A co-working operator has rented 2.5 lakh square feet of office space in Chennai to provide managed workspaces to corporates. The upcoming centre has the capacity to accommodate more than 4,000 seats, the company said in a statement on Monday.

The operator has taken on lease 2.5 lakh square feet of office space at the standalone campus 'Olympia Crest', located in the heart of Chennai's IT corridor at OMR Zone 1. Gross leasing of office space hit a record in the 2024 calendar year on high demand, especially from foreign companies looking to establish Global Capabilities Centres (GCCs) in India.

Co-working operators take office space on lease from real estate companies and property owners and then sub-lease the workspaces to corporate clients. After the COVID pandemic, demand for office space in co-working centres has surged as corporates look to reduce capital expenditure and gain flexibility to expand or downsize their businesses.

Established in 2016, the operator has a presence in 50 locations across 18 cities with a total portfolio of 4 million (40 lakh) square feet. In July last year, it raised USD 8 million from investors, including India Inflection Opportunity Fund (IIOF), to expand its business.

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