Business

WeWork leases 1.22 lakh sq ft office space from Panchshil Realty in Pune

Updated : August 15, 2019 04:17 PM IST

US-based co-working operator WeWork is expanding its India business and foraying into Pune market where it has taken on lease over 1.22 lakh sq ft office space to launch 24th centre in the country.

According to sources, WeWork has taken 1,22,165 sq ft office space in Panchshil Realty's commercial project 'Panchshil Futura' in Pune, Maharashtra. This new centre in Pune, expected to be launched early next month, will have a capacity of over 2,000 seats, they added.

At present, WeWork has 23 co-working centres in India with a total capacity 39,000 seats spread over three million sq ft area. It has 9 centres each in Bengaluru and Mumbai, while another 5 in Gurugram, Haryana.

When contacted, the spokesperson of WeWork India declined to comment. A spokesperson of JLL India, which facilitated this leasing transaction, too declined to comment.

Last year, WeWork India head Karan Virwani had said that the company offers desks starting from Rs 7,000 and up to Rs 40,000 per month depending on the locations and facilities. He had also mentioned that all of WeWork's centres in India are profitable.

The co-working segment in India has gained momentum in the last few years. Already, this segment contributes 15-20 per cent of the total office space leasing.

Apart from WeWork, the other major players include Regus, CoWrks, Awfis, Smartworks, GoWork, Skootr, Innov8, IndiQube, Avanta, 91 Springboard Creator's Gurukul, GoHive and OneCulture, and Plus Offices among others.

Founded in 2010 by Adam Neumann and Miguel McKelvey in New York, WeWork is a platform for creators, providing members around the world with space, community, and services through both physical and virtual offerings. Globally, it now has a presence in 528 locations in 111 cities across 29 countries.

On Wednesday, WeWork announced its plans to raise capital through an initial public offering.