Co-working firm Incuspaze plans 0.5 million sq ft offices in Gujarat in 2021 – ET RealEstate

Flexible office space provider Incuspaze is planning to set up five new offices spread over 0.5 million sq ft in Gujarat over the next one year.

The co-working firm has forayed into the Gujarat market with its maiden office set up spread over 12,000 sq ft at Vijay Cross Road in Ahmedabad.

The proposed new centers will come up in cities across Gujarat including Vadodara, Rajkot, and Surat.

“In Gujarat, Ahmedabad is the first and our second office is coming up in Vadodara. We have partnered with the Alembic group and this new facility is due to be launched later this month and will have a capacity of 1,000 seats making us the largest managed office space provider in Gujarat,” said Mohit Srivastava, COO, Incuspaze.

Currently, Incuspaze is present across 30 cities with over 58 offices across India. The company’s upcoming centers in Vadodara and Trivandrum will house more than 1,500 seats combined.

“Surat and Rajkot are other cities which we are evaluating closely and are open to working with asset owners across these markets as we have plans to add 5 lakh sq ft of area In Gujarat by 2021,” Srivastava said.

Post-Covid-19, large corporate organizations are reviewing their real estate strategies and reassessing portfolios with an objective to save on their overall expenses. Around 25% of co-working spaces in the top eight cities– 6.4 million sq ft of the total 25.45 million sq ft–is operated by small players, with Bengaluru and the National Capital Region housing most of these companies.

There are over 250 co-working firms in India and the segment is dominated by the top 10 players that hold a 75-80% market share in the top eight cities.

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