Inspire Co-Spaces to invest about Rs 20 cr to set up seven coworking centres

Co-working firm Inspire Co-Spaces will invest around Rs 20 crore by March next year to set up seven centres comprising nearly 2,500 desks to meet rising demand of flexible workspace, its founder Amit Sathe said on Saturday.

Co-working firm Inspire Co-Spaces will invest around Rs 20 crore by March next year to set up seven centers comprising nearly 2,500 desks to meet the rising demand of flexible workspace, its founder Amit Sathe said on Saturday. On Friday, the company launched its first two centers at Goregaon and Belapur in Mumbai Metropolitan Region (MMR), comprising 78,000 sq ft of office space and nearly 1,000 workstations.

Sathe said the company would start two new centers in Andheri and Thane next month. These two facilities are spread around 19,000 sq ft area and have about 400 desks. "We are also entering into new cities. We plan to open three centers in Pune, Ahmedabad, and Bengaluru by March next year," he said, adding that the demand for flexible workspace would rise post-COVID-19 pandemic.

The total area in these three centers will be around 49,000 sq ft with seating capacities of about 1,000 people. Sathe said the company plans to enter Hyderabad, Chennai, and the national capital market. Sathe and Nisshith Agarwal, the two co-founders, have over 40 years of real estate experience in commercial real estate. "A customized space of your own, our area will flex to your business requirements and needs. Inspire co-spaces enables you to customize your office the way you want it for small, medium, and large office space requirements. The price fits your pocket, understanding the people's condition, the selling price is up to 20 percent below the market price," said Agarwal.

India's office market has been performing well despite a multi-year slowdown in the overall real estate market. The net office space leasing stood at a record 45-50 million sq ft in 2019. The absorption of office space is expected to decline by 30-50 percent this year as corporates, both domestic and MNCs, have deferred their decision to expand.

However, experts are of the view that the office market will bounce back fast post-COVID-19.