Cowrks plans to open six new centres with 3,600 seats
Cowrks, a flexible and managed office provider backed by Brookfield Asset Management, is set to expand its presence across major cities by opening new centres within large office campuses owned by the fund, said its senior vice president Parul Thakur.
The company plans to open six new centres with 3,600 seats in Pune, Mumbai, Bengaluru and Chennai by the end of 2023, catering to increasing demand for a hybrid work model among large corporations, she said.
“Since the acquisition, the focus was more on stabilising assets than expanding. We turned EBITDA positive mid-last year and will be adding newer properties within our business parks but will be mindful of expansion.
The company is looking to double its portfolio by 2024,” said Thakur.
In 2020, Brookfield Asset Management acquired Cowrks as part of India’s largest private equity deal, valued at about $2 billion.
Cowrks presently manages 17,500 desks in six cities, including Bengaluru, Mumbai and Chennai. It maintains a high occupancy rate of over 90% across its assets and serves marquee clients such as EY, NSE and HUL.
The flexible and managed office sector has witnessed a surge in demand over the past two years, marked by prominent players such as Awfis Space Solutions, Smartworks and Bhive actively expanding their presence.
The co-working segment’s share of total office transactions in India's key property markets during the second half of 2022 increased significantly to 21%, up from 18% the previous year, as per a Knight Frank India report.
“With the new hybrid model of working becoming more and more popular among mid- to large-sized enterprises, the demand for outsourced offices has risen significantly in the past two years and is continuing to thrive.
