ABL Workspaces unveils new co-working centre in Noida by investing Rs 7 cr
ABL Workspaces has started a new co-working centre by investing Rs 7 crore. This is the company's 9th centre in the National Capital Region (NCR).
The co-working space provider has taken on lease 40,000 sq feet from landlord to launch a co-working centre in Noida, Uttar Pradesh, comprising 800 seats.
ABL Workspaces started with 50 seats in 2017. It now has 5,000 seats, with a target to reach 15,000 seats by the end of 2020.
Ankur Gupta, Co-Founder and CEO, ABL Workspaces, said, “The co-working space is in high demand in the nation.”
Some of the clients of ABL Workspaces are Bira 91 Beverages, BulBul TV, Etsy, Lodha Group, Livspace, Truly madly, Petrofac and Cynesis.
Akshita Gupta, Co-Founder of ABL Workspaces, added, “We are expecting a revenue of almost Rs 50 lakh per month once we achieve 100 per cent occupancy in this new centre.”
Statistical view of co-working spaces
Currently, there are 1,000 operational co-working centres, with a capacity of more than 4 lakh seats, across six major cities, as per property consultant Cushman & Wakefield.
Over the last 3-4 years, the number of flexible space operators has risen from single digits to about 350.
According to the report, the user base of flexible workspaces will jump 10 times to nearly 3 million by 2025. Presently, 65-70% of demand for co-working spaces comes from large corporates, 15-20% from small & medium enterprises and 10-15% from freelancers and startups.
Why co-working spaces are gaining popularity?
Everything around us is changing and the place where we want to work is no exception. While many independent entrepreneurs effectively run their businesses from their homes, coffee shops or other public spaces, the rest look for a more professional workspace for meetings, and to separate personal and professional life. This is where the concept of co-working space comes as it helps a small startup, an independent entrepreneur, or a freelancer to find an affordable workspace. And as the demand for the co-working space has increased in recent years, more companies are venturing into this segment.
With the rapid rise of entrepreneurial spirit, more and more professionals are craving to get the authority to decide when and how they can work, along with looking for flexibility to choose an environment that motivates or encourages them. This is why the co-working segment has gained popularity.
Big companies are running through franchise models in the co-working space and are also earning greater profits in their field. Brands such as Co-offize and Innov8 are the established players in the field and operate via a franchising model. The reach of such concepts is multiplied via franchising as it is a very low-cost model.
The co-working franchises will take over the whole market in the coming future.