Vadodara, Gujarat, India | 18th January 2021: Incuspaze, a chain of premium coworking, and managed office space provider with a PAN India presence has announced the launch of their first centre in Vadodara in Alembic City and second in Gujarat. Currently, Incuspaze is present in 10 cities across 25 locations. The new centre in Vadodara is spread across an area of 50,000 sq. feet encompassing 1000 seats which will be rolled out in 2 phases. In the first phase, the company will go live with 500 seats along with dedicated private offices, meeting rooms, and conference rooms.
The pandemic has pushed people across the world to work remotely, whether from home or from coworking spaces. Many companies are even looking at using coworking spaces as their satellite offices to save on infrastructural and operational cost while keeping hygiene and wellness at priority. While there’s enough study to show that remote working makes people more effective and constructive, there’s also growing evidence that it is affecting their creativity, especially when their social circle has dissolved.
On the launch of Vadodara Centre Mr. Sanjay Chatrath, Managing Partner – India, Incuspaze said, “Last year was a major setback for commercial real estate industry as a whole, and coworking was not immune to it. But going against these odds we recently launched our first centre in Gujarat in Ahmedabad at Vijay Cross Road and were thrilled to see the response of Gujarat market where corporates are looking out for more flexible offices post-COVID.”
Mr. Chatrath further added, “In Vadodara, we’ve collaborated with Alembic group to reshape and uplift the entire workspace ecosystem and to meet the rising demand of corporates for flexible offices. With this, we are on track to add 5 lakh sq. ft. by the end of 2021 in Gujarat. We are already in discussion with multiple asset owners for further expansion in Vadodara and Ahmedabad and new spaces in key cities like Surat and Rajkot.”
Tier II cities in India are emerging markets and experiencing surge in demand for coworking spaces due to rising number of home-grown start-ups and corporates shifting to “work-near-home” ideology.
While talking about the Collaboration, Mr. Udit Amin, Director, Alembic Real Estate, said, “We are happy and proud to have Incuspaze in Alembic City. They underscore our Park’s position as a preferred location for leading corporations within Vadodara and drive our commitment to providing integrated end-to-end business space solutions to companies. This collaboration is a highly synergistic one that aligns with our promise to create a landmark tech park, offering smart services for our clients.”
Mr. Amin added, “The outlook on modern flexible workspaces is quite bright and encouraging. We believe the demand for co-working and managed office spaces will improve further as it enhances employee engagement and community experience for companies. We look forward to a lasting partnership with Incuspaze, and wish them the very best.”
Post-pandemic, Corporates are consolidating their real estate and seeking to have more versatile space with less risk and minimum investment while giving the flexibility to employees to work near home. With Incuspaze’s multi-city presence and offerings they will be able to leverage on cost and flexibility to meet their new business needs while reducing their operational cost by 30-40% at the same time.
The segment of flexible workspaces will continue to grow and will contribute approx. 25% of the overall commercial real estate demand in 2021. In contributing to this Incuspaze is all set to launch two new centres – Kochi, which is already 50% leased out and Trivandrum, at Aspinwall House. Apart from this, they have also signed 3 new centres in Delhi/NCR spread across 2 lac sq. ft. combined launching by end of January 2021.