WorkEZ looks to invest Rs 63 crore over next 12 months

November 29, 2023

NEW DELHI: Work Easy Space Solutions (WorkEZ), a Chennai-headquartered managed office and co-working space provider, has leased four new centres across Chennai, Bengaluru and Coimbatore. The company is planning to invest Rs 63 crore in the next 12 months for expansion, out of which one-third has already been deployed.

In Chennai it has leased three new centers. Located in Velachery, WorkEZ Helix offers 1,25,000 sq ft of office space with a capacity of 2,500 desks. The centre is expected to open from Q1 2024.

Located off St Mary’s Road, WorkEZ Alwarpet will offer 600 workstations in an office built over 30,000 sq ft. This centre is slated to open by Q4 2024.

In Bengaluru, WorkEZ has leased 1,65,000 sq ft office space with nearly 3,300 workstations. It is planned for launch by Q4 2024.

The company’s first centre in Coimbatore is slated to open by Q3 2024 and has a capacity of 2,000 desks spanning 1,00,000 sq ft.

With this expansion, WorkEZ’s managed office space portfolio now spans 1.1 million sq ft with over 22,000 workstations across 12 centres in three cities.

Sunil Reddy, co-founder and managing director of the company said, “Founded in H2 2019, WorkEZ has grown its portfolio at an annual rate of over 50% to exceed 1 million sq ft. Over the same period, the company’s top-line has increased at a CAGR of just over 150%, enabling full-year profitability in FY23. The company plans to take overall portfolio to six million sq ft by FY28.”

The company claims to have over 90% occupancy rate across its portfolio. It currently has eight operational centres in Chennai.

  • Published On Nov 29, 2023 at 03:00 PM IST

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