WeWork leases 50,000 sq ft to National Australia Bank in Gurugram

December 5, 2022
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Representative Image

Co-working company WeWork India has leased out over 50,000 sq ft of office space in Gurgaon to National Australia Bank, which plans to set up its first office in India there.

The office space will come up at WeWork’s newly-opened office in DLF 9A in Cyber City, Gurgaon.

“The workspace will be fully fitted by WeWork and go live soon with their first set up in India. Around 575 seats have been taken up by the bank,” said a person aware of the deal.

NAB employs around 32,000 people, supporting more than eight-and-a-half million customers in Australia. A majority of its financial service businesses operate in Australia and New Zealand, with other businesses located in Asia, the UK and the US.

WeWork India did not comment on the deal. It currently has 62,000 members and 68,000 desks in 41 locations.

US-based office space provider WeWork Global has a 25% stake in WeWork India, a subsidiary of Bengaluru-based estate developer Embassy Group.

The two groups had entered into a partnership in 2017.

WeWork India turned profitable at the holding company level in the first quarter of 2022, aided by robust demand over the past year.

The demand for flexible space is expected to be largely driven by consulting, IT-BPM, and e-commerce companies that are establishing multiple satellite offices in suburban locations in metro cities.

As of the third quarter of 2021, about 88% of the total number of flexible work spaces were in metropolitan areas.

Since the launch of the American shared workspace provider in India, Embassy Group operates desks across the top six markets in the country, including Bengaluru, Gurgaon and Mumbai, totalling around 6 million sq ft of space.

The share of the co-working sector in total office transactions increased to 23% in Q3 2022 from 6% in Q3 2021, recording the maximum increase across all sectors, said Knight Frank.

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