OYO's Innov8 Launches Managed Office Spaces with 4 Million Square Foot Target by 2027
Gurugram-based coworking space provider Innov8, owned by OYO, has announced the launch of a managed office space vertical. The company aims to develop 4 million square feet of managed office space by 2027, marking its most ambitious growth initiative to d
Innov8Managed Office SpacesOyoReal EstateBusiness GrowthReal Estate MumbaiOct 09, 2024
Innov8 plans to expand its footprint by 4 million square feet over the next three years. As part of this expansion, the company is set to unveil its largest managed office space project yet in Mumbai, though further details about the facility have not been disclosed. Ritesh Malik, Founder of Innov8, commented, “By entering the managed office space sector and undertaking this large-scale project in Mumbai, we’re positioning ourselves to meet the evolving needs of businesses in one of India’s most dynamic cities. We’ve had some early success here and we plan to replicate this across markets.”
Coworking Spaces vs Managed Offices
Managed offices differ from coworking spaces in several ways. While coworking spaces offer flexible, shared environments suitable for freelancers, startups, and small teams, managed offices are more tailored and designed as private office spaces. Managed offices are dedicated to a single entity or multiple clients on the same floor, with a longer lease term and more customized design. This makes managed offices a suitable choice for businesses looking for a more permanent and professional setting.
About Innov8
Founded in 2015, Innov8 has grown rapidly and is now spread across nine major cities in India, including Delhi, Gurgaon, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad, and Indore. The company currently operates over 35 centers, and recently added three new centers within Delhi-NCR, spanning 60,000 square feet. This latest expansion into managed office spaces is a significant step forward, aligning with the growing demand for flexible and high-quality office spaces in India’s major cities.
Future Plans
Innov8’s focus on managed office spaces is a strategic move to cater to the evolving preferences of businesses. The company’s investment in this sector demonstrates its commitment to providing comprehensive solutions for professional work environments. With the addition of managed offices, Innov8 is well-positioned to capture a larger share of the growing office space market in India.
Conclusion
The launch of managed office spaces by Innov8 represents a significant milestone in the company’s growth journey. By investing ₹50 crore and targeting 4 million square feet of development by 2027, Innov8 is poised to meet the diverse needs of businesses across India. This expansion not only strengthens Innov8’s position in the market but also underscores the company’s commitment to innovation and customer satisfaction.
Frequently Asked Questions
What is Innov8's new venture?
Innov8, a Gurugram-based coworking space provider, is launching a managed office space vertical. The company aims to develop 4 million square feet of managed office space by 2027.
How much is Innov8 investing in this expansion?
Innov8 is investing ₹50 crore in the development of 4 million square feet of managed office space by 2027.
Where is Innov8's largest managed office space project located?
Innov8's largest managed office space project is set to be unveiled in Mumbai, though further details about the facility have not been disclosed.
What is the difference between managed offices and coworking spaces?
Managed offices are tailored and dedicated spaces with longer lease terms, suitable for businesses looking for a more permanent and professional setting. Coworking spaces, on the other hand, are flexible, shared environments suitable for freelancers, startups, and small teams.
How many cities does Innov8 currently operate in?
Innov8 currently operates in nine cities across India, including Delhi, Gurgaon, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad, and Indore.
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