~ UrbanWrk’s new office space at Hi-Tech City to span over 50,000 square feet, comprising 900 seats ~
Hyderabad, April 30, 2024: UrbanWrk, a leading name in the flexi workspace industry, has inaugurated its new centre at Raheja Mindspace, Hi-Tech City, and Hyderabad. The state-of-the-art workspace spans 50,000 square feet and accommodates 900 seats. This initiative aims to serve a wide range of enterprises with employee strength between 50 and 500.
The design embodies a sophisticated minimalism, prioritizing functionality and elegance. Upon entering, the ceiling serves as a clear guide to the lounge’s distinct sections, with wooden rafters integrated with lighting providing efficient pathways to the pantry, café, and games area.
Given the market trends and the prospects of entrepreneurial growth in Hyderabad, this workspace indicates UrbanWrk’s forward-thinking approach. As of 2023, Hyderabad’s flexi space market accounted for 6% of the total flexible office domain penetration in India.
According to the Avendus’s latest report, Hyderabad seamlessly emerges as a thriving hub for flexible workspace solutions, surpassing global counterparts with a net absorption rate of 59.1% from 2015 to Q4 2023. Office rentals in the city have grown at 5% YoY since 2015, remaining competitively priced compared to global markets.
Hyderabad’s flex workspace demand surged from 22% of total leased seats in 2020-2022 to 8% by 2023, increasing from 35,500 seats in 2020 to 1,67,700 in 2023. Hyderabad’s flexi space penetration rate is at 6.2%, indicating significant growth potential.
The main demand drivers include the tech sector (45%), BFSI (15%), and flex spaces (10%), underscoring Hyderabad’s diverse industry landscape. With increasing start-up activity and a robust tech ecosystem, Hyderabad’s flexi workspace industry is set for continued growth.
