Coworking spaces are coming out to be the best option for all the start ups and freelancers. WeWork which is a US based corporate giant are planning to have a total of 70,000 sq. ft. which will be equivalent to 12 football fields by the end of its first year in India.
Presently, the US based company has about 1, 50,000 members across 15 countries. WeWork operates in India by the real estate major Embassy Group which will be responsible for handling the real estate and construction. The US based coworking space does not operate directly but takes care of branding, culture, office services and earn for knowledge sharing.
“We would prefer a partnership because it is important to have someone who understands the local market. Our design and ethos remain constant almost throughout, but some kind of localisation is required in every market. Having a local partner definitely helps,” said Miguel Mckelvey, Co- founder and Chief Creative Officer of WeWork.
WeWork has reached 90% occupancy in Bangalore which is a 2200 seater property. The company is also targeting to have 10,000 members across Mumbai and Bangalore by December and will also open six locations by January. Besides expanding in other metro cities like Hyderabad, Chennai and Pune, they are also planning to explore tier II cities like Ahmedabad, Inndore and Bhopal.
“We will move to smaller towns and cities also, but in the next phase. For now, we want to concentrate on creating value in high-revenue cities,” Karan Virwani, heir to the Embassy Group, said.