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International Workplace Group (IWG), which operates co-working office space brands Regus and Spaces in India, plans to double its footprint to over 200 workspace centres in the next three years.
The Switzerland-based company operates 110 workspaces in 16 cities, including 24 in Delhi, 22 in Mumbai, 15 in Bengaluru and in tier-II cities of Coimbatore, Vizag, Chandigarh, Lucknow and Jaipur.
“We are very bullish on the India market. We have grown our India network from 42 workspaces in 2014 to 110 workspaces across 16 cities with a total of 2 million sq ft, and are the only global player in India to have a presence in tier-II cities. The plan is to double our network in the next 36 months to 200 plus workspace centres and also bring in new brands to India,” Harsh Lambah, Country Manager of Regus and Spaces told BusinessLine .
The company operates 50 million sq ft of workspace in 120 countries.
“As a company, we are focussed on Regus and Spaces. While Regus is our conservative, small format, serviced office space product which is anywhere between 10,000 and 15,000 sq ft; Spaces is our new, large format, co-working space which is 35,000 sq ft that is more tuned to the millennial, entrepreneurial professionals,” added Lambah.
The company has already opened four Spaces centres, starting April last year, in Gurgaon, Mumbai and Chennai and are opening two more in Bengaluru this month, with plans to add one Spaces centre in every metro by the year-end.
Regus and Spaces offer a mix of co-working and private office spaces at rates starting from ₹11,000 per person per month for co-working spaces and upwards of ₹25,000 per person per month for private office spaces.
Pointing out that real estate is the second largest cost to companies after people, Lambah said companies are therefore looking to use co-working spaces vs permanent office spaces as they can save 15-30 per cent costs which they would otherwise have incurred with cost of lease, fit-out, utilities, administration and operations.
On bringing new brands to India, Lambah said: “We introduced Spaces in 2017 and will look at the right opportunity to bring in brands like Open Office and No18.”
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