TEC invested Rs 100 crore for India expansion

BENGALURU: The Executive Centre (TEC), a flexible workspace provider, has invested over Rs 100 crore in the first half of 2023 with the signing of eight new centres in India.

These new strategically located centres are at Bengaluru, New Delhi, Gurugram, Mumbai, Hyderabad and Chennai. The grade A office spaces have added 2 lakh sqft and 2,200 workstations to the company’s existing portfolio, as per a release. Nidhi Marwah, Group MD, south Asia and Middle East, TEC, “Between the return to office trend, changes in the global political climate and the volatility in the financial markets, the flexible workspace industry has had many catalysts accelerating demand. The industry in India is accelerating and exceeding all industry projections, especially with demand from sectors such as IT/ITES, banking, and healthcare. In keeping with our mindful expansion strategy, we have invested over Rs 100 crore in signing eight new centres in the first half of 2023 and intend to open more across all major cities in India.”

With a surge in demand for flexible workspaces, organisations are accelerating the adoption of cost-effective solutions. The recent report by Colliers, highlights that Indian corporates are fast embracing flexible workspace which now accounts for 10-12 per cent of their real estate portfolio compared to 5-8 per cent pre-pandemic. Organisations are now going for longer commitments of 3-5 years with flex space operators in contrast to shorter lease tenures of 1-2 years pre-pandemic.