Entrepreneur Facilitation Centre (EFC), a Pune-based flexible workspace provider, has leased 28,000 sq ft office space in Hi-Tech city and 32,000 sq ft space in Begumpet, Hyderabad, informed Umeash Sahhaaii, CEO of the company.
The company has also leased 38,000 sq ft space in Bandra Kurla Complex (BKC), Mumbai. Average rent in Hyderabad spaces will be Rs 5,500 per seat per month while in BKC it will be Rs 14,000 per seat per month.
While in 2020, demand was subdued due to the pandemic, Sahhaaii says the interest from corporate and MSMEs is returning. EFC claims to have managed to keep all its centers despite the pandemic and that the occupancy at all its centers is now back to 75-80%.
"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," he said.
As for the pandemic, Sahhaaii says that it did have an impact on their revenue as landlords refused to reduce rent while they had to provide discounts to their tenants in order to retain them. "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."
EFC is planning to open 20 more centers across India in the next one year.