Workspace eyes Rs 25cr revenue from first Bengaluru facility

Co-working office operator Workspace has launched its first facility in Bengaluru with 1,000 seats and expects a revenue of Rs 25 crore annually.

According to Knight Frank's latest report, the co-working phenomenon is gathering speed in India. Across seven major cities, co-working space providers took around 1.3 million sq ft of office space during the second half of 2017.

Workspace in a statement said that it has launched its operations in Bengaluru with 1000-seater facility covering about 65,000 sq ft leasable area. The facility is designed to accommodate differently sized companies, right from small startups to large MNCs.

"Shared offices have started replacing traditional offices and offer the same infrastructure and amenities at a lower cost to companies," said Rahul Agrawal, Founder and CEO, Workspace.

The company has opened its first property, which is an important step towards its aim of becoming India's largest and most-preferred serviced office space, he added.

Workspace plans to open multiple offices in Bengaluru and is looking to expand to all major urban centres in next few years.

"In today's fast-paced environment, it is difficult for companies to have a long-term workforce plan. Shared offices give companies the much-needed flexibility, allowing them to focus on other important aspects of their business," he said.