Enzyme Office Spaces, the leading provider of plug-and-play office solutions in Bengaluru, today announced the addition of a new facility in Whitefield to its managed workspace portfolio. The managed workspace spans 1 lakh square feet and will have over 2,000 seats and modern amenities to meet the city’s rising demand for managed workspaces.
Enzyme is adding two managed workspaces, one in each of SJR I Park and Rathi Legacy, totalling 60,000 and 40,000 square feet, respectively. These workspaces are expected to be operational by November 2023. With the addition of these two facilities, Bengaluru, one of the country’s fastest-growing managed workspace markets, will have more than 27,000 seats.
The flexible workspace market in India is estimated to grow from its current size of 46.7 million square feet (msf) to 126 million square feet (msf) by 2027, with a compound annual growth rate (CAGR) of 22%. This growth is driven by the cost efficiencies for companies provided by a managed workspace over traditional office spaces and the hybrid mode of work becoming prevalent after COVID, among other factors.
Commenting on the development, Mr Ashish Agarwal, Co-founder & CEO of Enzyme Office Space, said, “As an organisation which is absolutely committed to fulfilling the evolving requirements of occupiers, we have been at the forefront of developing state-of-the-art managed workspaces at key locations across the city. The addition of two new facilities in the IT belt of Whitefield, which are collectively spread across 1 lakh square feet, is a testament to our commitment and bullishness on the long-term growth of this sector. These spaces will play a pivotal role in supporting emerging startups from the fintech, artificial intelligence, cyber security, data science and SAAS domains in the city who are looking for cost-effective infrastructural solutions to focus on their core business”.
Interestingly, about 20% of the managed workspaces across these two locations have already sold out, indicating strong demand for the company’s offerings.
With a total of 25,000 seats, Enzyme Office Space has managed workspaces at 28 locations across the city, including HSR Layout, Koramangala, Domlur, and Sarjapur Road. With over 10 lakh square feet of office space already under its kitty and plans to add another 3 lakh square feet in the current fiscal year, this company, founded in 2014, has emerged as one of the city’s fastest-growing players.