The Executive Centre to add four new flexible workspace facilities in India in 2023

The Executive Centre is planning to add four centres in India in 2023 across Bengaluru, Gurugram, Hyderabad and Mumbai,

Premium flexible workspace provider The Executive Centre plans to add four centres in India in 2023 across Bengaluru, Gurugram, Hyderabad and Mumbai, the company said on April 4.

This will take the total number of centres in the country to 40 across seven cities -- Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Gurugram and New Delhi. This would take the office space footprint to 1.4 million sq ft, the company said.

The Executive Centre recorded a global annual revenue of $283 million and the Indian market contributed $15 million to the global EBITDA, recording a 31 percent YoY increase from last year’s EBITDA of $11.2 million.

India’s demand strengthened with the average occupancy of TEC’s flexible workspaces in India being 92 percent. TEC also saw an average renewal price hike of 5 to 8 percent.

“2022 has been a watershed year for the flexible workplace industry. This year, the number of flexible workspaces absorbed by companies exceeded most estimates and industry reports, demonstrating that the allure of flexible workspace industry has debunked the myth of the permanency of conventional office spaces,” said Nidhi Marwah, Group Managing Director of South Asia and GCC at TEC.