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Brigade Group Provides CoWorking Spaces In The Name BuzzWorks

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Brigade Group Provides CoWorking Spaces In The Name BuzzWorks

With co-working spaces gaining positive response across the country, Brigade Group launches BuzzWorks to expand its commercial real estate portfolio

Real estate firm Brigade Group would mark its entry into the co-working business through BuzzWorks. The new brand would launch 2,200 seats in the next two years. It will initially operate more than 200 seats at Whitefield and Rajajinagar at the Brigade Metropolis and Brigade Gateway campuses having 15,000 square feet. Kochi, Ahmedabad, Chennai and Hyderabad will also have co-working spaces from BuzzWorks. Brigade Group is one of the leading real estate developers in India with three decades of experience in the real estate space.

Nirupa Shankar, Executive director of Brigade Group said that BuzzWorks would be a natural extension of their commercial office portfolio and a forward integration for their business. Brigade Group, headquartered at Bengaluru, launched commercial spaces in 1986 and later diversified itself into residential and hospitality sector.

The demand for co-working spaces is witnessing an upward trend and real estate firms such as RMZ Corp and Embassy Group have invested to reap the benefits of this rising demand. At present there are more than 200 players providing co-working spaces in India. The country has a total of 420 co-working spaces according to Anarock Property Consultants. Office rents are rising significantly in India and co-working spaces are expected to increase by 30 percent year-on-year in terms of space occupied.

Bengaluru, National Capital Region and Mumbai are the cities that will witness huge growth in co-working spaces along with Hyderabad and Chennai. Brigade Enterprises has 11 million sq. ft. of office space under construction. It has also tied with Singapore-based private equity firm GIC Singapore for development of commercial properties. Brigade Group has 18 million sq. ft. in residential properties and plans to launch another 9 million sq. ft. in the next financial year. The group also 0.5 million sq. ft. of retail space and 781 hotel rooms under construction.

 

Source: ET Realty

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