EFC leases 60,000 sq ft in Hyd and 32,000 sq ft office space in Mumbai

Pune-based flexible workspace provider Entrepreneur Facilitation Centre (EFC) has rented 28,000 sq ft office space in Hi-Tech city, and 32,000 sq ft space in Begumpet, Hyderabad. The firm has additionally rented 38,000 sq ft space in Bandra Kurla Complex (BKC), Mumbai. The average rent in Hyderabad spaces will be Rs 5,500 per seat per month, while in BKC, it will be Rs 14,000 per seat per month. While last year, demand was restrained due to the pandemic, Umesh Sahhaaii, CEO of EFC told the media that the interest from MSMEs and corporate is returning. EFC claims to have managed to keep all its centres despite the pandemic and that the occupancy at all its centres is now back to 75-80%. Post pandemic, there is an enhanced demand for managed offices or enterprise solutions because this decreases firms operating prices. Additionally, many now are using hybrid models, and thus such flexible spaces make more sense. As for the pandemic, Sahhaaii said that it did influence their revenue as landlords declined to decrease rent while they had to render discounts to their tenants to retain them. Operators were the most influenced since they acted as a cushion for the tenants. Overall, the average rents have additionally dropped with demand coming up, they are hopeful for an increase in rent as well in the following months. EFC is intending to open 20 more centres across India in the coming year. Image Source