01 Jul 2019
Developers moving towards co-working spaces
Of late, several developers are starting their own co-working offices or collaborating with co-working operators. “This is because developers can offer such spaces to existing corporate clients who have temporary space requirements or are planning to scale down or up without investing in fitouts,” says Dr Samantak Das, Chief Economist and Head of Research & REIS, JLL India.
When asked what is prompting developers to start their own co-working offices, Nirupa Shankar, Executive Director, Brigade Enterprises, responds: “We see co-working as a natural extension of our business. There is a lot of demand from existing tenants. Today, companies want to outsource the administrative pains of managing multiple premises and create flexibility and efficiency in their real-estate costs. Considering that Brigade already has a sizeable office portfolio, a catering company called Celebrations, a facility management company called Orion Property Management services, and a hospitality management company, it was much easier for us to create co-working services. Our brand is called BuzzWorks, which derives its inspiration from the bee, nature’s finest example of a collaborative species that works well as a team.”