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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WeWork India offers discount up to 50% to gain new clients – ET RealEstate

NEW DELHI: Co-working firm WeWork India on Thursday announced discounts up to 50 per cent for 3 months and free access to its members to over 800 centres globally, as part of its strategy to attract new clients amid the COVID-19 pandemic. The company globally has 828 centres in over 149 cities and 38 countries.

WeWork India, which is owned by realty firm Embassy Group, has 34 centres in six cities comprising 60,000 desks and 40,000 members. In June, it raised USD 100 million from US-based WeWork Global.

The co-working segment was performing well on rising need of flexible workspace from corporates and start-ups, before the pandemic hit demand of office space.

In a statement, WeWork India said it will offer global access to members, enabling them to work from any location across the nation or the world for no extra credit charge.

“For the first three months, WeWork India will offer hot desks at 50 per cent off and dedicated desks at 15 per cent off with the set-up fee waived,” it said adding that the offer is available till August.

Currently, the per-hot desk rate is between Rs 5,000 and Rs 18,000 monthy, while dedicated desk costs between Rs 10,000 and Rs 25,000 across 34 centres.

At its 20 centres, WeWork India has also introduced one-price model for private offices.

Private office across 20 centres will now be available at Rs 15,000-17,000 per desk per month, against Rs 20,000-22,000 earlier.

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WeWork gets new $1.1 billion commitment from SoftBank – ET RealEstate

NEW YORK: The owner of money-losing shared office provider WeWork told employees on Thursday it has slashed its cash burn rate almost in half from the end of last year and obtained a $1.1 billion commitment in new financing from majority owner SoftBank Group Corp.

The company said in an e-mail to employees that its second-quarter results show the coronavirus pandemic has hurt business but its financial position remains strong.

“Our early efforts to become a more streamlined, cash-conscious organization puts us in a better position to adapt quickly, navigate new realities and deliver our future business objectives,” said Kimberly Ross, chief financial officer of WeWork, in the e-mail seen by Reuters.

Revenue in the quarter reached $882 million, a 9% increase from a year earlier, Ross said. WeWork in the first quarter reported revenue of $1.1 billion, the first time it had exceeded nine figures, and its cash burn was $482 million.

WeWork has $4.1 billion in cash and unfunded cash commitments, including the $1.1 billion in new financing, Ross said. WeWork in July indicated it expected to be cash flow positive in 2021, according to the Financial Times.

The $1.1 billion is the last of the debt facilities included in a wide-ranging transaction announced in October 2019, a source at SoftBank said.

WeWork ended the quarter with 612,000 members, a decline from 693,000 in the prior quarter. But 48% were from prized “Enterprise” customers, businesses with 500 employees or more.

The results were released almost a year to the day after it filed plans to go public, when the company was valued at $47 billion and looked poised to be one of the year’s hottest IPOs.

WeWork soon entered a tailspin as revelations of corporate mismanagement emerged. The company has since undergone an enormous management shake-up and remains enmeshed in lawsuits over a $3 billion tender offer to existing shareholders.

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Ibis hotels forays into co-working space – ET RealEstate

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NEW DELHI: Hotels chain Ibis on Wednesday said it has introduced alternative working space for individuals and organisations in India in adherence to the safety and hygiene standards amid COVID-19 crisis.

Available across all its properties in India, the new offering Work@ibis provides a safe, alternative working space to individuals and organisations looking to work remotely in a healthy and reliable environment, Ibis said in a statement.

The service features ready-to-move-in workspaces, meeting and conference rooms and office lounges with access to high-speed internet connectivity, office essentials, tea and coffee station, and customised F&B offerings, it added.

These spaces are stringently sanitised in adherence to the Accor group’s Allsafe global cleanliness and prevention standards and Indian government norms, the statement said.

“Our Work@ibis initiative is aligned with Accor’s mission of bringing augmented hospitality to life for its customers. Our trendy, vibrant workspaces are conducive to fueling innovation, productivity and meaningful collaboration-and at the same time adhere to the safety and hygiene standards,” ibis and ibis Styles India Director of Operations Sylvain Laroche said.

Ibis is part of hospitality major Accor, which currently has 5,000 hotels, resorts, and residences across 110 countries in its portfolio.

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