DLF leases 2.25 lakh sq ft office space to US-based co-working major in Gurugram

India’s largest realty firm DLF has given on lease about 2.25 lakh sq ft of office space in Gurugram to […]


India’s largest realty firm DLF has given on lease about 2.25 lakh sq ft of office space in Gurugram to the US-based co-working major WeWork, sources said. Earlier, DLF had also provided around 60,000 sq ft office space on lease to co-working operator Skootr. The demand for co-working space is rising in India due to affordable rents and flexible working options. According to sources, DLF has leased this space to WeWork in Cyber City, Gurugram for about Rs 130 per sq ft monthly rental. DLF spokesperson declined to comment on the leasing transaction, while WeWork spokesperson could not be reached. DLF has over 30 million sq ft of commercial space, most of it in Gurugram. Recently, DLF promoters concluded sale of 40 per cent stake in rental arm DLF Cyber City Developers Ltd (DCCDL) for about Rs 12,000 crore. This deal included the sale of 33.34 per cent stake to Singapore’s sovereign wealth fund GIC for about Rs 9,000 crore. DLF has 66.66 per cent stake in DCCDL now. The realty major is developing an office project in Gurugram and has recently bought 12 acre land in the city for Rs 1,500 crore. WeWork, the platform for creators that provides space, community and services to help people make a life, has recently entered the Delhi-NCR market with the launch of its collaborative space in Gurugram. This was the sixth location by WeWork in India. It has co-working space at three locations in Bengaluru and two in Mumbai. With the launch of WeWork Bristol Chowk at Gurugram, the company will provide space for 7,000+ members across India. On the launch of Gurugram centre, WeWork India general manager Karan Virwani said, “Whether you need a desk, office suite, or entire HQ, we create environment that increases productivity, innovation and collaboration for teams of any size.” As per a recent study by JLL, the co-working segment in India is expected to receive USD 400 million investments by 2018, he added. “Our plug-and-play offices make it possible for start-ups, entrepreneurs and established businesses to focus on success and growth while we take care of everything else,” Virwani said. WeWork is a platform for creators, providing more than 2,10,000 members around the world with space, community and services through both physical and virtual offerings. WeWork has 230 physical locations in 71 cities and 21 countries around the world. Founded in 2010 in New York, the company now employs more than 4,400 globally. More than 20,000+ companies and over 2,10,000 members are now based at WeWork, with member companies ranging from startups to big companies like Dell, KPMG, GE, Microsoft and Samsung. In its report The Art of Co-Working, real estate consultant CBRE India had pegged that leasing of space by co-working operators would touch 10 million sq ft by 2020. Small and medium enterprises, along with start-ups, are the biggest target clientele for the companies operating these co-working business centres. The cost per seat is in the range of Rs 7,000-15,000 per month.

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