by THO
New Delhi-based co-working space operator Innov8 on November 4 said that it plans to double its capacity to 100 centres in the coming year across the 10 major markets it is currently present in.
According to the company statement, the premium flexible office space provider presently operates over 45 centres with a capacity of approximately 17,000 seats across 10 cities including Delhi, Gurugram, Noida, Mumbai, Navi Mumbai, Pune, Chennai, Bengaluru, Ahmedabad and Hyderabad.
Innov8 is now shifting towards bigger centres with the seat capacity expected to expand to over 50,000, a 3x increase, while the number of centres doubles, the statement said.
Also Read: Led by Bengaluru, flexible office space supply touches 58 mn sq ft by H1 2024
“Our decision to double the number of Innov8 centres is backed by the consistent increase in inquiries, higher occupancy rates, and the evolving needs of modern professionals,” said Ritesh Malik, founder of Innov8.
“Innov8 is focused on expanding its presence in areas where the need for flexible, collaborative workspaces is accelerating,” added Pankhuri Sakhuja, Business Head of Innov8.
Rising trajectory of flexible office space segment, led by Bengaluru
According to a Knight Frank India report, flexible office space operators leased a total of 7.17 million square feet (msf) in the first half of 2024, a 6% increase compared with H1 2023.
The total flex space leased during the six-month period accounted for over 21% of the total commercial real estate transactions, highlighting the rising demand for flexible workspaces, the report said.
Also Read: Bengaluru leads the way with 257 flex office transactions, 28 per cent of the total
According to another analysis by the consultant, the top eight cities in India registered a total of 912 flexible office space deals between 2018 and the third quarter of 2024.
In this, Bengaluru accounted for the biggest contribution with 257 deals or a 28% share in the overall tally of flexible office space deals concluded during the period under review, Knight Frank India said.
Overall, Kolkata featured at the bottom of the list with 20 deals while Delhi-NCR ranked second with 147, followed by Pune (123), Hyderabad (106), Chennai (93), Mumbai (89) and Ahmedabad (77).
Also Read: After Awfis, three major co-working firms mull Initial Public Offering in 2025: Sources
