The Executive Centre to expand co-working space by 2.38 lakh sq ft in March

Bengaluru-based co-working space provider The Executive Centre (TEC) will add 2.38 lakh sq ft area on the back of consistent investments including the Rs 180 crore it will spend in the quarter ending March 2025 as it expands into the tech city, Mumbai and Pune.

 

"In the next three years, we anticipate significant growth, aiming for a 25-30 per cent CAGR, up from our current 18-20 per cent rate. Additionally, we plan to increase our investments during this period,” said Manish Khedia, managing director, West India, South India and Sri Lanka, TEC.

 

The company which competes with WeWork, Regus and others like Awfis, has 15 lakh sq ft co-working space across the country. It aims to double its entire portfolio by 2027.

 

The company expects to grow at a CAGR of 25-30 per cent by 2028.

  In Mumbai, the flexible space provider has invested over Rs 124 crore to develop one of its largest centres, spanning 1.3 lakh sq ft, at the upcoming Prestige 101 building in BKC—marking TEC's largest investment in a single centre in India.

 

Additionally, in Pune, TEC invested Rs 26 crore to establish a new centre covering 51,975 sq ft at Mapletree in Kharadi. In Bengaluru, an investment of more than Rs 30 crore has been made to secure 55,844 sq ft of space at Helios Business Park on Outer Ring Road.

 

Speaking about the growth of flexible spaces, Khedia noted that before COVID, co-working and flexible office spaces accounted for approximately 4–5 per cent of total leasing. However, by last year, this share had increased significantly to 17–18 per cent of overall real estate absorption. According to industry experts, India is expected to reach 100 million sq ft of absorption capacity by 2030.

 

“Flexible office space is expected to account for around 20 per cent of overall leasing, marking a significant contribution to real estate absorption in the Indian market," he added.

 

TEC currently operates in 16 markets across 36 cities, serving a global community of over 51,000 members. In October 2024, the company announced a Rs 125 crore investment to establish eight new centres in Chennai, Hyderabad, Mumbai, Bengaluru, Gurgaon, and New Delhi.