Chennai-based WorkEZ, a managed office and co-working space provider, is set to invest Rs 63 crore in its expansion across Chennai, Bengaluru, and Coimbatore. Leasing four new centres, including spaces in Velachery and Alwarpet in Chennai, Bengaluru, and Coimbatore, the company's managed office space portfolio now spans 1.1 million square feet. WorkEZ aims to achieve a six-million-square-foot overall portfolio by FY2028. With an annual growth rate exceeding 50 percent, the company reported over 90 percent occupancy across its eight operational centres in Chennai and marked profitability in FY23 with a CAGR of just over 150 percent.
Chennai-based Work Easy Space Solutions (WorkEZ), a distinguished provider of managed offices and co-working spaces, embarks on a strategic expansion initiative with the acquisition of four new centres spanning Chennai, Bengaluru, and Coimbatore. In the next 12 months, the company envisages a robust investment of Rs 63 crore for its growth trajectory, with a third of the funds already set in motion. In Chennai, WorkEZ secures three novel centres: WorkEZ Helix in Velachery, offering a capacious 1,25,000 square feet of office space housing 2,500 desks, and WorkEZ Alwarpet, strategically positioned off St Mary's Road, housing 600 workstations in a sprawling 30,000 square feet office, slated to unveil its operations in Q4 2024. Simultaneously, Bengaluru witnesses WorkEZ's leasing of 1,65,000 square feet of office space, designed for nearly 3,300 workstations, poised for inauguration by Q4 2024. Further augmenting its footprint, WorkEZ ventures into Coimbatore with its inaugural center, projected to open its doors in Q3 2024, offering a capacity of 2,000 desks within a sprawling 1,00,000 square feet space. This strategic expansion catapults WorkEZ's managed office space portfolio to an impressive scale, encompassing 1.1 million square feet and accommodating a workforce exceeding 22,000 individuals across 12 centres strategically positioned in three cities. Sunil Reddy, the co-founder and managing director, accentuates the significant strides achieved since the company's inception in H2 2019, boasting an annual portfolio growth rate surpassing 50 percent. Concurrently, WorkEZ's top line exhibits a commendable compound annual growth rate (CAGR) of just over 150 percent, culminating in the commendable achievement of full-year profitability in FY23. Reddy articulates the company's visionary goal, aspiring to propel its overall portfolio to an expansive six million square feet by FY28, strategically expanding its footprint across Tier 1 and select Tier 2 cities. With a commendable occupancy rate surpassing 90 percent across its portfolio, WorkEZ positions itself as a preeminent pan-India player, offering bespoke office solutions catering to a diverse clientele ranging from burgeoning startups to global corporate entities. Reddy underscores WorkEZ's commitment to delivering innovative workspaces that seamlessly adapt to the dynamic demands of contemporary work culture. Harnessing the expertise of in-house design and project teams, WorkEZ crafts tailor-made office spaces designed to foster collaboration, heighten productivity, and elevate employee satisfaction, embodying the company's steadfast dedication to delivering tangible value to clients and landlords alike.
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