ICICI Bank picks up 800 seats on 2-year lease at co-working site in Mumbai: Report

ICICI Bank has signed a two-year lease for 800 seats at a co-working centre operated by 91Springboard in Mumbai, according to a report by Mint.

The bank has occupied 800 of the 1,300 seats at the Technopak office building in Mumbai's Andheri area on a two-year lease, Mint has reported. This is the first time that ICICI Bank has opted for a co-working space and could be in line with the rise in the use of shared spaces to cut costs during the COVID-19 pandemic.

Moneycontrol could not independently verify the story.

ICICI Bank did not respond when contacted by Mint and 91Springboard declined to comment.

Property advisory CBRE South Asia was the transaction advisor, per the report.

"ICICI Bank has multiple teams working out of the centre. Traditionally, companies would take up the entire building. However, today, the rationale is that even large companies, in the current covid situation that has led to a volatile business environment, are looking for flexibility and managed solutions for workspaces," a source told the publication.

Banks and financial institutions usually do not use shared workspaces since they have complex requirements and need tight security, the source said.

The pandemic has caused a disruption in traditional office spaces and work routines, forcing companies to explore ways of adapting and control costs.

Anand Vemuri, CEO of 91Springboard, told Moneycontrol in June that when offices open as usual, the situation will be different from what it was prior to the pandemic.

"Considering the present scenario, I feel when 60-70 percent of country’s people are vaccinated, the businesses will open in full swing. I have a feeling that by March 2022, Indians may be able to successfully return to businesses, however, situations will be different from pre-covid era.