Awfis plans to broaden presence in tier-II cities
Awfis Space Solutions plans to broaden its presence in more tier-II cities, buoyed by increasing demand for flexible workspaces, its chairman and managing director, Amit Ramani, said on Wednesday.
«The demand for workspaces in tier-II cities has risen significantly since the pandemic. While tier-I accounts for 85% of all commercial real estate demand, there is a growing trend in tier-II cities as well, as ecommerce, quick commerce, IT services, both local and global, and many global capability centres (GCC) are increasingly exploring these cities for talent,” Ramani told analysts during a post-earnings call.
Since December 2023, the New Delhi-based company has expanded its presence in tier-II cities by 29%, growing from 17 to 22 centres across the country.
For the quarter ended December 31, 2024,it posted a 44% year-on-year surge in operating revenue at Rs 318 crore and a net profit of Rs 15 crore. In the year-ago quarter, it had posted a loss of Rs 6 crore.
“This growth was driven by contribution from newly added seats and higher occupancy across established centres…As of December 2024, blended occupancy stood at 73%, while centres operational for over 12 months reached 84%,” he said.
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