WeWork witnessing rising demand, to focus on attaining profitability

A recent report by property consultant JLL anticipates that the flexible workspace industry will grow by an average 15-20% per annum over the next three to four years.



Flexible workspace provider WeWork said Tuesday that the company is witnessing rising demand for additional space, driven by large enterprises that are keen on reconsidering their fixed asset investments to retain operational flexibility in an uncertain demand environment.


Arnav Gusain, Head of Product and Real Estate, WeWork India, told ET that the company wants to focus on attaining profitability for sustainable long-term growth.


“While the first three months of the year were profitable for WeWork India, as we moved toward the pandemic phase, there were some changes that we made at a strategic level, which focused on existing locations. At the same time, we continued to enhance member-experience through flexible solutions,” said Gusain.


Gusain saidthat flexible workspace solutions will continue to drive the future of work, in the post Covid-19 world as well.


A recent report by property consultant JLL also anticipates that the flexible workspace industry will grow by an average 15-20% per annum over the next three to four years, and the market is expected to cross 50 million sq ft by 2023.


“While enterprise members make up 60% of our member-base in India, we offer multiple flexible options that’ll suit everyone’s needs, whether they are looking to reduce commute time and Work Near Home (WNH) or are looking for a change of environment,” he said.


“The idea is to provide our members the flexibility they need and the comfort of going back to a workplace,” Gusain said.


On the expansion plan for WeWork in India, Gusain said that the company's growth plan this year is to focus on efficiently running existing spaces in 34 locations across the country.


“At present, all our energies are focussed on running our operations efficiently for sustainable long growth, where businesses of all sizes can choose from a range of unique product offerings,” he said.


Source: https://m-economictimes-com.cdn.ampproject.org/c/s/m.economictimes.com/tech/startups/wework-witnessing-rising-demand-to-focus-on-attaining-profitability/amp_articleshow/79525735.cms

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