Savills brings global flexi workspace platform Workthere to India
International real estate advisor and property consultants Savills India has launched Workthere in India. Workthere is a brokerage backed online listing platform for flexible, co-working and managed office spaces, across geographies.
Launched in 2017, Workthere is now operational in the UK, Unites States, Germany, France, Spain, Ireland, Netherland, Singapore and Vietnam.
In India, Workthere will focus exclusively on flexible spaces and one that is owned and operated by a full-service real estate services company. It will be free to use for operators of flexible offices and also for companies seeking to use such spaces.
Upon launch, it will showcase flexible office spaces from over 40 brands with over 70,000 seats spanning across six cities, including Delhi NCR, Mumbai, Pune, Chennai, Bengaluru and Hyderabad, with expansion across other locations planned in the months to follow.
“Following its great success in markets across Europe, US and Asia, we are delighted to introduce the Workthere platform in India and the fact that we are launching it simultaneously in six cities is a testament to our belief in this very new and fast-growing segment of commercial real estate. The flexible office spaces represent employee-centric solutions for large occupiers in an increasingly uncertain business environment, as well as scalable options for young, growing ventures. This concept is truly complemented by our innovative technology platform coupled with Savills deep sectoral knowledge and on-ground specialised professionals,” says Anurag Mathur, chief executive officer, Savills India.
Flexible workspaces have gained strong traction among corporate occupiers in India over the last few years with a compound annual growth rate of 28 per cent over the last five years. While the ongoing pandemic has dampened activity for co-working providers in 2020, the segment is likely to bounce back this year as the inherent demand for shared and managed office spaces remains intact. As per Savills India’s report, leasing by co-working providers is expected to increase by 42 per cent to 4.9 million in 2021, contributing around 10 per cent to the overall office leasing in 2021 and 2022.
“India is one the fastest growing markets for shared office spaces in the world and we are very excited to expand Workthere in the country. It is a key market for us and with help from our local experts in each city, we hope to establish it as a go-to platform for businesses that are looking for flexible spaces across the country,” says Cal Lee, global head of Workthere.
Workthere in India will be led by Naveen Nandwani, who currently heads Savills India’s Commercial Advisory and Transaction services business.
According to Nandwani, agility and flexibility are critical for corporates particularly at a time when the world tries to come out of the pandemic.
“Over the last few years, the co-working office segment has emerged as a separate asset class in India. We believe that flexible office spaces will find more relevance today as businesses increasingly look to conserve capital and go ‘asset-light’ in the near future to mitigate the prevailing uncertainties. By providing a single omni-channel platform for a wide range of co-working spaces, Workthere will help organisations as well as individuals in finding the right kind of space and office solution to pursue their growth path.”