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Neighborhood Coworking Operator, the office pass has leased 26,000 square feet of office space for its 14th center.
The top co-working office occupancy has reached 87% in the December 2022 quarter.
new office will be built in Unitech Cyber Park (UCP), which is close HUDA Metro Station, This will be TOP’s fourth office in UCP, with a combined capacity of over 1,600 desks spread over 72,000 sq. ft.
“The coworking and managed office business is experiencing strong tailwinds due to people returning to the office in a hybrid way. We hope to build on this momentum and aim to open 50 offices in the next 24 months. The TOP business turned profitable in Jan-March 2022 and we are growing in triple digits post Covid,” said Aditya Verma, Founder and CEO, The Office Pass (TOP).
The new space will cater to the office needs of large corporates, SMEs, as well as start-ups. Corporates with team sizes ranging from 8 to 200 will be able to use this ready-to-plug-in facility from end-February 2023. TOP will invest around Rs 12 crore in this new facility.
Flexible office operators see steady demand from enterprises and SMEs due to uncertainty in the business environment and flexibility over investment commitment in coworking space.
“Hybrid work is the way forward. And with NCR markets taking the lead, the growth playbook is set for geographic expansion. Both bottom line and top line growth can be expected as TOP will open new centers in the coming months,” said Brijesh Damodaran, Founder. oxano capital One of the early investors in TOP.
The coworking and managed office market has disrupted the traditional work environment and has seen massive growth over the past few years.
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