Co-working player Incubex Nestavera is set for major expansion. The Bengaluru-based firm plans to invest Rs 100 crore over the next two years to expand its operations and launch new products.
With the planned set of expansion, Incubex Nestavera expects to touch 1 million sq ft of co-working space over the next 18 months. The firm has plans to expand in its presence in Bengaluru and enter newer cities such as Hyderabad, Pune, and Mumbai.
“We have grown significantly in a short span and very excited about the new expansion roadmap lined up ahead of us,” said Priyatosh Ranjan, founder and CEO, Incubex NestaVera, ET Realty reported.
Incubex Nestavera began operation in 2014. As of now, the firm manages 10 office spaces located at prime locations and spread over a total of 3 lakh sq ft in Bengaluru. The company has around 5,500 seats across multiple locations in the city.
Co-working segment has seen a significant growth in 2018 and is expected to grow further in the coming years. The consistently growing demand from large enterprises has made global and domestic flexible office operators like WeWork, Cowrks, and Awfis to aggressively add new locations to their portfolios.
As per a CBRE report, India will emerge as one of the world’s largest co-working markets by 2020. Reiterating on the trend, Incubex Nestavera’s top official said that flexible workspaces contribute close to 13% of the office leasing in Q3 CY 18. As compared to just 5% last year. He further added that the co-working model has proved for itself as the demand is from multiple end users which include multinational companies to one-seater start-ups.