spaces-with-7000-seats/article30333106.ece

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