In a bid to aggressively expand its presence across India, the Indian arm of New York-based co-working space provider WeWork, has picked up around 0.5 million sq ft office space on lease, which is one of the largest deal in this space.
According to the report from Economic Times, the company has leased space across four locations in two major property markets of Mumbai Metropolitan Region and Bangalore. With this deal, the total space portfolio of the company is now nearly 2 million sq ft.
Commenting on this, Karan Virwani, CEO of WeWork India, said to ET,
As the shared workspace industry evolves rapidly, we have observed that more and more people want to work out of spaces that inspire them and help them connect and network with people.
We plan to continue expanding across the country and this will further add to our growth in India. Keeping in mind the growth and expansion of new business hubs in Mumbai and Bengaluru, these locations were a natural fit and choice for us.
The largest of this lease is in Navi Mumbai, where the company has picked up nearly 2 lakh sq ft, followed by 1.5 sq ft in Bangalore. While the usual tenure for the lease is three to five years, the company has picked up the new spaces for a total of 20 years, which includes initial term of 10 years and an option to extend it by 10 years.
WeWork India has been aggressively picking up new properties, in a bid to expand its number of collaborative spaces to over 20 centers by the end of this year. Last month, it started operations in Thane by picking up an entire commercial building, Zenia, spread over 12 floors.