ABL Workspaces invests Rs 7 cr to start co-working centre in Noida
This will be the company's 9th centre in the national capital region.
ABL Workspaces has taken on lease 40,000 sq feet from landlord to open a co-working centre with 800 desks in Noida, Uttar Pradesh, the company said in a statement.
Starting with 50 seats in 2017, the company now has 5,000 seats and is targetting 15,000 seats by the end of 2020.
Ankur Gupta, co-founder and CEO of ABL Workspaces, said co-working space is in high demand in the nation.
"We are expecting a revenue of almost Rs 50 lakh per month once we achieve 100 per cent occupancy in this new centre," said Akshita Gupta, co-founder of ABL Workspaces.
Bira 91 Beverages, BulBul TV, Etsy, Lodha Group, Livspace, Truly madly, Petrofac and Cynesis are some of its clients.
According to property consultant Cushman & Wakefield, currently there are 1,000 operational co-working centres, with a capacity of over 4 lakh seats, across six major cities.
The number of flexible space operators has risen from single digits to about 350 over the last 3-4 years.
The report estimated user base of flexible workspaces to jump 10 times to nearly 3 million by 2025. At present, 65-70 per cent of demand for co-working spaces comes from large corporates, 15-20 per cent from small & medium enterprises and 10-15 per cent from freelancers and startups. MJH MJH ANU ANU