Gurugram-based coworking space provider Innov8 on October 9 announced the addition of a managed office space vertical to its business, with a target of completing development to the tune of 4 million square feet by the year 2027.
As per the company, which is owned by hospitality chain OYO, it has pumped in ₹50 crore towards the said development.
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“The company plans to expand its footprint by 4 million square feet across India over the next three years, marking its most ambitious growth initiative to date,” the company statement said.
The statement added that as part of the expansion, Innov8 is set to unveil its largest managed office space project till date in Mumbai. It did not state any further details tied to the facility in the financial capital.
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“By entering the managed office space sector and undertaking this large-scale project in Mumbai, we’re positioning ourselves to meet the evolving needs of businesses in one of India’s most dynamic cities. We’ve had some early success here and we plan to replicate this across markets,” said Ritesh Malik, Founder of Innov8.
Coworking spaces versus managed offices
Managed offices are different from coworking spaces on multiple fronts, starting from the design and layout to costs and lease terms. Simply put, managed offices are tailored workspaces similar to private offices, offered and managed by a third-party operator. They are dedicated spaces for a single entity (may involve multiple clients on the same floor) with a relatively longer lock-in period compared to that of a coworking office space.
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Founded in 2015, Innov8 is currently spread across nine cities – Delhi, Gurgaon, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad and Indore – with over 35 centers.
Recently Innov8 added three new centers within Delhi-NCR spanning 60,000 square feet, the company statement said.
