Max Asset Services (MAS), a subsidiary of Max Group’s listed entity Max Ventures & Industries (MaxVIL), on February 25 announced its entry into the managed office spaces business with the launch of WorkWell Suites at the newly-developed office complex Max House, Okhla.
The company plans to operationalise nearly 2 lakh sq ft of managed office space in the Delhi NCR over the next three years, the company said.
The company did not share investment details.
MAS’s first managed office spaces offering at Max House, Okhla has a total leasable area of 14,000 sq. ft. with a total sitting capacity of 200 seats. It will cater to corporates with a team size of between 20 to 100. Max House, Okhla, comprising around 1,05,000 sq. ft. of a leasable area was launched for leasing recently by its sister company Max Estates.
Max Asset Services has planned a low capex model for building this capacity. Managed Office Spaces is gaining due to the increasing acceptance in companies, of flexible office spaces as a rental option. Flexible workspaces as a segment have grown rapidly to now form a notable around 10% of the new office leasing in India, as per a recent Cushman & Wakefield report.
Co-working and managed office spaces are the two most popular formats of flexi-office space.
The current footprint of MAS’s managed offices stands at 34,000 sq. ft. with top tier clients like a US-based ed-tech firm and a top engineering MNC.
In addition, MAS provides the WorkWell experience to 24,000 sq. ft. of conventional office space clients delivering the best of wellness, technology and hospitality for their office operations, the company said.
Conscious of the increased concerns about hygiene and health, WorkWell Suites offer health and safety protocols such as Advanced MERV13 air filtration, contactless entry, automated temperature and mask detection system, shoe sanitisation and vehicle disinfection facility.
“WorkWell Suites represent the next level of evolution of office spaces. Companies get to occupy workspaces with the highest level of safety and well-being, run using the latest build-tech applications, all outsourced to experts in facility and workplace management. They also allow for negligible upfront capital expenditure in interior and furnishing of a new office and some flexibility in a modular expansion of workspace,” said Rohit Rajput, CEO, Max Asset Services.
The first facility is located at Max House, Okhla, at a well-connected spot in South Delhi and is situated in an office complex that has a stylish vintage design and a LEED Gold building rating.
“2020 has taught us that while work from home reduces commute time and aids lesser work interruptions, it inhibits the development of social capital, institutional learning and culture in organizations. WorkWell Suites, aim to build an ecosystem of flexible and dedicated ‘distributed offices’ that companies can use to reduce commuting times whilst providing infrastructure and an engagement platform for building social capital through event spaces such as the auditorium in Max Towers and engagement activities through our program called PULSE,” he added.
“We have been receiving interest for managed office spaces not just from start-ups which are open to experiment with such workplace models, but equally from large Indian and multinational organisations who want to now house smaller independent departments in a serviced office format or want to de-consolidate their office locations so as to allow its employees the flexibility and minimize the travel from home to office. WorkWell Suites is therefore set to cater to what is fast emerging demand of such professionally operated flex-workplaces,” said Sahil Vachani, MD and CEO, MaxVIL.
Suites will work as a complementary business to our flagship commercial space development business, Max Estates and help achieve our plan of becoming among the top three office space developers in Delhi-NCR within the next three years,” he added.