The Office Pass Launches 13th Co-working Space in Delhi NCR
Neighborhood Coworking operator The Office Pass (TOP), which currently runs 12 Co-working offices in Delhi NCR, plans to open a new office in Gurgaon by November end. The new office will be launched in Unitech Cyber Park, Sec 39, Gurgaon (near HUDA City Centre metro station). This will be TOP’s 11th office in Gurgaon and the third one in the Cyber Park complex. With this opening, TOP will reach a capacity of 1,200 seats in the Cyber Park complex. This year has been extremely rewarding for the Coworking industry as there have not been any covid related disruptions. Companies and employees who were earlier working from home #WFH have started hybrid working leading to a surge in demand for flexible workspace providers like TOP. In addition to this, several companies are allowing their employees to work in an office close to their residence and that is creating a tailwind for the neighborhood small offices format. “As companies move away from traditional leases and people prefer to work from an office close to their place of residence, we are experiencing good demand for our Neighborhood Coworking model. TOP’s revenue in FY’22 grew by 135% and our business turned EBDITA positive. TOP expects similar growth in FY’23.” said Aditya Verma, Founder & CEO, The Office Pass (TOP). There are several demand drivers at play for the Coworking industry. Firstly, companies are opting for flexible workspaces over traditional leases. This trend has got amplified over the past 12-18 months. Secondly, Coworking operators like TOP are able to pass on an economic benefit to corporates that helps them to lower their office operational expenses by 18-22%. This is critical during the time of an impending slowdown. Finally, there is less competitive intensity in the Coworking segment post covid. Many of these factors will continue to be in play over the next 12-18 months. The demand for flexible workspace was largely driven by freelancers and start-ups in 2015-2019. However, post-COVID, organisations of all sizes have developed a fancy for this format. Going forward the demand will be largely driven by small to mid-sized companies, large companies, and MNCs using Coworking for their distributed / hybrid office formats.
Tags : co-working operator The Office Pass offices Delhi NCR Gurgaon industry ditya Verma Founder & CEO The Office Pass