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co-working company wework india has leased over 50,000 sq. ft. of office space in Gurgaon National Australia BankWhich is planning to set up its first office in India.
Office space to come at WeWork’s newly opened office DLF 9A Cyber City, Gurgaon.
“The workplace will be fully fitted out by WeWork and will go live soon with its first installation in India. Around 575 seats have been taken by the bank,” said a person with knowledge of the deal.
NAB employs approximately 32,000 people in Australia supporting more than eight and a half million customers. The majority of its financial services businesses operate in Australia and New Zealand, with other businesses based 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 holds 25% stake in WeWork India, a subsidiary of the Bengaluru-based estate developer embassy group,
Both the groups had parted ways in 2017.
WeWork India turns profitable at the holding company level in the first quarter of 2022, driven by strong demand over the past year.
The demand for flexible space is expected to be driven largely by consulting, IT-BPM and e-commerce companies setting up multiple satellite offices in suburban locations in metro cities.
By the third quarter of 2021, approximately 88% of the total number of flexible workplaces were in metropolitan areas.
Since the launch of the US shared workspace provider in India, Embassy Group operates desks in the country’s top six markets, including Bengaluru, Gurgaon and Mumbai, totaling approximately 6 million sq ft of space.
The share of co-working sector in total office transactions increased from 6% in Q3 2021 to 23% in Q3 2022, registering the maximum growth among all sectors, Knight Frank said.
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