Bengaluru-based plug-and-play office solutions provider Enzyme Office Spaces announced the expansion of its managed workspace portfolio by adding a new facility in Whitefield, Bengaluru. Spread across a collective area of 1 lakh square feet; the managed workspace will have over 2,000 seats with state-of-the-art infrastructure to fulfil the burgeoning demand for managed workspaces in the city.
To be operational by November 2023, Enzyme is adding two managed workspaces, one each in SJR I Park and Rathi Legacy and spread across 60,000 square feet and 40,000 square feet, respectively. Adding these two facilities will take the total number of seats to over 27,000 in Bengaluru, one of the country’s fastest-growing managed workspace markets.
According to an industry report, the flexible workspace market in India is expected to reach 126 million square feet (msf) by 2027, from its current size of 46.7 msf with a compound annual growth rate (CAGR) of 22%. This growth is propelled by the cost efficiencies for companies provided by a managed workspace over traditional office spaces and the hybrid work mode becoming prevalent after COVID, among other factors.
Commenting on the development Ashish Agarwal, co-founder and CEO of Enzyme Office Space, said, “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 city’s fintech, artificial intelligence, cyber security, data science and SAAS domains who are looking for cost-effective infrastructural solutions to focus on their core business.”
Interestingly, nearly 20% of the managed workspaces across these two locations have already been sold out, indicating strong demand for the company’s offerings.
Enzyme Office Space has managed workspaces at 28 locations across the city, including HSR Layout, Koramangala, Domlur and Sarjapur road, with a total of 25,000 seats. Established in 2014, it has emerged as one of the fastest-growing players in the city and has over 10 lakh square feet of office space as of now under its kitty and is looking to add another 3 lakh square feet of office space in the current financial year.
