WeWork expands in India, opens two facilities in Hyderabad with 7,000 seats

WeWork, the US-based co-working space solutions company, has expanded its operations in India by opening two facilities in Hyderabad with a combined capacity of 7,000 seats.

While the 2.5-lakh sq ft Madhapur facility houses 4,000 seats, the one at the Financial District (Gachibowli) has about 3,000 seats with two lakh sq ft space.

The firm has an aggregate seat capacity of 55,000 seats (or desks as it refers) in 32 locations in the country, covering Mumbai, New Delhi, Pune, Bengaluru and Hyderabad.

Ryan Bennett, Co-Chief Executive Officer of WeWork India, he said that the company, which completed two years in India, has a share of about 25 per cent in the 20-million sq ft Indian co-working space industry.

He said that it generally took 9-12 months for a location to achieve an occupation level of 85 per cent. He, however, refused to comment on the investments made so far in the country.

Stating that collaborative work spaces have received huge acceptance, he said millennials comprise 46 per cent of work force and they were looking for tech, smart offices and opportunities to embrace collaboration.

“About 50 per cent of our members are large enterprise companies and we expect this percentage to be just as high in Hyderabad,” he said.

‘Advantage WeWork’

“We provide the real-estate heads (in a company) with flexibility to expand and contract their real estate footprint in an ever changing business environment. We help Chief Financial Officers (CFOs) save 25 per cent of standard real estate costs,” he said.

For the HR head, WeWork ensured good environment with opportunities for collaboration and improved productivity.

Jayesh Ranjan, Secretary (Information Technology and Industries, Govt of Telangana), has said that the city promoted collaboration among the incubators.

Pune