60,000 sq. ft. space in Hyderabad and 38,000 sq. ft. in Mumbai leased by EFC

In Hyderabad spaced average rent will be Rs 5,500 per seat per month on the other hand it will be Rs 14,000 per seat per month in BKC.

A Pune-based flexible workspace provider EFC (Entrepreneur Facilitation Centre) has leased 28,000 sq. ft. office space in Hi-Tech city and 32,000 sq. ft. space in Begumpet, Hyderabad. The information was confirmed by the CEO of the company, Umesh Sahhaaii.

It was also disclosed that 38,000 sq. ft. space in Bandra Kurla Complex (BKC), Mumbai has also been leased by the organization.  EFC is aiming to open 20 additional centres across India in the next year

In Hyderabad an average rent will be Rs 5,500 per seat per month and on the other hand it will be Rs 14,000 per seat per month in BKC.

Due to the pandemic in 2020 demand was restrained, Sahhaaii says the interest from corporate and MSMEs is retreating. Despite the pandemic, EFC alleges to have organized to keep all its centres and that the occupancy at all its centres is now back to 75-80%.

The CEO said, “Post pandemic, there is an increased demand for managed offices or enterprise solutions as this reduces companies operating cost. Also, many now are opting for hybrid models and hence such flexible spaces make more sense.”

As for the pandemic, Sahhaaii says that it did have a consequence on their revenue as landlords rejected to decrease rent and to preserve them, they had to provide discounts to their renters.

Sahhaii said “Operators were the most impacted as they acted as a cushion for the tenants. Overall, the average rents have also dipped but with demand coming up, we are hopeful for a rise in rent as well in coming months.”