WorkEZ, a Chennai-headquartered managed office and co-working space provider, has announced a significant expansion plan with an investment of Rs 63 crore over the next 12 months. This expansion will add over 4.7 lakh square feet of managed office space and mark the company’s entry into the Bengaluru and Coimbatore markets. One-third of the investment has already been deployed.
In Chennai, WorkEZ has leased three new centers. The WorkEZ Helix center in Velachery offers 1,25,000 sq ft of office space capable of accommodating 2,500 desks and is expected to open in Q1 2024. Another center, WorkEZ Alwarpet, located off St Mary’s Road, will provide 600 workstations across 30,000 sq ft and is slated to open by Q4 2024.
In Bengaluru, WorkEZ has leased 1,65,000 sq ft of office space with nearly 3,300 workstations, planned for launch by Q4 2024. The company’s first center in Coimbatore, with a capacity of 2,000 desks over 1,00,000 sq ft, is expected to open by Q3 2024.
With these additions, WorkEZ’s portfolio will expand to 1.1 million sq ft with over 22,000 workstations across 12 centers in three cities. The company currently enjoys an occupancy rate of over 90% across its portfolio and has eight operational centers in Chennai.
Sunil Reddy, co-founder and managing director of WorkEZ, stated that since its founding in H2 2019, the company has grown its portfolio at an annual rate of over 50%, surpassing 1 million sq ft. Additionally, the company’s top-line has increased at a CAGR of just over 150%, leading to full-year profitability in FY23. WorkEZ plans to increase its overall portfolio to six million sq ft by FY28.