20�THE ECONOMIC TIMES | NEW DELHI / GURGAON | THURSDAY | 4 MAY 2017Companies: Pursuit of Profit
Sobia Khan & Kailash Babar
Bengaluru | Mumbai: Co-wor-king, a western concept that invol-ves various individuals or startupssharing a common workplace envi-ronment, is slowly catching onacross prime Indian property mar-kets. At a pan-India level, co-wor-king space of 0.73 million sq ft wasabsorbed last year.
“Though still very nascent, this ca-tegory could prove to be a disruptoras bigger co-working players suchas WeWork enter India and moresuch facilities prop up across citi-es,” said Ramesh Nair-CEO & Co-untry Head, JLL India.
In terms of the number of seats av-ailable, around 9,600 are available atco-working facilities across the co-untry. Out of the total absorption,Mumbai sprung a surprise with thehighest absorption nationally, follo-wed by Delhi-NCR, Kolkata, Benga-luru, Chennai, Pune and Hydera-bad. Delhi-NCR and Mumbai led theway in terms of seats available andwere followed by Bengaluru andKolkata, JLL India said.
Hyderabad, which has a first-of-its-kind incubator space called theT-Hub, also has 750 seats. Currently,there is very limited supply of co-working spaces, but once the situa-tion improves, the demand scenario
is also expected to transform.“Companies can make savings of
up to 20-30% by working in a co-wor-king space. Additionally, they canavail benefits of a new-age workpla-ce along with plug-and-play ameni-ties which are at par with grade-Aoffices. At Awfis, our offering goesbeyond desks and our communityengagement initiatives and allian-ces provide a very productive eco-
system," Sumit Lakhani, CMO atAwfis Space Solutions, which has7,500 seats spread across 21 centresat present.
The clientele includes small and me-dium-sized enterprises, start-ups, fre-elance professionals, consultants,corporates, etc. Firms wanting to getmore agile are open to housing theirinnovation teams in such facilities.Some client-centric companies lookat making some of their key teams sitclose to client sites. Bigger companiesand corporates are slowly realising
that collaborative work spaceswith open areas can boost emplo-yee productivity and help attractas well as retain talent.
"An anchor occupier can bene-fit from co-working spaces pro-vided that the occupier'scorporate culture, valuesand beliefs align with thecreative and entreprene-urial community withinthe space. A large enter-prise would be able to le-verage a high energywork atmosphere, andthe vibrant CoWrksculture that may besynonymous withan already exis-ting culture wit-hin a faction oftheir teams," sa-id Sidharth Men-da, CEO,CoWrks.
According toJLL, given the inhe-rent risks in running a co-working space, certain operatorsare looking at ways to mitigate therisk by preferring to lease out theirentire area in a good location, or abig chunk of it, to companies orcorporates.
Such ‘anchor tenants’ can helpthem get a fixed income stream evenas start-ups and freelancers bring in
somewhat unsteady revenues. In the long-term, however, consoli-
dation among co-working operatorswill occur, as not all of them will be ab-le to mitigate the risk in their busi-ness models or have deep pockets tosurvive for long in non-prime loca-tions with cheaper rents. Only a hand-ful of big players are expected to even-tually remain.
Co-working Concept Catching Upin Prime Office Realty MarketGAIN STEAM At a pan-India level, co-working space of 0.73 million sq ft was absorbed last year
SUMIT LAKHANICMO at Awfis Space Solutions
Companies can make savings of up to 20-30% by working in a co-working space
New Delhi: Informationtechnology company Birla-soft, part of the CK Birla Gro-up, has leased an entire officebuilding spread over 3 lakh sqft at a mixed-use project of As-sotech Realty in Noida, saidtwo persons familiar with thedevelopment.
The lease is for 9 years,with an option for the com-pany to renew it every 3 ye-ars. The monthly lease ren-tal for the deal is .̀ 42 per sq ft.
"Birlasoft is planning to con-solidate and make this newbuilding their corporate he-adquarter. They have 2-3 offi-ces in Sector 63, Noida, at pre-sent, which will be shifted tothis building," said one of thepersons cited above.
"The office will have a ca-pacity to seat around 3,000employees," said anotherperson cited above.ET's separate email queries
to both Assotech Realty andtransaction partner Cush-man & Wakefield remainedunanswered, while Birlasoftdeclined to comment.
Located in Sector 135 on Noi-da Expressway, 1.8-million-sq-ft Assotech Business Cres-
terra is an integrated busi-ness park comprising 75,000sq ft of retail spaces, around1.6 million sq ft of office spa-ces across six towers and 190-key serviced suites to be ma-naged by Lemon Tree Hotels.
Assotech Realty hascompleted the first phaseof the project with a totalsalable area of 1.1 million
sq ft, andhas startedconstruc-tion of thesecondphase.
Technolo-gy firmscontinued tobe the lea-ding driverof demandand contri-buted aro-und 36% of
the overall office leasing volu-me in Noida in the January toMarch quarter this year, ac-cording to property consul-tancy Colliers International.
Office space provider Re-gus had leased around 16,000sq ft of space last year in As-sotech Business Cresterrafor opening a business cent-re. HDFC Bank has also lea-sed office space in the mix-ed-use project.
Birlasoft Leases 3 Lakh Sq Ft inAssotech’s Project
The lease isfor 9 years,with anoption for thecompany torenew itevery 3years. Themonthlylease rentalfor the deal is.̀ 42 per sq ft
Hyderabad: Cybercity Builders andDevelopers has teamed up with HyattHotels Corporation to build two five-star business hotels with an invest-ment of about .̀ 400 crore. The propo-sed ‘Hyatt Place’ brand hotels will co-me up in Hyderabad and Bengaluruwith 200 rooms each.
This is Hyderabad-headquarteredCybercity group’s first foray into thehospitality business. The group,which has residential projects in foursouthern states, is also diversifyinginto commercial and office properti-es and into affordable residential pro-perty segment as well, said chairmanK Murali Krishna.
“The proposal to get into hospitality,commercial and office property deve-lopment is part of Cybercity group’sstrategy to ensure steady incomestreams,” Krishna said.
Cybercity group has already signedan agreement with Hyatt for the pro-posed hotel in Hyderabad, abuttingHyderabad-Mumbai national high-way at Kukatpally, and hopes to comp-lete formalities for a similar agree-ment for the Bengaluru project short-ly. “Both the business hotel projectswill be built using internal resourcesand debt, and we may consider dives-ting partial stakes in the hotel assetscompany once they kick off opera-tions,” Krishna said.
CybercityEnters HotelBiz, Teams Upwith Hyatt
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