New Delhi, Apr 28 (PTI) The Executive Centre (TEC), which provides managed office spaces to corporates, has taken on lease 90,000 sq ft area in Mumbai and Pune to establish three co-working centres as part of its expansion plans.
In a statement on Tuesday, Hong Kong-based company said it has expanded across Mumbai and Pune, adding about 90,000 sq ft of premium workspace to its portfolio.
In Mumbai, TEC will launch two new centres covering 620 desks. The centre in Pune, covering 32,000 sq ft area, will have 390 workstations.
Paul Salnikoff, Managing Director and Chief Executive Officer, The Executive Centre said, "Mumbai and Pune continue to present strong growth opportunities for us, supported by steady demand fundamentals, with both cities collectively accounting for a significant share of India’s office leasing activity."
He noted that flexible workspaces are seeing increased adoption, already contributing around 18 per cent of overall Grade A demand.
"We remain focused on delivering high-quality flexible workspaces that align with evolving occupier needs and support businesses as they scale and adapt," said Salnikoff.
At present, TEC Group operates across 38 cities in 15 markets.
According to real estate consultant Colliers India, the leasing of office spaces by co-working operators rose 77 per cent in January-March to 3.9 million sq ft from 2.2 million sq ft in the year-ago period.
Executive Centre India has secured markets regulator Sebi's approval to launch its Initial Public Offering (IPO) to raise up to Rs 2,600 crore.