TEC invests over Rs 40 crore on two new serviced collaborative office space centres in Pune and Bengaluru

With the new additions, the company has over 33 centres spread across the country with the total area touching 1 million sq ft

Hong Kong-based The Executive Centre (TEC), which provides premium serviced collaborative office space, is opening two new centres in Pune and Bengaluru and will be investing close to Rs 40 crore on the facilities.

With this, the company will have as many as 33 centers across the country with a total spread of over 1 million sq feet of collaborative workspace.

The properties, Panchshil Business Park, Pune and Prestige Technostar, Bengaluru are spread across 82,000 sq feet and house 910 workstations, the company said.

“India has always been a priority region for The Executive Centre since the very beginning. We are excited to announce the opening of TEC’s two new centres in extremely important markets- Pune and Bengaluru. At TEC, we aim to provide an ecosystem specifically designed to foster professional and social connections through state-of the-art infrastructure and exceptional technology ensuring efficient business operations,” said Nidhi Marwah, Group Managing Director- South Asia, The Executive Centre.

In an interview with Moneycontrol earlier, the company had said that it plans to invest Rs 100 crore in the Indian market and open five new centres in Bengaluru, Gurugram, Mumbai and Pune to meet the growing demand for co-working spaces.

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With three centres already operational – Bengaluru, Pune and Mumbai - the others centres are set to be launched by March 2021, the company said.

The company has taken on lease nearly 2 lakh sq ft area of office space to start these facilities.

The flexible workspaces model has witnessed increased adoption in business continuity plans, especially for MNC's in India. With companies adopting the hub and spoke model, the pace is expected to grow in the coming times with a focus on building a concept of convince and flexibility.

According to a recent report by JLL titled 2021 Asia Pacific Real Estate Outlook, the real estate investment volumes are expected to rise 15-20% in 2021, driven by continued growth in appetite for assets with income stability.
Moneycontrol News
first published: Feb 17, 2021 06:17 pm

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