“Given OYO’s deep real estate and market intelligence, this centre is a testament to our expertise in upgrading various forms of real estate and rapidly transforming them into efficient, connected and beautiful workspaces. So far, we have received an overwhelming response and we expect to keep setting new benchmarks for the industry,” said Rohit Kapoor, CEO, New Real Estate Businesses, OYO.
The SoftBank backed hospitality chain Oyo was started by Ritesh Agarwal in 2013. The startup was started from a single hotel to over 8500 hotels at present. It is the fastest growing network of hotels, offline and online.
It operates in more than 800 cities in 80 countries, including the US, Europe, UK, India, Malaysia, Middle East, Indonesia, Philippines, and Japan.
Whereas, OYO Workspaces aims to expand its presence to over 50 centres across India by the end of 2019. Launched in 2015, Innov8 offers co-working spaces and private offices for rent in Mumbai, Bengaluru, the National Capital Region, and Chandigarh.
“The space is already becoming a favourite among working professionals and we have achieved record occupancy of 50% at launch. Innov8 will continue to work toward simplifying and strengthening the co-working experience for Indians while tapping the enormous opportunities this space offers,” said Ritesh Malik, Founder, Innov8.
Adding on, according to a recent JLL report about co-working, demand from corporates, startups and entrepreneurs has resulted in a huge jump in the co-working share in total office leasing. The share has risen to 12% in the first quarter of 2019, up from the 8% level seen in 2018, it added 6.9 million square feet of cumulative space has been absorbed by co-working segment from 2017 to first quarter of 2019, the report concluded.