Market

The Executive Centre to invest Rs 200 cr to expand India office space biz

Bullish on demand for premium versatile office space in India, Hong-Kong primarily based The Executive Centre (TEC) has chalked out an growth plan and can invest Rs 200 crore over the subsequent 18 months to open 8-10 new services throughout main cities.

TEC, which entered India in 2008 with its first property in Mumbai, at the moment has over 30 centres with complete space of almost 1 million (10 lakh) sq. toes throughout main cities.

In an interview with PTI, Nidhi Marwah, Group Managing Director- South Asia, TEC, mentioned the company carried out properly over the last fiscal year regardless of the adversarial impression of the COVID-19 pandemic on demand for office space.

The turnover of India business grew marginally by 1.5 per cent to Rs 275 crore over the last fiscal year, she mentioned.

“We announced an investment of Rs 100 crore in June last year for expansion. The planned investment has been completed. We remain bullish on the demand for premium managed office space. Therfore, we have decided to double our investment to Rs 200 crore for our future growth,” she mentioned.

The company will invest Rs 200 crore over the subsequent 15-18 months to open round 8-10 new centres throughout main cities like Mumbai, Delhi-NCR, Bengaluru, Chennai and Hyderabad.

The new centres will additional increase TEC’s position as considered one of Asia’s largest versatile workspace suppliers.

“The demand for managed office space has risen during the pandemic. Corporates are now demanding more flexibility, which we are providing,” Marwah mentioned.

She talked about that corporates now need workspaces the place they’ll scale up and scale down their operations with the convenience of accommodating new work cultures and schedules.

“This investment will ensure we continue to provide a melting pot of experiences, customized with an unparalleled finesse to our members,” Marwah mentioned.

Stating that the India market has all the time performed an important function within the success of TEC, she mentioned: “our commitment towards the growth of this market remains unwavered.”

On its operation, Marwah mentioned there was not a lot impression on the occupancy and rental collections of its centres, because it caters largely to large corporates from India and MNCs (multinational firms).

“Corporate employees are returning to offices with rapid progress in vaccination. We are witnessing a footfall ranging from 30 per cent to 50 per cent at our centres. The number will grow after the festive season,” she noticed.

Recently, property advisor Colliers India reported that the share of versatile workspace operators in complete gross office space leasing rose in July-September interval to 26 per cent due to excessive demand from occupiers searching for managed areas and short-term leases to tide over unsure instances.

Globally, the TEC has over 150 centres in 32 cities and 14 markets.

(Only the headline and film of this report could have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)

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