New Delhi, Mar 23 (PTI) Co-working operator IndiQube on Wednesday said it has taken on lease one lakh square feet in Coimbatore, comprising more than 2,000 desks.
IndiQube said it has started venturing into Tier-II cities as part of the expansion plan.
“The company has signed up close to 1,00,000 square feet of office space in a prominent commercial location on Avinashi Road, Coimbatore,” the company said in a statement.
The property has a seating capacity of over 2,000 units and is tailormade to meet clients’ requirements, ranging from a 10-seater to a 1,000-seater office space.
Rishi Das, co-founder IndiQube, said: “We have always believed that the next phase of our growth would emerge from Tier-II cities, and Coimbatore has ticked all the right boxes for us. Over the next two years, we intend to have about 15 Tier II cities in our portfolio to cater to the emerging requirements from our clients”.
The advent of hybrid working creates an opportunity for employees to live, study and work in the same city, he added.
On the company’s outlook for tier II cities, Meghna Agarwal, co-founder IndiQube, said: “The pandemic has resulted in a redistribution of the workforce into Tier-II cities and with the availability of talent, many companies have now been asking us to help expand their office footprint into Tier-II cities”.
IndiQube said it has diverse clients in its portfolio, including Myntra, Philips, Hitachi, Elanco, Sopra Steria, SOLV, RedBus, Unacademy, Grant Thornton, Enphase and Allegis, among others.
Bhupindra Singh, Managing Director, Regional Tenant Representation & Office Services, North India at Colliers, said: “With the pandemic behind, middle management of technology companies based out of Tier II and III cities will be keen to continue their employment from their native places. Technology is a great enabler and in this case, may also prove to be a boon for Tier-II cities and their development cycle”.
Co-working is growing rampantly in Tier-II cities and catering to such tech employees, Singh added.
According to Cushman & Wakefield, the leasing of office spaces by co-working operators across eight major cities increased to 4.91 million square feet in 2021 from 4.05 million square feet in the previous year.
In India, the other major co-working operators, including managed office space providers, are WeWork, Smartworks, Awfis, The Executive Centre, Simpliwork Offices, 91Springboard and The Office Pass. PTI MJH BAL
