Prestige group, Awfis to set up co-working centre in Hyderabad

New Delhi: Realty firm Prestige Group and co-working operator Awfis have expanded their partnership and will set up six more centres, comprising 3 lakh square feet, across major cities with an investment of about Rs 70 crore to meet rising demand of flexible workspace. In February, the two companies had announced setting up of six […]

New Delhi: Realty firm Prestige Group and co-working operator Awfis have expanded their partnership and will set up six more centres, comprising 3 lakh square feet, across major cities with an investment of about Rs 70 crore to meet rising demand of flexible workspace.

In February, the two companies had announced setting up of six centres spread over 2 lakh square feet area involving an investment of around Rs 40 crore.

“We have already launched six centres in the first phase of our partnership with Prestige group. Now, we are going for the second phase of expansion,” Awfis Founder and CEO Amit Ramani told PTI.

The company is setting up centres in Bengaluru, Hyderabad, Chennai and Pune at commercial properties owned by Prestige group.

Including both the phases, Prestige group and Awfis will have 12 centres, covering around 5 lakh square feet area and comprising around 9,500 desks.

“The total investment for both the phases will be Rs 110 crore. The investments are being made by both the partners in equal ratio,” Ramani said.

Juggy Marwaha, CEO, Prestige Office Ventures, said the flexible workspace has become an important component in any office building and office park.

“Nearly 40 million square feet of co-working space is now spread across the length and breadth of this country, we definitely believe that the FLEX segment of the office landscape will continue to rapidly grow,” he added.

The partnership aims at catering to the growing demand for co-working spaces, for startups, SMEs, mid and large-sized corporates that are looking to adopt hybrid/ agile workplace models, amidst the new normal.

“We believe in building relationships that are a WIN–WIN for all stakeholders in a shared and collaborative future. We are looking forward to a continued and sustained growth that we have seen so far, that is helping our occupiers and our group,” said Irfan Razack, Chairman & Managing Director, Prestige Group.

Awfis currently has 100 centres and 60,000 seats across multiple cities and it has an aggresive expansion plan for the next year.

Prestige Group, one of the leading real estate developers in the country, has completed 112 commercial projects spread across 36 million square feet and it has 24 upcoming commercial projects spread across 42 million square feet in some of the major cities of the country.

Recently, property consultant Colliers and Qdesq said that flexible workspace stock would cross 60 million square feet in metro and non-metro cities by 2023, as occupiers embrace agility and flexibility in their work models.