BHIVE begins its largest 1.2 lakh sq ft Co-working facility in Bangalore's Central Business District
“The co-working industry in India is at an inflection point with the rapid proliferation of such facilities across the industry and occupiers across sectors actively taking up spaces. The co-working space will offer nearly 3,500 seats and many offerings like food and beverages,” Shesh Paplikar, Founder and CEO of BHIVE Workspace, said. The launch of this facility assumes significance as the demand for premium co-working spaces within the CBDs is increasing across the city to benefit from the prime location, good connectivity, and social infrastructure.
“The Church Street facility has already generated a lot of buzz among clients across edtech, fitness, and influencer marketing, with more than 40% of seats already occupied,” said Paplikar. Bhive Workspace has been aggressively expanding its footprint in Bengaluru and eyeing new opportunities in other top commercial markets. The addition of the new space takes the total footprint to over 1.5 million square feet with 45,000 seats across the city. The company aims to add another 8,000-10,000 seats over the course of the next 3-5 months in Bangalore.
The Co-working firm is currently in the process of raising a Rs 400 crore alternative investment fund (AIF) to scale up its domestic operations. The proposed new Category-II co-working-focused fund will acquire fully completed commercial real estate properties. India’s flexible office segment is expected to witness further growth, with occupiers quick to adopt flex spaces, attracted by their flexibility, agility, and cost-effectiveness.
“Flex is now firmly entrenched in the second spot with strong growth currents driven by managed operators and sizeable enterprise demand that remains intact for the flex segment. We will see demand further strengthening in the coming quarters,” said Arpit Mehrotra, Managing Director, Office Services - South India & Head of Flex-India, Colliers. The flexible office segment has seen 3x growth as of March 2023. The segment saw 4.5 mn sq ft of office space leased in the first half of 2023 across top cities, a 25% growth over the same period last year, said Colliers.