New Delhi, 23rd June 2023: Innov8, a leading co-working startup in India, has clocked average occupancy rate of 90% across all its centres in India, with cities such as Mumbai clocking 100% occupancy as of May 2023. This growth stands in stark contrast to early 2022 when return to office had just gathered momentum. In January 2022, Innov8 recorded an average occupancy of 65%. Innov8 currently has over 7000 seats across its co-working facilities in India.
As work from office returns even in startups, which form a significant part of Innov8’s customer base, access and ease of public commute is emerging as a major draw. Employees are preferring proximity to key transit hubs such as metro stations and companies choosing their flex-office spaces accordingly. Innov8 recently announced pivot to a ‘5 mins to a metro station’ strategy, where it will open new co- working centres near metro stations and key arterial roads across top business cities in India. It is witnessing high occupancy, demand and healthy rentals in its co-working centres within five minutes to metro stations and plans to expand to other key transit hubs across the country.
Centres in Chennai, Mumbai, and Delhi clocked an occupancy of over 95%, owing to Innov8’s pivot to 5 minutes to station strategy. Guindy in Chennai has become the most sought-after area for coworking spaces due to excellent connectivity with rail, buses, and Chennai Metro. All Innov8’s centres in Mumbai are in the Andheri East and are now operating at near full capacity with 100% occupancy for most centres. Emerging business cities such as Pune are also clocking over 95% occupancy and Innov8 centre in Hyderabad’s HiTech City, is also clocking similar occupancy levels. Innov8 currently has seven centres in Delhi-NCR that have great connectivity with the Delhi Metro and Transit Metro, making it seamless for customers to travel across Delhi, Noida, and Gurgaon. In Delhi, CP has seen both of Innov8’s centres reach maximum occupancy while the two Innov8 centres in Saket, are operating at an occupancy rate of over 95%.
Opening of new co-working centres near metro stations and key arterial roads across top business cities has resulted in a 10% growth in occupancy in just Q1 2023 vs same period in 2022.
Metro stations across major cities in India boasts of ample parking space, connectivity to suburban railway & bus service or for last mile connectivity & to encourage commuters to use the metro. Bridges and travelators to important hubs such as commercial spaces, workspaces and apartments nearby will further improve footfall and attract more commuters in the metro stations.
Innov8 provides premium co-working spaces with uninterrupted connectivity, easy access & proximity to key transit hubs such as metro stations, airport, railway station & more and flexible working arrangement, all this at an affordable price.
Talking about their renewed approach and expansion, Dr. Ritesh Malik, Founder of Innov8 said, “As start-ups and businesses return to office, we have seen an increase in the number of inquiries for co- working spaces which has improved our overall occupancy. Our recent pivot to a ‘5 minutes to a metro station’ strategy has also created a clear path of growth for us, and we have seen consistent improvement across parameters. A mindset shift to a hybrid and flexible workspace is evident across all major business cities in India as we have seen a growing preference for cost effective, managed spaces.”
Pankhuri Sakhuja, Business Head of Innov8 added, “Individuals and businesses increasingly embrace collaborative and flexible spaces to enhance productivity and foster professional connections. The demand for coworking spaces is a testament to the changing landscape of work, where individuals seek a sense of community and a conducive environment that fosters collaboration and innovation”
Founded in 2015 by Dr. Ritesh Malik, Innov8 is currently spread across 9 cities—Delhi, Gurgaon, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad & Indore, with over 20 centres hosting brands like Tata Digital, IndusInd Bank, Jio Saavn, Phone Pe, Nykaa & Mobi Kwik.